Your time or your money?
picture: personal picture taken at the Flagship Starbucks Store in Milano 2024
Recently, I've been listening to two podcasts about founders behind world-famous brands. The first was an in-depth interview with Howard Schultz. Under his leadership, a single coffee shop in Seattle grew into Starbucks, the world's largest coffeehouse chain. He popularized the idea of the "third place"—a space between home and office where people can relax, socialize, or work. A couple of weeks later, I listened to another podcast about the story of IKEA, the company founded in Sweden by Ingvar Kamprad. Kamprad was legendary for his extreme frugality. Even as a multi-billionaire in his eighties, he still flew economy class and stayed in budget hotels.
Hearing these stories got me thinking about how our upbringing shapes our relationship with money. Did our parents have a healthy relationship with money and act as good role models? Was there always enough money at home, or was there constant fear of not having enough? The environment we grow up in can deeply influence how we handle money as adults. In the case of Schultz and Kamprad, both men were determined to change their circumstances and build great wealth—driven in part by their difficult youth. Schultz grew up in New York City’s public housing projects, and Kamprad was raised in poverty on a small farm in Sweden by a poor immigrant father. Their childhood struggles clearly fueled their ambition.
It's Not About the Money
The more I learn about money, the more I realize it's not really about the money at all. It's about what money represents, and that can be different for each person. Whatever meaning we attach to money, it tends to stir strong emotions in us.
Step One: Understand Your Money Mindset
It's a worthwhile journey to examine your own relationship with money. Go beyond the obvious and really dig into your beliefs and habits. Ask yourself questions like:
- What did I learn about money growing up? (Think about the attitudes and habits you absorbed from your family.)
- Were money lessons in my household explicit or implicit? (Did your parents openly discuss finances, or did you pick up cues indirectly?)
- How do those early lessons affect my choices today? (Consider if you're mimicking or rebelling against your upbringing.)
- Do I view money as a tool, or as something to fear or avoid?
- Were phrases like "money is evil" common at home, or was there envy towards those with more?
- Did my family try to "keep up with the Joneses"?
Look in the mirror and have an honest conversation with people you trust. You might uncover some deep-seated habits and beliefs. Perhaps you'll even identify things that no longer serve you and are actually holding you back.
Step Two: Balance Money and Time
The next step is to look at how you spend your time, because there's a critical difference between time and money. Money can be earned, saved, and grown—almost infinitely. You can always chase more of it. Time, on the other hand, is finite. You only have so many healthy years on this planet, and you can't buy more once it's gone.
If you're constantly trading away your time to accumulate more money, you may need to rethink your approach. Remember that building a bigger pile of money at the expense of your quality time and health has its limits. In the end, the goal is to find a balance where you have enough money to live comfortably and enough time to actually live your life.
Hope this inspires.
Paul Donkers
Paul P.J. Donkers is a sought-after global business coach and management consultant. More about his work and projects can be found via www.tencompany.org and via www.ikigaicoachinginstitute.com
Paul and his partners work since decades with leaders to assist them create more value. If you want to have a confidential conversation, just reach out to us via This email address is being protected from spambots. You need JavaScript enabled to view it.
Podcast: Howard Schultz Starbucks
Podcast: Ingvar Kamprad IKEA
Recommended Reading: Die with ZERO
