How much money does it take for you to be rich? $100,000? $500,000? For most people, they would feel quite rich with less money than one might guess. And as an entrepreneur, this idea of “rich” can have a huge impact on how you decide to build your business.
Column Five Media created an infographic for Mint.com showing how people view rich, and the median income that people call rich? $150,000. That’s a lot of money. Not Cribs money, but enough to live a generous comfortable life. Predictably, this “rich” dollar amount changes according to how much the person currently earns. For people who earn $50,000 or less, the median “rich” amount was $100,000. For earners of over $50,000, the median “rich” amount was $200,000. So what does this mean to people creating their dream business? It means that the data still shows that “rich” is a relative bar. Once you pass a money milestone, there’s another one staring you in the face.
More important is to work on building something that you love and that makes you happy. Studies show that once someone earns $75,000, they have reached the peak of money-made happiness. A person that makes $300,000 may very well be happier than someone who makes $100,000, but it’s not because of the money. There is a balance between fiscal responsibility and creating a company unilaterally devoted to the desires of your customers, your employees, and you. If you can’t ultimately achieve profitability, it doesn’t matter how many people you make happy, because you’ll be gone. But if you cut throats to win, then what did you create? Is the world a better place? B corporations go so far as to write into their corporate charters specific social and community goals and responsibilities. The triple bottom line is a balance that you can achieve, don’t treat it like a war.
How much money would make you feel rich?
Marc Brodeur is the founder and CEO of Brode, the first drinking companion for professionals. He just wants everyone to be happy. Follow him on Tumblr and Twitter.
Category: Startup Advice