Don't need the money? Eight good reasons to work anyway

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“It’s hardly a job, still less a vocation, simply a predicament.” – Prince Charles’s character in Netflix’s The Crown

In the most recent season of The Crown, Prince Charles bemoans his status as heir to the throne. He believes that his privilege has prevented him from building a satisfying career like his non-royal peers.

For those who have inherited significant wealth and have not pursued a satisfying career or vocation, this sentiment might resonate.

We live in a world where people strive to no longer “have to work.” The Financial Independence, Retire Early (FIRE) movement, the four-hour workweek and the marketing of lottery tickets all speak to this idea that the goal is to be able to stop working. We also live in a time of toxic workplaces, burnout and quiet quitting, and if you don’t financially need to work, it can be tempting to opt out.

But the benefits of work can stretch far beyond the paycheck.

Here are eight reasons you might wish to work even if you don’t need the money, and some tips for finding a satisfying occupation.

1. Work improves your mental health: Sociologists and psychologists who study happiness have found that satisfying work is a major component of happiness, and when affluent individuals don’t work it has a detrimental impact on mental health. Another study showed that levels of happiness increased with paid work, but for affluent individuals, active leisure activities like volunteering can also have a positive impact on mental health. The key word is active: Taking on a volunteer role with real responsibilities and accountability has a much greater impact than being a dilettante who attends the occasional charity event.

2. Work gives you a sense of identity: For better or worse, many of us base at least part of our identities on our work. It’s hard to attend a social event without being asked what you do for a living. Vocation comprises a big part of who we are, and an engaging vocation that you love can give you a sense of who you are as well as a reason to get out of bed in the morning.

3. Work can help you reach a “flow state” that optimizes happiness: Mihaly Csikszentmihalyi discovered that people who were able to reach a “flow state” – that highly focused, autotelic mental state where you lose track of time because you are so engaged – tended to have a strong sense of well-being. Work that aligns with your interests and talents can create many opportunities for such flow. One study showed that affluent teens may have more trouble reaching a flow state than their less affluent peers since they may have felt more parental pressure to perform and compete in typical flow activities such as athletics and the arts. If you grew up in an affluent family, work might provide you with opportunities for flow – and happiness – that you’ve not encountered before.

4. Work brings you respect (and self-respect): People don’t always respect inherited wealth or wealth resulting from marriage, since it’s not viewed as having been “earned.” It can be nice to have others respect you for earning your own money. More importantly, work can give you a sense of self-respect. Studies show that we are happier when we achieve that happiness through our own efforts, and how we make our money can shape how we perceive ourselves.

5. Work may extend your life: We’ve all heard stories of people who die shortly after retiring or selling their companies. A 2016 study of U.S. retirees showed that delaying retirement by a year cuts the risk of early death by 11 per cent. Early retirement may also accelerate cognitive decline. Researchers believe that the structure and social connection of work might lead to these lower mortality rates, so finding work you enjoy may literally prolong your life.

6. Work provides greater financial independence: Family money often has conditions attached that are designed to control how it’s used, and it can be nice to have some money of your own to spend, invest and gift as you please. It’s also nice to have a backup plan in case something impacts your underlying wealth.

7. Work builds community: A 1995 study of affluent individuals showed that as people grow wealthier, they tend to isolate themselves physically and psychologically (think family compounds and private jets). This isolation is a major source of unhappiness: One study showed that affluent women who stopped working were measurably less happy because they missed the supportive relationships of work. We are all social beings and work can provide the community we crave.

8. Work is intellectually gratifying: Our brains are happiest when they are active and engaged. A study showed that affluent mothers who left their jobs missed the intellectual gratification that paid work provided, and both their happiness levels and sense of self were diminished. Most of us like to learn and be challenged, and a job can provide that intellectual stimulation we need.

How to find satisfying work or vocation

The nice thing about not “having” to work is you can afford to be selective and find a job that aligns with your talents and interests. When you have financial independence, external motivators like salary or benefits don’t tend to resonate as much, so you will likely want to focus on a job’s other qualities.

Here are some tips on finding satisfying work:

Find an organization that supports your values: Most of us like to believe that our work contributes to a greater purpose. When you don’t need the money, you can find a job or vocation with an organization that aligns with your values. Many high-net-worth individuals work for not-for-profits or non-governmental organizations (NGOs) where they feel passionate about the mission. Others work in sports or the arts. Having your own money gives you the luxury of choice.

Find a job that allows you to develop your skills and talents: People derive pleasure and self-esteem from mastering a skill, and work allows you to become an expert in an area, whether that’s carpentry, heart surgery or managing teams of people. Find a job that supports your natural talents and take advantage of training and development opportunities to reach a level of mastery. Your happiness and self-confidence will increase as you become an expert in your field.

Find a job that grants you some independence: The people who are happiest at work are in organizations that grant them a level of independence and do not micromanage their tasks or their time. A 2019 study, Time Use and Happiness of Millionaires, found that affluent individuals valued autonomous work. When interviewing for a position, see whether the organization values independent thinking and work styles. When you don’t need the money, job interviews are much more reciprocal in nature, and you are interviewing them for fit as much as they are interviewing you.

Spoiler alert: King Charles ended up finding satisfaction through his work with environmental causes and at-risk youth. He gained a feeling of purpose, made measurable contributions and built a community. A career or vocation can be a major source of happiness if you focus on finding engaging work with like-minded people. The financial safety net will allow you to figure out what you want from a job, be selective and find a role that will bring you joy.

Jen Lawrence, MBA, is the Managing Director of Process Design Consultants Inc., based in Oakville, Ont. She draws on 30 years of experience in corporate training, investment banking, coaching and management consulting to help organizations and individuals develop critical thinking, change management and people development skills. She is a Certified Career and Business Coach and a member of the International Coach Federation. Her work has been featured in US News & World Report, CTV Your Morning, Canadian Family Offices, the Toronto Sun, Thrive Global, Today.com and more.

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