The Multiplier Mindset® Blog

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For Entrepreneurs, Money CAN Buy Happiness

No matter what you do or how much money you make, the question arises: Can money buy happiness?

The answer is that yes, it can—if you use your money to buy back your time.

Everything is abundant.

Almost everything has gotten cheaper. What you’d get paid for an hour of your time today can pay for a lot more than what an hour of your time could pay for 25 years ago.

This applies to everything from electronics to cars to vacations. The efficiencies being built into massive cooperation in the marketplace are making it easier, faster, and cheaper to provide products and services.

As a result, things don’t have the same impact on our happiness that they did when there was more scarcity. Material goods and luxuries that used to be a source of happiness don’t have the same effect on us.

Buying time.

But there is one way of using your money that can make you happier than any other way, and that is to buy back your time. You do this by taking an activity you don’t like doing or that’s keeping you from doing a more stimulating and rewarding activity, and pay someone else to do that activity. When you use your money to free yourself up to do something you like better, that’s how you buy happiness.

This is what I’ve observed in coaching more than 6,000 entrepreneurs. When you spend money so you can do something you’re much more interested in, or that’s much more enjoyable, you’ll be happy with the use of that money. In a very simple way, you’re using that money to buy happiness.

“The freedom of time is becoming the most desirable reason to use your money.” – Dan Sullivan Click To Tweet

Increasing happiness for everyone.

There are things that entrepreneurs might not like doing but that are crucial to their businesses. Yet this doesn’t mean they have to do those activities themselves. It means the time spent doing those activities has to be bought by delegating them to someone else. Remember, though, that no matter how much you don’t like the activity, there’s someone out there who would love doing it as much as you love doing the activities you find the most fascinating.

My response to my daily life as an entrepreneur is an emotional one before it’s an intellectual one. I give myself 100 percent freedom to say exactly what I like and don’t like, and this has led me to deciding to spend as much time as possible in the activities I want to be in, using my money to pay people who love doing the activities I don’t like doing.

When you do this, that’s buying a lot of happiness, not only for yourself, but for every person in your company who’s getting paid to do something they love.

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Dan is the founder of The Strategic Coach Inc. and creator of The Strategic Coach® Program. Visionary, creative, wise, playful, and generous, he is a true champion of entrepreneurs worldwide.