“The things that matter most in our lives are not the things we can buy, but the things we can create, the relationships we can build, and the positive impact we can have on the world around us.”– Tom Rath
Money is often considered the most important resource in our lives. We strive to make more money to buy the things we need, and even the things we want. This mindset is what Conventional Transition Wisdom preaches. Yet, your ability to earn and access money will be limited if you don’t prioritize the accumulation of other resources first. Acquiring these other resources first makes your ability to earn and access money an almost foregone conclusion.
You need to know how to tap into these alternative resources in order to scale your business and career. Especially if you are looking to own your own company or enter the ranks of high-level leadership within an organization.
In this article, we will discuss why time, information, water, food, shelter, sleep, health, family, reputation/brand, friends, allies, favors, and sex are all more important than money. We will also look at how you can leverage this hierarchy to validate business ideas before dumping a bunch of time and money into an idea with no market, or bad positioning.
By understanding this hierarchy you will prevent chasing the almighty dollar down the rabbit hole and wondering why none of your business ventures ever succeed.
Resource Value Hierarchy
In order to truly rethink your relationship with money, you need to address its relative value. Said differently, you need to ask yourself this question: what are things that a majority of people willingly spend money to acquire or access?
After asking myself that question, I made the list below:
- Time: Time is the one resource that we cannot buy or get back once it is gone. We must use our time wisely and invest it in things that are important to us, such as our work, family, and personal growth. Time is a precious resource that we must value and use efficiently.
- Information: In today’s world, information is power. Having access to the right information can make a significant difference in our lives. It can help us make better decisions, improve our skills, and create opportunities for us. The ability to learn and acquire knowledge is a resource that is more important than money.
- Water: Water is essential for our survival. We cannot survive without it, and access to clean water is a basic human right. Water is a resource that we must protect and conserve, and it is more important than money.
- Food: Food is another essential resource that we need to survive. It provides us with the energy and nutrients we need to function properly. Access to nutritious and healthy food is crucial for our physical and mental well-being.
- Shelter: Shelter is a basic human need. It provides us with protection from the elements and a sense of security. Access to safe and affordable housing is a fundamental right, and it is more important than money.
- Sleep: Sleep is essential for our physical and mental health. It allows our bodies to rest and recover, and our brains to process information and consolidate memories. Good quality sleep is a resource that is more important than money.
- Health: Our health is our most valuable asset. It is the foundation of our well-being and quality of life. Access to healthcare and the ability to maintain good health is a resource that is more important than money.
- Family: Our family provides us with love, support, and a sense of belonging. They are our most significant source of social support and connection. Our relationships with our family members are a resource that is more important than money.
- Reputation/Brand: Our reputation and personal brand are our most valuable assets. They define how others perceive us and can influence our opportunities and success. Our reputation and brand are a resource that is more important than money.
- Friends: Our friends provide us with emotional support, companionship, and social connection. They are a vital source of happiness and well-being in our lives. Our friendships are a resource that is more important than money.
- Allies: Allies are people who support us and have our back. They can provide us with resources, opportunities, and protection. Having strong allies is a resource that is more important than money.
- Favors: Favors are gestures of kindness and generosity that can create goodwill and build relationships. The ability to ask for and receive favors is a resource that is more important than money.
- Sex: Sex is a basic human need and a source of pleasure and intimacy. It is a resource that can improve our mental and physical health and create connection and intimacy in our relationships.
While money is undoubtedly important, you can see from the list above there are many resources that are more valuable. Time, information, water, food, shelter, sleep, health, family, reputation/brand, friends, allies, favors, and sex are all resources that are more important than money. We must recognize the value of these resources and invest in them wisely to improve our quality of life.
Using the Resource Value Hierarchy to Validate Business Ideas
When you’re starting out in business or networking, receiving any one of the resources mentioned above can be a significant validation of your business idea. For instance, if someone is willing to give you information as a trade for your product or services, then it validates that your product or service is worth the time and information the other party is spending on you. This exchange validates that your business idea is worth pursuing to the next level, and possibly worth pursuing monetization. The same goes for receiving favors, allies, or access to new networks.
When you receive resources like time or reputation from individuals who are established in the industry, it can also validate your business idea. They may be able to provide you with valuable insight or connections that can help you grow your business. This tradeoff is validation as it demonstrates that others believe in your idea enough to invest in it.
Receiving any of these resources can also help you build your reputation and credibility in the industry. As you establish relationships and receive support from others, it can increase your visibility and give your business idea more weight. People will be more likely to take you seriously and invest in your idea if they see that others are already backing you.
Receiving any of the resources mentioned above when networking or starting out in business can be a significant validation of your business idea. It can provide you with the support, connections, and resources you need to grow your business and build your reputation in the industry. Therefore, it is essential to recognize the value of these resources and invest in them wisely to help your business succeed.
Founder – Veteran Mentor and Career Coach
No veteran should feel like civilian life is purgatory. It’s my job to help professionally ambitious post-9/11 veterans avoid entrapment in transition purgatory by challenging the B.S. of Conventional Transition Wisdom.
I challenge the B.S. of Conventional Transition Wisdom by breaking down the mindsets, strategies, and tactics of world-class experts (Titans) to help veterans compress the transition learning curve.
Learning directly from Titans helps veterans escape entrapment by avoiding the costly mistakes encouraged by Conventional Transition Wisdom.