Goals

. Approximately 12,000 people at the age of around 18 and attending elite USA universities in 1976 were interviewed then and around 20 years later. Many students who gave a high ranking to "being very well-off financially" in 1976 had achieved it 20 years later.

. In setting goals, it is important to make them difficult to attain. Goals influence what happens, where people end up and how satisfied they are.

Goals (financial and non-financial)

The University of Rochester surveyed students about their life goals and followed up several years later to see what they had achieved and how they felt about things.

They found
"...people whose life goals were 'extrinsic' - meaning external goals like wealth, physical appearance, or recognition - were less satisfied by achieving those goals than people whose goals were 'intrinsic' - focused on learning, improving, or helping others. Achieving 'profit goals'......was less satisfying than achieving 'purpose goals'..."

Yancey Strickler 2019

Chasing money clearly does not make people happier. Sometimes it increases anxiety and depression, ie
"...When more money fails to satisfy, we increase our financial goals, thinking that will fix the problem. It doesn't..."
Yancey Strickler 2019

"...our desire for satisfaction exceeds the satisfaction of satisfaction. As we get more, we want more. When our expectations go up for profit-orientated goals, this leads to an insatiable hunger to get more attractive, get more recognition, or make more money......we enter a race without a finish. There is no winning, only the race..."
Yancey Strickler 2019

These short-term, powerful motivator is only provide fleeting relief or happiness, ie they are often believe

"...short-term returns in exchange for long-term compromises..."
Yancey Strickler 2019

However, the purpose-orientated goals, like wanting better relationships, becoming more knowledgeable, increasing mastery of a topic, happiness, etc, appear to produce more satisfying outcomes.

"...the point of money is to create security to focus on the real value in life..."
Yancey Strickler 2019

The really smart people live within their means and don't link authentic happiness with money. They put money in context, ie
"...are very money conscious......respect its importance......they understand where it creates value. But they also understand that money is not the only value that matters..."
Yancey Strickler 2019

An example of a company which has successfully utilised purpose-orientated goals is Panasonic, ie
"...1. Spirit of service through industry
    2. Spirit of fairness
    3. Spirit of harmony and cooperation
    4. Spirit of striving to progress
    5. Spirit of courtesy and humility..."

Konosuke Matsushita as quoted by Yancey Strickler 2019

There are 3 main non-financial drivers that are more important than money once our basic financial needs are covered
"...1. Autonomy: desire to have a say over what we do
    2. Mastery: the process of getting better at what we do
    3. Purpose: the meaning behind what we do..."

Daniel Pink as quoted by Yancey Strickler 2019

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