Tag: money

So, why did you enter that contest anyway?

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“They” say that money isn’t everything…but who’s they? The people with the money?

The Dalai Lama once said that “These days, in our materialistic culture, may people are led to believe that money is the ultimate source of happiness. Consequently, when they don’t have enough of it they feel let down. Therefore, it is important to let people know that they have the source of contentment and happiness within themselves, and that it is related to nurturing our natural inner values.”

On the opposite end of the spectrum, Earl Wilson said, ” Always remember, money isn’t everything-but also remember to make a lot of it before talking such fool nonsense.”

So, who’s right? How important is money in our lives? How important is money to our happiness? I am sitting here browsing through all these wise and quippy quotes about money. The trend that draws my attention is that every quote that belittles the possession of money or summizes that it is insignificant, seems to be made by a very wealthy or famous person. The rest of quotes that address the fact that some financial backing is essential to survival seem to be made by everyone else.

Interesting. I think all of them are correct actually. Once you have achieved fame and fortune, money becomes less important because you already have it. You already have a foundation. The struggle is over. For the rest of us, we realize that human beings need money to pay for all the things that make your life possible. You need it to pay for your basic needs like healthcare, food, and shelter. That is just a fact. Having more money gives a person more choices and comes with more autonomy in their own lives. Can money buy happiness? Well, I think we have answered that question with a resounding no over the ages. Money cannot buy happiness. I am sure there are miserable millionaires everywhere.

There are some plot twists though. There are studies that show that, while having enough money for basic needs and provide a safety net is essential to well being, having additional income may not actually increase wellbeing and may even have a negative impact. Here are some statistics.

A study was done looking at per capita income in the United States from 1946 to 1990. Per capita income rose 150%, yet the percentage of people who reporting being happy fell significantly and depression rates rose ten fold. People who won large sums of money with lotteries were not actually happier a year later and had more daily dissatisfaction. The University of Minnesota did a nine experiment series that showed that when people are thinking about money, they isolate themselves from others. Money made people want to be free of dependents, be less helpful to others. When people compared themselves economically to others it only caused distress. Well, none of that sounds good.

So, why think about money so much? It does allow for some instant gratification possibilities. It does help provide for our basic needs, but we have shown that it doesn’t buy happiness. In fact, we have shown that sometimes too much of it can make things worse. I think it is not realistic to say that it doesn’t matter at all. That is not really possible. I just think that it can’t be your primary focus all the time. It’s too disruptive mentally and physically. There are other things that matter more like relationships, purpose, and happiness. Within reason, I think over focusing on money should take a back seat to those.

Dr. Katz

You need to love your job…or stop doing it

According to statistics from February 2022, 65% of U.S employees are satisfied with their jobs, but only 20% are passionate about them. Notice that these statistics don’t address how many people are actively employed, it just speaks to the percentage that are. This makes it a little tougher to ascertain the true meaning of this. But let’s take them at face value. To be honest, with everyone’s behavior lately, I am surprised that the statistics are even this positive. I sometimes wonder if the majority of people in the United States even want to work anymore. I am extremely thankful that I have found some that do.

So, why is job satisfaction so important? Doesn’t it only matter that the work gets done? The short answer is no. The completion of work is not the only significant factor. Job satisfaction really matters. Let’s look at why.

Job satisfaction affects workers, which in turn affects the company. When workers are happy with their careers, they become better team players. They tend to align themselves in a sincere way with the company mission and goals. This leads to employees being PR ambassadors, spreading the word about how much they love working there and then generating more word of mouth business for the company.

There is way less job turnover when employees are satisfied. This means less HR headaches and less time and money spent on hiring. On top of that, satisfied workers are more productive and more motivated to complete their tasks. They will work harder and company profit will increase. It’s a win win.

So, let’s take a look at what makes jobs satisfying. 60% of U.S employees feel that their co workers are the biggest factor in their work happiness. This does not necessarily refer to their upper level bosses. These are the people that they work with every day. If they all get along, have each other’s backs, and work as a team,, everything goes better and is more enjoyable. Even if they are not a fan of their boss, as long as they get along with their co workers, things usually function ok. Another 74% of U.S employees believe that company culture is the biggest contributing factor. It makes sense. A healthy and positive work environment makes any day go better. I have to agree with this. Having a good team around me has made work more enjoyable than it has been in years.

What are some of the most satisfying jobs in the workforce? According to U.S News and World Report, PayScale and CareerBliss, this is the list of the most satisfying jobs available:

Chiropractor

Chief Executive

Conservation Scientist

Physician

Nurse

Physical Therapist

Teachers

Clergy

Psychologist

Surgeon

What is so special about these jobs? From my estimation, all of these jobs have some characteristics in common. There is variety. New things happen every day. The job is ever changing. They have an opportunity to advance. They involve helping people. They have higher salaries, which decreases bill pay stress. All of these factors contribute to job satisfaction.

What makes a job less satisfying? Less flexibility, lower pay, lack of benefits, poor work environment, no opportunity for advancement and high turnover rate all lead to less job satisfaction. Jobs that fall into this category include parking lot attendants, fast food cooks, dishwashers, cashiers, waiters, and retail salespeople.

Now, having said all of this, I am sure that a lot of employees don’t fit into these categories. Some cooks love their jobs. Some teachers hate theirs. I am not attempting to generalize. These examples are research-based. I realize that there are always exceptions.

We have discussed all the statistics. Now let’s talk about why I think job satisfaction is important. I think it is important because I literally can’t do my job well without it. I am grateful every day that I love what I do. I know this from the bottom of my heart. I have really been tested lately. Many of us have. Times have been really rough these last three years. I have worked without pay, through cancer, through family mental health issues, through my husband’s heart attack, and through the pandemic. I haven’t worked for reimbursement. I have worked because I love it. I still do. As long as I keep that in mind, and as long as that is still true, I will keep on doing it.

Dr. Katz