What is the relationship between money and happiness? I recall research from a few years ago that found that at all income levels, people say they would be satisfied if they could get 20% more.

If our goal is always ‘more’, then we’re destined to spend our careers striving for that elusive extra 20%.

But what if you had a specific goal in mind? What income level would you be satisfied with? And how much are you prepared to sacrifice to get it? The mission then becomes finding the most efficient and satisfying way to generate the income you need, and no more.

If you thrive on relentless work and like the notion of wealth for wealth’s sake, then by all means go for it. But if you don’t, how much time and effort are you prepared to sacrifice to pursue it?

Nothing comes free. Big incomes extract their pound of flesh, and increasing income delivers a diminishing rate of return. After a certain income threshold is reached, more money actually makes very little difference.

In fact, a 2009 survey by the Australian Council of Trade Unions of 2,800 workers found that 75% would be happy to take a pay cut to work fewer hours. It seems more time is what people truly want.

I was mid-draft of this article when I read this inspiring thread in the forums answering the question “Would you start a business if you knew you’d earn less?” I thought Ray summed it up beautifully in his response:

“A good income will not make you happy if you don’t like your job. Not having enough money to live on will make it impossible to be happy. If you can fit somewhere in between you should be very happy.”

Unlike most employees, business owners do have the flexibility to shape their hours and incomes.

For more on this topic downlaod Julia Bickerstaff’s presentation at Flying Solo LIVE! on how to design a profitable business.

It may sound idealistic, but there are thousands of stressed-out execs and business owners earning six figure incomes with no off switch in the pursuit of more – more status, more money and bigger lifestyles.

I admire people who have managed to create the freedom to spend their time how they like, and with who they like. That time might well be spent working, but it might also be spent travelling or doing community work. Success = having the option.

Okay, so I’m a long time off hitting the Bahamas. Maybe if I had 2000% more!

Will you know when enough’s enough? Or does setting a limit show a lack of ambition? Have your say on the relationship between money and happiness.

Read 9 comments or add your own at Flying Solo

I’ve recently become fascinated by the idea of ‘work life integration’. Ok, so I haven’t even mastered ‘work life balance’ yet, but that concept is so last decade!

To me ‘work life balance’ implies a tradeoff between good and evil, where work is the thing you have to endure to get to the good things in life.

In an article a couple of years ago I even suggested it was unrealistic to truly ‘love’ your job. In response, dozens of passionate commenters assured me that it was possible and they were doing it!

So then, perhaps it is also possible to forget the balancing act and fully blur the lines between work and life.

I used to frown upon the person who took their laptop on holiday to stay in touch with work. But now I think “Why not do a few productive hours in the morning before a lazy lunch? Why not clear the inbox while you’re waiting for the kids to wake up?”

If you enjoy what you do then surely when and where you do it is not relevant.

A while back I read about an English copywriter who goes on long working holidays to France. He wakes up each day and works from 5am to 12pm while his family heads out sightseeing for the morning. He then joins them for lunch and spends the afternoon and evening in holiday mode.

Yes, this may well be an extreme and rare case. But to the other extreme there is the more common routine of working 8am to 6pm waiting for the weekend and four weeks of annual leave. There must be a happy medium.

Am I living in an idealistic fairy land or is true work life integration possible or even desirable? Would it turn you into a workaholic or a sloth perhaps?

I’d love to hear how people have successfully, or unsuccessfully, integrated their business into their life. Perhaps you’re kicking back up the coast right now with your laptop.

Read 40 comments or add your own at Flying Solo

As I write this I’m madly clearing the decks before I go on holiday. As you read this, I’ll be back into work mode and wading through emails. For small business owners, holidays can be hard work. Do these scenarios sound familiar?

It’s about this time of year when holiday cravings kick in. But ask a business owner about holidays and you’ll often get “What’s a holiday?” or, “I did take a few days off over Christmas!”

By the time you’ve scrambled to get ready to leave, then dealt with a bulging task list on your return, it can seem like holidays are more trouble than they’re worth. If you’re running your own business, there are three main types of holiday:

1. The non-holiday

This is the holiday you just never fully commit to. You don’t have proper backup plans. You don’t tell your clients in advance. You pack your laptop, PDA and some files. You promise yourself you’ll just do an hour or two a day.

Symptoms: Domestic tension about broken promises. Answering work calls and checking email during the day. Double-edged guilt about neither working nor relaxing properly. Feels like you haven’t had a break at all.

2. The half-holiday

You think you’ve fully committed to this one. You’ve told your clients, made backup plans and left the laptop at home. Although just before you leave you utter the two classic lines. “I might log into email a few times just to clear the inbox,” and then “I’ll still be on mobile so call if there’s anything important.”

Symptoms: Sneaking off to internet cafés to check email. Absent minded dinner conversation as your mind drifts to work issues. Mild agitation if you see a missed call on your phone. Never quite completely switching off. Relaxed but not completely refreshed when you return.

3. The 100% holiday

This is the holiday that you take seriously. You prepare quality back up plans for all your clients. You don’t take your laptop or check your email. You put an out of office message on your phone. You plan some fun activities, and even take a few extra days off when you get back to ease back into it.

Symptoms: Happy hour is any hour. Glowing from plenty of sun. Afternoon snoozes. Domestic bliss (well, mostly). Lose track of time. Return re-energised and inspired to get back into it.

Some say that keeping in touch with work while on holidays stops them stressing about potential problems. For others, the nature of their business makes it very difficult to escape. But for me, once or twice a year I crave a complete escape – no phone, no email and no work talk.

As the boss there a plenty of reasons why holidays are hard work – the business relies on you, you don’t get paid for holidays and you could miss new business. Yes, taking a 100% holiday is hard. But I believe it’s 100% worth it.

Read 10 comments or add your own at Flying Solo

Even as January ends, my street is still dotted with discarded Christmas trees, drooping fairy lights and half-deflated Santas. I know how he feels. With the tan faded and toys broken, how can you sustain that holiday feeling?

I’ve never managed to fully achieve it myself, but hope these strategies will make the difference this year.

Plan another holiday.
The fact that we’ve just had Australia Day helps, but I’ve already planned some more time off later in the year. Even though it’s months down the track, just booking it makes me feel better and it’s something to look forward to now the grind’s got going.

Focus on resolution results.
Now’s the time to revisit that overoptimistic list of New Year’s resolutions and start to focus on just a few key results. The year generally starts with lofty ambitions to get super fit and healthy, but by Australia Day, I’ve changed ‘get fit’ to ‘run twice a week’.

In terms of business resolutions, consider picking just two goals you’d like to reach in 2009 and list the specific actions and timings needed to achieve them.

Write it down and pin it up.
I’ve written up a few goals and resolutions and stuck it to my door. It is a constant reminder to help focus my activities and makes me feel organised, too.

Lower the expectations.
I’ve wondered before about whether our desire to always love our work is unrealistic. I like having a distinction between work and holidays. I remember the great feeling of freedom of breaking up from school. If we have no doldrums throughout the year, how do we enjoy the full elation of setting off on holidays?

How do you keep the holiday feeling alive? Is it possible? We’d love to hear your comments and suggestions.

And to the guy across the road, please take down your fading Christmas decorations. They’re an unwelcome reminder that the long break is over for another year.

Read 8 comments or add your own at Flying Solo

How do you know if you really love your work? There are two points in the week that are sure-fire indicators.

Firstly, there’s Friday night. For many, beer o’clock Friday afternoon is the longed-for highlight of the week. There’s a feeling of elation that business is done and life can begin again.

It’s a night to unwind and put work behind us. A couple of glorious days stretch out ahead: days where we can escape work worries and turn our focus to friends and family.

Then, there’s Sunday night.

Everything has gone beautifully, but as the light starts to fade the gloom can creep in.

Only when the last person’s left the BBQ do thoughts of deadlines and meetings start to infiltrate the weekend. A cloud descends over the couch which no longer feels as comfy as it was. It’s the early on-set of Mondayitis.

Like the last day of a summer holiday, there’s something sad about a Sunday night.

Okay, so Friday night’s always going to hold a special place, but it’s the heights of the high on a Friday night and the depths of the low on a Sunday night that can give us insight into whether or not we love what we do.

When Friday night stops feeling like we’ve just been let out of jail and when Sunday nights lose their gloom, work love is in the air.

But is it realistic for work, life and leisure to blend 100% happily? Or will work always be work and weekends weekends? We’d love to hear your view.

Read 36 comments or add your own at Flying Solo

There’s plenty in the media at the moment about the long hours worked by Australians. Then just last week, I was flicking through a business magazine and came across an article about the Head Honcho of a big global company.

The story followed his typical day…he arrives at 5am, works non-stop until 8pm then goes to a high-powered client dinner before returning home at midnight. The article praised his legendary work ethic – he’s followed the same gruelling routine for over 25 years.

But it got me wondering. What does such a single-minded approach cost in terms of sacrificing time for your family, friends, health and passions? Many people thrive happily on this sort of pace, but that doesn’t mean it’s for everyone.

The question “Do I take the money, or the time off?” is one soloists face every day. There’s always work that can be done to grow your business, and it’s easier to say yes to paid work than it is to say no. This can result in the same long hours, late nights and weekend work of traditional corporate life.

So, the million dollar question is…

• What’s a weekend with friends worth?
• How much for a night with the family?
• What’s the ‘cost’ of guitar lessons?
• What’s a snooze on the grass worth?
• How much for a cuppa with your Mum?

The idealist in me says their value goes well beyond the opportunity cost to our businesses. After all it’s the little things put together over the years that add up to one big, beautiful life full of family and friends.

Hard work, drive, ambition and leadership are all worthy pursuits, but not if you’ve sacrificed too many of the things that are important to you along the way.

But then the realist in me appreciates that the bills, mortgages, children and everyday life do require cold hard cash.

So, shall I do some work tonight or play some bad guitar? Perhaps my mortgage will answer for me!

Realistic or idealistic? We’d love to hear your tips and thoughts on how to strike a balance between your money and your life.

Read 40 comments or add your own at Flying Solo

If you listen to music while you work and you have a broadband connection (preferably unlimited), read on. I’m sure plenty of you are way ahead of me, but this is easily the best thing I’ve found on the net in the last year or so.

Most of the time I’ll listen to music as I’m working. But because commercial stations are full of distracting talk and advertising, I tend to listen to music from my own collection. But listening to the same music library all day means my music collection quickly becomes a little tired.

Then six months or so ago I stumbled across a new website called Pandora and I have hardly spent a day off it since. If you’re way ahead of me and already an addicted user then you’ll know what I’m talking about. For those of you who haven’t heard about it, I’ll gladly share the joy.

According to their website (and by the way, neither Flying Solo or I have any affiliation with them at all), Pandora is all about helping people find new music they’ll love.

It started with a thing called the Music Genome Project where music analysts listened to individual songs and categorised them by over 400 details – melody, harmony, instrumentation, rhythm, vocals, lyrics etc – that gave each song its particular type of sound. Apparently they’ve been doing it for six years and the result is a massive database of songs analysed.

It all sounds a little complex, but the result is awesomely simple and you can hear it right now.

Here’s how it works.
Go to Pandora.com and type in one of your favourite songs or artists. Most of the ones I tried seemed to be there. Then a pure music “radio station” will start playing songs with similar attributes to the song or artist you selected.

The system scans all its analysed music – new, old, well known and completely obscure – to find songs with interesting musical similarities to your choice. You can make up as many different stations as you like. It’s music that all sounds a bit the same, and that’s the great thing about it!

For example, I like listening to acoustic/folky guitar music so I entered in Jack Johnson. The result is a radio station that plays a sensational mix of cruisy music of that genre. They do play a bit of Jack Johnson, but mostly they play other artists that sound like him – some I already know, others I’ve never heard of before.

I’m sorry if this all sounds like an advertorial, but I really have become addicted to Pandora. If you like finding new music just give it a try and after 20 seconds you’ll understand what I’m talking about.

One word of warning…
It is addictive and streaming music takes up a bit of bandwidth so make sure you keep track of your limits or get yourself onto an unlimited connection.

My current favourite stations are Bernard Fanning Radio, The Waifs Radio and Paul Kelly Radio.

I’d love to hear what you think of it, and what stations are good.

Note: Sadly, copyright laws have made Pandora unavailable for Australian listeners. However we’ve found www.last.fm and it appears to be a pretty good substitute.

Read 7 comments or add your own at Flying Solo