But having a clear sense of purpose and awareness about what truly brings you joy can help defend against the notion of becoming ‘wealth weary’.
Only if you stop to smell the roses.
An interesting study by the University of British Columbia, reported in Wency Leung’s Globe & Mail article, “If that chocolate tastes ‘meh,’ you may be too rich“, found that wealth can alter one’s ability to savour the little things in life. Things like enjoying a waterfall while on holiday, spending a romantic weekend with a partner, etc.
“Hedonistic adaption – the idea that people get used to whatever they have” is an obstacle to happiness, Leung writes.
From our perspective, this means getting clear on personal goals first. Whether it’s building a business that’s tops in your industry, buying a cottage that will be a hub for your family and its future generations or taking a year off to travel and learn a new language, etc. Defining those goals and understanding why they will bring you greater joy is the first step.
Then you can set financial objectives – building a nest egg of $5 million dollars, accelerating savings, getting rid of debt, etc. – to achieve those personal goals.
Too often – and with unsatisfactory outcomes — individuals confuse personal vs. financial goals and achieving financial success becomes the ultimate goal rather than the means to the end. Financial success without a more meaningful purpose can not only lead to a dulling of the senses, but can leave one with a sense of emptiness.
Just ask of the respondants to our survey of entrepreneurs (PDF) who had sold a business. 53% found their lives lacked purpose for up to a year after the sale, and 43% found it difficult to identify their next challenge in life.
Personal goals are a reflection of our value system. Achieving them — and appreciating them — brings us true joy regardless of our financial success. Once achieved, and sometimes as a result of new wealth, we must establish new personal goals – philanthropy, helping children start a business, mentoring, etc. This gives us a renewed sense of purpose and, yes, happiness.
But only if we stop to savour it of course.
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