Podcast Summary
Personal fulfillment vs Money: Money is important but personal fulfillment and time should not be overlooked when making career decisions
Money isn't everything when it comes to personal fulfillment and quality of life. The speaker, who is leaving their corporate job, has been offered part-time work but has decided against it. They argue that working part-time would mean giving up 40% of their week for only 40% of the salary they need to survive. Instead, they value the time and personal growth that comes with pursuing their goals outside of the corporate world. While money is important, it should not be the sole factor in making career decisions. By focusing on the intangible benefits of time and personal fulfillment, individuals can lead more satisfying lives.
Limiting Options for Personal Growth: A significant time commitment to a job that only gets you part of the way to your goals may limit your options for personal growth and exploration, making it less worthwhile.
Committing a significant portion of your time to a job that only gets you part of the way to your goals may not be worth it, especially if that time commitment limits your options for personal growth or exploration. The speaker in this discussion is giving up 40% of their week to earn only 40% of their desired salary. They argue that this trade-off is not worth it, as it leaves a large gap to fill and limits their flexibility. They believe that if the time commitment brings them significantly closer to their goals, it might be worth it. However, if the job only gets them part of the way there, they would rather keep their options open and continue exploring other opportunities. The speaker emphasizes the importance of optionality and the ability to adapt to changing circumstances. They reference Derek Sivers' quote that the best plan is the one with the most optionality, as it allows for the greatest flexibility and adaptability.
Investing time in building something of your own: Investing time in building something of your own, even if it seems insignificant at first, can lead to greater returns in the long run compared to working for someone else. Control your intellectual property and use part-time income as a tool to invest in your future.
Every hour, day, or week spent on building something of your own, no matter how small or insignificant it may seem in the beginning, has the potential to yield greater returns in the long run compared to working for someone else. The speaker emphasizes the importance of time in the context of transitioning from a full-time job to building something on the side. Giving up two days a week to work for a company may generate more income in the short term, but the efforts put into building something of your own could lead to significant returns in the future. The speaker also highlights the importance of owning the intellectual property and having full control over what you build. While the income from a part-time job may be certain and consistent, the potential rewards from building something of your own are variable but potentially much greater. The speaker encourages a long-term perspective and the importance of using time wisely to build something that could generate income for years to come. Additionally, the speaker suggests that the money earned from a part-time job could be used as a tool to invest in building something of your own.
Prioritizing Ethics Over Money: Focusing on ethics and responsibilities, rather than relying on corporate income, allows individuals to create content and progress in their business.
For this individual, adding money to their business doesn't necessarily lead to growth or scalability. Instead, they prioritize time to create content and focus on their professional ethics and responsibilities. They've accepted their financial situation and are willing to let it play out, rather than relying on a corporate income that may delay their progress outside of it. Additionally, they believe that taking on tasks with liability and professional requirements while not fully invested mentally is unethical and akin to a doctor performing surgery while hungover.
Give your best effort in part-time income opportunities: Weighing the pros and cons carefully and striving for excellence is crucial when considering part-time income opportunities.
When considering part-time income opportunities, it's essential to give your best effort and ensure compliance with regulations. Half-hearted attempts are not worthwhile, especially when the stakes are higher. This isn't just about flipping burgers or picking fruit; it's about building something new and potentially putting yourself out there. Sometimes, the time investment is more valuable than the monetary gain. At other times, no money may be better than some money, depending on the circumstances. Ultimately, it's crucial to weigh the pros and cons carefully and make an informed decision. Be mindful of the potential risks and rewards, and always strive for excellence.
