As we live in a capitalist society, there is often an assumed correlation between success and making lots and lots of money. I think we all know, however, that wealth doesn’t fix everything. While we all strive for financial security, there are some things in life that are more valuable than profit. If we wish to be the best employees, entrepreneurs, and executives out there, we have to recognize what is and is not worth it to us in the pursuit of success.
Believe me, when you prioritize these values and principles over making more money, you will find that long-term success and happiness follow. While I prioritize wealth-building and financial freedom, I also know that there is a balance we all must achieve to live healthy, fulfilling lives.
5 Things That Matter More Than Maximizing Profits
1) Your mental health.
We underestimate the value of mental health. Extreme stress can cause a breakdown in one’s mental condition — bringing about anxiety, depression, and the inability to express emotions. When we consider scenarios that maximize profit, we think of working overtime, taking on bigger clients and projects, and taking on every opportunity that comes our way.
There’s nothing inherently wrong with a gung-ho attitude. Wanting to expand your skillset and tackle bigger challenges is admirable. The problem comes when we pursue these things at a detriment to our own health. We see this in workaholics especially.
2) Your relationships.
We’ve all heard the story about the dad who worked overtime to provide for his family and, on his deathbed, though wealthy and well-respected, finds himself wishing he’d spent more time with his family. I think we, especially as men, can equate provision to love. We’re doing our part if we’re bringing home the bacon. While it’s good to want to do this for your family, it isn’t good when it causes you to neglect the quality of your relationships.
Coming home after the kids have gone to bed, being generally too exhausted from work to interact, or just “not being there,” for your children and spouse...it matters! Don’t let your desire for provision and more income get in the way of crucial time spent with the people in your life who matter most.
3) Your reputation.
I will say it over and over again: your reputation is the most important asset you have. While I don’t think any of us go after opportunities with intentions to damage our reputation, I think we all know that it can happen. Working with the wrong clients, cutting corners, or taking on more than we can realistically handle...these are all things that can hurt our reputations. Seek a balance. Take on the opportunities you know you can do well and dedicate adequate time to. Take on clients that you can respect.
When you guard your reputation over maximizing profits, you will find greater long-term stability.
4) Your personal values.
Some clients are just difficult to work with. While there is room to take on projects that stretch your ability and challenge your skillset, dealing with a client who shows no respect for you or their own employees is a red flag. What do you value? Who do you want to work with and be associated with?
While some big-name clients can offer you financial success, you may wind up feeling compromised based on what is asked of you. Take on the work that you know you can feel good about doing. It’s not easy to turn down big opportunities, but if it supports something you don’t support, asks you to do something you personally feel is wrong or immoral, skip it. It won’t be worth the sleepless nights, no matter how big the payday is.
5) Your security.
I mentioned in the very beginning that many of us are striving for security in life. While some may equate that to making a lot of money and thus, achieving financial security, I beg to differ. Have resources at your disposal certainly helps when you’re looking for security. However, having a lot of cash flow doesn’t necessarily mean you have financial security.
After all, how many lottery winners and professional athletes have nothing to show for their windfalls and fortunes just a few years after the fact?
Security doesn’t happen because you have a lot of money. It happens because you manage what you have well. In the end, that is the key to true, lasting wealth: managing your career, your finances, and yourself well.
What is more important to you than maximizing profits? Share your thoughts in the comments.