Blogs > Your Money

Dave Patterson and Erin Preston, a father-daughter team of Certified Financial Planner® licensees, provide thoughts and suggestions on a broad collection of personal finance topics.  Information provided in this BLOG is intended to be of a general nature and may not be appropriate for all situations.  Readers should consult with their own financial advisors before relying on any information contained herein.

Sunday, February 27, 2011

Words of Wisdom for the Young

As your children and grandchildren go off to college to start their careers, perhaps the best advice you could give them would be to seek their passion. Tell them not to focus on how much money they can make. Seek out a career doing what interests them the most.

John D. Rockefeller (1874-1960), an American oil magnate, once said: “I had no ambition to make a fortune. Mere money-making has never been my goal. I had an ambition to build.” And build he did. He founded Standard Oil Company and became the first American to be worth more than a billion dollars.

At a young age, Rockefeller tithed 10% of his earnings to his church. When he retired he founded a number of foundations focused on education, medicine and scientific research. He was the founder of the University of Chicago and Rockefeller University.

Those whose careers are in line with their passions, often seem to excel beyond their expectations. Even if they don’t make a lot of money, they are rewarded with the satisfaction they get from doing what they love.

And, they don’t necessarily have to accumulate a huge sum of money so that they can retire at age 65. Since they love what they do, they can continue on into “semi-retirement”, supplementing their savings, Social Security and pension earnings with income from the work they enjoy.

Surely other benefits abound from doing what you love. We have no evidence but expect that such careers are less stressful, more rewarding and likely promote better health.

And how often do we hear of someone who retires and turns their favorite hobby into a business that becomes successful beyond their wildest imagination?

Sure, money is great, but it’s only one means to achieving other goals. Those goals surely include doing things you enjoy, so why not choose a career focused on your passion?


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