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Workaholism: Why do we do so much for money?

Lilian Yoffe

“We’ve each given the hours of our lives in dull rote jobs for other men’s profit, and have been asked to be grateful for doing that.” – Charles Bukowski

As we enter September, Labour day acts as a symbol for the last day of summer break and the beginning of another work term. It can be a bittersweet moment as we come to the realization that months of freedom is coming to an end. But when this work grind continues to overpower one’s emotional and physical stability, it can become more problematic than you think. When we live in a society where working long hours is viewed as the norm and even is praised, leading to a mindset where work is the determinant of one’s value and worth. In this transitional period, when our priorities and needs are shifting, the importance of reorienting oneself along their values cannot be stressed enough.

In 2019, nearly half of the population in the United States identified themselves as workaholics.¹ Is this surprising? Not really, as we have discussed the socially constructed idea surrounding work and also oneself being potentially detrimental. Workaholics have a hard time detaching themselves from work, wherever they go.² Although there is no one concrete reason as to why people start having desires to uncontrollably work constantly, some have associated this type of behaviour to one’s fatuation over becoming the work-martyr, and also to the 5 big personality traits. Interestingly, a study concluded that conscientiousness, extraversion, neuroticism and openness are positively correlated to workaholism.³ Additionally, many researchers have pointed out the underlying cause of workaholism as an attempt to escape the harsh reality we are in, on top of avoiding the topic of one’s emotions throughout life.

When the motive to work is to avoid your own reality, it can be damaging physically, psychologically, and emotionally. It goes without saying that many workaholics also suffer from depression, stress, anxiety and sleep deprivation.² It is the constant internal reminder that anything in excess, including work, is detrimental. The goal can be earning a lot, yet this type of lifestyle can eventually be extremely harmful that one decides to step away from the workforce. Whether it be draining one’s physical and mental health, or damaging relationships outside of the context of work, workaholism affect many in different ways and as we enter September, it is crucial to acknowledge the possibility of slipping into habits of overworking.

However, workaholism is not just about cutting down the hours. One must realize the significance of separating life and work, but also have the mental energy and capacity to face reality as it is and resist the impulse to hide behind work. This is the hard part.

Acknowledging one’s emotions can be difficult, especially for those who have never really have gone through self-reflection or value reason much more than emotions. Nevertheless, emotions are a big part of who we are today and ignoring it do more harm than good to all of us.

Q: Am I working with a purpose?

Q: Do I enjoy working, but do I also make time to spend alone time / time with family and friends?

Q: When was the last time I sat down and reflected on myself?

These are a few questions that can help us track back to our values before we become overwhelmed and consumed by our work. Just like working out, the workforce needs rest days too.

1. Schmall, T. (2019, February 2). Almost half of Americans consider themselves ‘workaholics’. New York Post. https://nypost.com/2019/02/01/almost-half-of-americans-consider-themselves-workaholics/.
2. Brummelhuis, L. ten B., & Rothbard, N. P. (2018, June 14). How being a workaholic differs from working long hours – and why that matters for your health. Harvard Business Review. https://hbr.org/2018/03/how-being-a-workaholic-differs-from-working-long-hours-and-why-that-matters-for-your-health.
3. Andreassen, C. S., Hetland, J., & Pallesen, S. (2010). The relationship between ‘workaholism’, basic needs satisfaction at work and personality. European Journal of Personality, 24(1), 3–17. https://doi.org/10.1002/per.737
4. Seybold, K. C., & Salomone, P. R. (1994). Understanding workaholism: A review of causes and counseling approaches. Journal of Counseling & Development, 73(1), 4–9. https://doi.org/10.1002/j.1556-6676.1994.tb01702.x

Marissa Pasquariello

“Financial independence occurs when you’ve saved enough to support your current spending habits for the rest of your life without the need to earn more money.” – JD Roth, one of the original personal finance bloggers. This may be true for some and different for others, but why is financial independence so important? The “how” and the “why” behind wanting to achieve financial independence varies from person to person. By being financially independent, not only have you gained greater financial security, but you also reduce stressors revolving around your finances and are able to work and live on your own terms (i.e. you have a good grasp of your own emotions surrounding money). Thinking long-term curates a mindset of accumulating wealth to achieve financial independence. Our paychecks do not directly translate to our wealth. In other words, our income does not define our wealth. There are a variety of factors that allow one to accumulate wealth including: seeking a promotion, ensuring job security, diversifying income sources and seeking private investments, to name a few. However, accumulating wealth should not be synonymous with damaging yourself emotionally. When investments and financial plans overtake your daily routine, that is when you know it is time to re-evaluate your relationship with money.

Investing is a great way to make your money work for you. Similarly, it is a way to gain control of your financial security and grow your wealth to generate an additional stream of income. To get good returns, it is common to invest in a savings account, liquid funds, land, gold, and even artwork. Additionally, investing in the financial market is also a common occurrence for all ages, starting with high school or college students, to retired elders. While it may have a sophisticated ring to it, it can be psychologically damaging to continue a certain lifestyle that fits the “ideal” investor stereotype. Overconfidence, when investors are excessively self-assured about their decisions, can be one of the causes of a poor lifestyle surrounding money where no decision is being doubted or questioned solely due to the fact that a confident individual has made the choice. On the other end of the spectrum, fear of losing money may override any kind of rational thinking. Prioritizing financial gain over emotional, physical, or cognitive health can be dangerous and may lead to establishing many unhealthy habits surrounding money that would lead in the opposite direction of financial independence.

Although investing to increase your wealth is important for financial independence, as discussed above, it is just as important to invest in yourself. It is easy to invest “externally”, gaining tangible returns; however, investing “internally” can be just as beneficial.

Just like investing “extenterally”, investing “internally” can manifest in a variety of forms. By investing in yourself, you are developing a mature mindset and preparing for an unknown future. Once it is understood that lifelong learning is needed to grow, adapt to become accustomed to potential new seasons in your life, you will be amazed at the strides you make financially and within yourself. By developing a growth mindset, you rid yourself of the fear of failure. This is because you know that valuable lessons will be made in the process and may better prepare you for circumstances down the line. Not only will this leave you better equipped to handle conflicts in your relationships, but also in the workforce and in day-to-day life.

Our financial decision making is influenced by cognitive processes. Research in behavioural finances demonstrates that the decisions we make dictate individual investors’ wealth. However, the psychology that generates the observed patterns of saving, trading and investing behaviour remains unclear. Investing into your wellbeing now can reap long-term benefits. For example, by investing in better habits, you may increase your 1. health (allowing for a fuller life) 2. enhance your sleeping habits (impacting your cognitive health and energy levels) 3. change your attitude and outlook (increase your mood and better relationships) 4. adapt your mindset (spending time being creative, learning a new language) 5. make time for others (volunteering, enhancing relationships). Most importantly, you have a better understanding of your own emotions, which is where financial behaviours stem from.

Similarly, investing in your future can slip into the category of internal investing. Working toward your education and career can be considered investing. Although education does not guarantee wages or wealth, it forms connections, betters oneself and makes one better equipped to face obstacles. The realization that one’s self worth carries more value than any aspect of financial worth can be learned from experience but also through education and gained knowledge. From a student perspective, you may be financially independent by supporting yourself. You do not need to be a billionaire to understand what it means to be financially independent. It acts as a cycle: if you cannot invest “internally”, and manage your emotions surrounding money, it becomes extremely difficult to understand or apply investments outside of yourself. Those investments translate into quantitative and qualitative aspects that you may use as assets in the future.

Overall, external investing is simply not enough to reach full financial independence. Independence is not just about having enough money to sustain yourself or make ends meet. Likewise, great finances do not ensure happiness or fulfillment. Investing is not inherently evil but without care and by only looking for external investments, it can become emotionally taxing.

Investing “internally” is just as important as investing eternally. Some ways to invest in yourself include:

– Keeping money and self-worth separate
– Have an emergency plan
– Learn to accept your emotions before questioning your judgements

Therefore, there must be a balance of both external and internal investments. In other words, investing in both your finances and yourself, will lead you to the point of financial independence without money becoming a burden in the process.

Burns, S. (2020, May 6). 5 reasons you need to invest in yourself as much as your business. Forbes. https://www.forbes.com/sites/stephanieburns/2020/05/06/5-reasons-you-need-to-invest-in-yourself-as-much-as-your-business/?sh=3c2449814a3b.
Chen, S. (2021, January 7). Achieving financial independence at any age. Forbes. https://www.forbes.com/sites/stephenchen/2019/02/11/achieving-financial-independence-at-any-age/?sh=188a14565a62.
Frydman, C., & Camerer, C. F. (2016, August 5). The psychology and neuroscience of financial decision making. Trends in Cognitive Sciences. https://www.sciencedirect.com/science/article/pii/S1364661316300997.
Gardner, C. (2020, June 4). Top benefits of financial independence: United Advisers. RSS. https://www.unitedadvisersgroup.com/benefits-of-financial-independence/.
Kennon, J. (2021, June 3). Understand wealth and become financially independent. The Balance. https://www.thebalance.com/achieve-financial-independence-358175.
Shimkus, D. (2019, August 8). How investing in yourself today will set you up for career Success Tomorrow. Forbes. https://www.forbes.com/sites/darrenshimkus/2019/08/07/how-investing-in-yourself-today-will-set-you-up-for-career-success-tomorrow/?sh=2f6f74ea71b3.