Tag Archives: ethics

If true wealth is discretionary time, how rich are we?

Sarah McCaffrey, TMMBA Student, Class of 2014

After reading Million Dollar Consulting by Alan Weiss, I considered a point he reiterated several times as it applies to the TMMBA. In his book, Weiss identifies his true measure of wealth: discretionary time. The idea is that wealth should not be measured by a bank account balance, a stockpile of resources, or the difference between monthly income and monthly expenses. Weiss asserts that the only way to measure our personal wealth is by measuring the amount of time with which we can do whatever we like.

MDCImage courtesy Amazon.com

Executives making seven figures, who work eighteen hours a day? Not wealthy. Small business owners who set their own hours and do what they love? Filthy rich. Parents who want music lessons and summer camp for their kids? That depends. If we must budget so closely to reach our goals that we sometimes require an injection of overtime pay, extra cash from babysitting or listing items on Craigslist, we may be doing just fine, but we are not rolling in discretionary time.

Assume that Alan Weiss has it right and this is the way we should measure our success: what does that mean for the TMMBA? Now that Class 13 has adjusted to the rigors of the program, how might we apply this concept to our new reality?

Working toward the TMMBA is a major investment. Not just of our finances, but of our wealth… our time.

As we invest our time in the TMMBA, what type of return on investment will we see? Remember, we’re still thinking in terms of wealth as discretionary time. For the hours that we put into the program, what kind of hours will we get back?

With Immersion Week and half of our first quarter under our belts, I can already see some of the time coming our way. As we continue in Financial Reporting and Analysis, I see a future in which I do not have to chase down an accountant, or plug an income statement line by line into a search engine to make sure that I understand what it’s telling me. I look forward to seeing how much time I save in future workplace conversations as our classes in professional communications, negotiations, and ethics prompt me to communicate exactly what I think, as opposed to hacking away at my point as I struggle to carve closer and closer to what it is I really mean but can’t quite get across. Finally, the knowledge we are accruing, every lesson we take home, will result in days when we have the answer to a problem, days without hesitation or desperation.

I see the TMMBA paying dividends.

TMMBA Acts: Taking Immersion Week Ethics to Heart

Sarah McCaffrey, TMMBA Student, Class of 2014

I have an ethical dilemma.

By pure chance, I subscribed to a Facebook page for a student veterans group that recently shared a link to an upcoming event. This link took me to an announcement of an enticing opportunity, an all-expense-paid weekend summit with one of the most sought-after technology employers in the United States. During this summit, the company will celebrate core military values, offering a small group of undergraduate and graduate business student veterans a chance to network and learn about their company culture.

As a Marine veteran and TMMBA student, I want to attend this summit. Every business student veteran reading this post wants to attend this summit, and every non-business non-veteran student reading this post wishes they met the criteria so they could attend this summit. I want it so much that I can feel the temptation to become secretive.

top secretImage via handpickedcollection.com

Several other veterans attend the TMMBA program; countless others study at the Foster School of Business. If they apply, how will that affect my (already slim) chances? Why should they benefit from my Facebook group subscription diligence? Am I under any obligation to share this information?

Fortunately, we took an Ethics seminar with Dr. Scott Reynolds during Immersion Week. I have the tools to resolve this dilemma.

If every person in the world withheld information to suit their goals, would that be a good thing? If every veteran withheld information to suit their goals, would we find that admirable? Would I personally benefit from such a standard?

Lost in thoughts

Image via 123rf.com

Which choice would add more value to the world as a whole? At its simplest, to withhold the announcement of a veterans summit, I gain the value of reduced competition, while each veteran who does not hear about the opportunity loses the value of a chance to apply. To share the news, I lose the value of better odds, while many more veterans gain the value of a chance at being selected. Lastly, the tech company, Google, gains the value of a diverse, competitive group from which to select their summit participants.

I hope every eligible person bookmarks this link to the Google Student Veterans Summit; applications open in the spring of 2013 with the summit to follow in July. If any University of Washington student finds a place in this select group, I will celebrate with justifiable pride in our entire veteran community. Good luck to all of you – just not too good.