In Making a Living Without a Job I tell the story about the day I received a cold call from a stockbroker saying he wanted to discuss my investments. When I told him that my business was my major investment, he sounded shocked. “Isn’t that risky?” he asked.
“Not as risky as giving my money to a stranger over the telephone,” I replied.
“Investment” is not the only financial term that may take on a different meaning in the land of the Joyfully Jobless. Making peace with money requires that we look at all four uses for money and adopt a personal philosophy about each of those aspects. (We also define “security” in a different way than our jobholder acquaintances do, too, but that’s another blog post altogether.)
Quite simply, there are four things we can do with money: Earn it, Save it, Spend it, Invest it. While we may have some conventional uses for it, there’s also some thinking that sets us apart. Let’s look at some of these differences:
Earn It—I still recall the day I received an e-mail from my friend Peter that began, “I just turned down $10,000—and it feels great.”
When you assume an attitude of abundance, you begin to notice that there are an infinite number of ways to earn money. This is in stark contrast to those who clutch at a single income source thinking it’s the only one they can have. Having determined that the possibilities are endless, we vow never to work just for money, but to diligently create work that pays us in numerous ways, in multiple currencies. Doing onerous work just for the money is considered to be borderline immorality.
Save It—The Joyfully Jobless are clear about the difference between saving and hoarding. Some entrepreneurs enjoy creating a profit center that goes right in the bank. Others put aside a percentage. Once you develop confidence in your ability to generate cash flow, you may alter your notions about how big that nest egg really needs to be.
Spend It—People who are practicing right livelihood are far less apt to buy unnecessary things in an attempt to feel good about themselves. As Alexandra Stoddard says, “Life is too short to spend it being the caretaker of the wrong things.” While not every Joyfully Jobless person practices voluntary simplicity, many would rather spend their money for experiences instead of stuff. They also have clarity about the difference between being thrifty and being cheap. The Joyfully Jobless aren’t cheap.
Invest It—One of the biggest lessons for new entrepreneurs is learning the difference between an expense and an investment. Really smart entrepreneurs consider themselves to be a great investment and spend both time and money learning, growing and expanding their horizons. And, of course, trusting that their investments will prove that they’ve chosen wisely.
Most importantly, the Joyfully Jobless know that money isn’t a substitute for self-esteem and it’s not to be used to control others. It may take time to arrive at this happy state of financial ease, but it’s so totally worth it.
Barbara,
Very succinct and helpful take on money. I especially appreciate your comment; “People who are practicing right livelihood are far less apt to buy unnecessary things in an attempt to feel good about themselves.” I think sometimes people feel the need to buy something in an effort to fill a void in their lives. When we are using our gifts and talents through meaningful work, there is the opposite of a void, there is fulfillment.
Dee Relyea
I totally agree, Dee. I actually learned that from a student of mine who called in amazement about how much less income she needed once she was doing the work that made her heart sing. She told me that when she had a job she hated, she’d spend all weekend shopping, hoping to buy something–anything–that would lift her spirits enough to face her job on Monday. Sad, isn’t it?