Most of us are, at least for a while during our professional lives, on the income improvement treadmill. We’re looking for ways to increase our income, perhaps by delivering more or being effective at work and earning raises and promotions
There’s a lot of good in that approach, because of course during the accumulation phase, you need a wide margin between your income and expenses in order to build up a nest egg.
I know a lot of high earners who balk at the idea of working for a wage far lower than what they are used to earning. Even if they hate the higher paying work and love the lower paying work, the income differential alone can dissuade them from pursuing their passion.
Most people think it’s for buying things. We all need to buy things. But once the essentials are taken care of – food, shelter, clothing, some entertainment – additional spending on consumer items doesn’t make us any happier.
Values are not things. If you are tempted to say, “I value living in a nicer house” or “I value driving fast cars,” try asking yourself why. Keep on asking yourself the question until you get to a fundamental belief.