I was prompted by a question from Peter Thiel’s book Zero to One which I am finally getting around to reading. He asks this in every job interview: “What important truth do very few people agree with you on?”
The answer reveals a contrarian view that is essentially the seed for a disruptive business or initiative. It roots out an idea that is underappreciated or ignored by most.
My contrarian answer: Financial goals are overrated.
By “financial goals” I mean goals directly tied to specified amounts of money. I have seen too many people fixate on a dollar figure for their portfolio, the value of their business, or some other symbol of their financial “arrival”. Then they get there and…nothing changes. Even if they vastly outpace their goals for savings, income, and growth, many still feel like it’s not enough and they need to do or be more.
I have witnessed many others who find contentment and don’t even bother with goals; they focus on becoming. What they find in the process is that the person they become, that best version of themselves, might not even care about the goals that were set years, or even decades ago.
There is a famous saying in statistics: “All models are wrong, some are useful.” Maybe something similar could be said about goals. Full disclosure, we have a big, hairy, audacious 10-year goal for Morton Brown. I have a goal to run a trail race this year. However, I am not hung up on them as the “finish line”. My goals are subordinate to becoming a better leader, advisor, and athlete. My goals help me set a direction and pick up my pace. Personal goals do not define success, and neither should financial goals.
I’d love to hear how you would respond to this prompt. Below are a few more things that resonated with me this week when thinking about professional and personal goals.
Three things on goal setting
When success isn’t satisfying. In the WSJ this week, Rachel Feintzeig reflects on why reaching goals doesn’t feel as good as getting there and the key to lasting happiness. I akin this feeling to the one my clients get when approaching retirement. Seen as the ultimate goal, the fear and uncertainty of ending a life they’ve known for so long calls for some serious self-reflection.
Finding direction. I found this intriguing article posted to a site aimed at “multipotentialites” or persons with many different interests and creative pursuits. I appreciate the suggestion of finding direction as a replacement for setting specific goals as well as the fact that “we don’t have to complete them in order to see the benefit.”
Happiness can’t be bought. My wife and I both strongly live by the mantra that money cannot buy happiness. That being said, I think it would be naïve to believe that money can’t make things easier or allow for happiness to flourish (with direction and a good mindset). Interesting to see that researchers have come to the same conclusion: “The emotional impact of more money was small compared to something as simple as the weekend.”
“We’re all sprinting on what psychologists call a hedonic treadmill. That is, we might get a hit of joy when we achieve something, but we eventually return to our baseline level of happiness (or unhappiness). Whatever heights we reach, we’re still, well, us.”
RACHEL FEINTZEIG
Aggressive Balance is a biweekly e-newsletter authored by Dennis Morton, Co-Founder and Principal of Morton Brown Family Wealth.
A gifted storyteller and financial advisor by trade, Dennis explores topics of leadership, finance, and the human condition in his writing as they relate to curating a life worth living.
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