In this episode of Get to the Contest Small Business Podcast, we try to answer if money can buy happiness. We are glad to have Ray Jaramis back and trust us when we say that this is an episode you shouldn’t miss.
Here are the key learnings from this episode:
1. Buy yourself experiences.
Have a happiness budget. Identify what makes you happy, what you're indifferent about, or what you're negative about as part of your monthly expenditures, or your annual expenditures. Then go and make a conscious decision about where your money goes. To add, budgeting is not about missing out. Deliberate choices around your spending mean that you can actually spend where you're going to get the most benefit.
2. Buy yourself time.
Personally and professionally, value your time. It's our only non-renewable resource. Only do what you love and is of high value. Identify what's of low value or you hate, and eliminate or delegate it. When you this, you're going to be happier at work and you're more energized. With all these changes, your business is actually going to perform better. If you can really live true to that, you will be a mile in front.
3. Spend money on others.
Most of the time spending money on projects, charities or people you are passionate about, is the best thing you could do with your money. Have a purpose and ask yourself: “what do you stand for?” That could be investing money back into the local football club, the local charity, whatever it is that floats your boat and makes you feel important, do that.
The science is very clear, it is going to deliver far more happiness than just frittering away money for something that you perhaps don't have a passion about or don't believe in. Similarly with your team, invest in them. Understand what they are passionate about and support them.