Having money is not a goal
Financial independence is a long journey for most of us. Having enough money not to have to work again is quite a freeing feeling, both financially and mentally.
With any long journey, we experience many down times where we may feel like giving in. We ask ourselves “why am I doing this?” or “is this all worth it?”. Or even worse, we throw in the towel.
This is because having money is not a good enough reason. It is not motivating. Not to mention, saving a large percentage of our money over decades is hard. It’s not easy.
You need a stronger goal than money alone
The goal needs to be what money can get you. Not money in and of itself. For me it is time and freedom. To be more specific, time to spend more time with family, exercise more, volunteer more, and focus on work that brings me joy. Freedom to spend my days doing what I want, not work that I have to do because of money.
The more specific you can get with your goals and reasons for taking greater care with your money, the more likely you are to stick to the goal and not give up.
The thought of getting to watch my baby girl grow up and have an instrumental part in her life are hugely motivating for me. So whenever I am having second thoughts, I can revert back to these goals.
Money won’t buy happiness
We live in a time that idolises money, but for all the wrong reasons. Someone who is rich is idolised for all the material things they can buy with their money. Large house with a swimming pool and tennis court. Fancy car. A full time chef.
Sure all these things may sound great on the surface, but they only offer fleeting joy. Once you get used to that new lifestyle, you adapt and it becomes your new normal. Also known as hedonic adaptation.
This is not true motivation.
Motivation needs to be come from somewhere deep, not superficial. Something long lasting.
Money is just the vehicle
That is why having a goal of having more money just to buy things is not enough. You need to find a better reason for wanting money if you are going to stick to a long term plan.
The goal is not money. Money is just the vehicle that delivers your goal. As a vehicle, money is so important, but the real motivation for the journey comes from the destination.
Whether that is to experience travel, to take a mini or early retirement, or to provide a secure future for your children. Find your why. The more specific the better.
As long as you know why you are on this long and difficult path, you are a good chance of getting to your destination. Your goals are your why. Your why is your north star.
The information contained on this site is the opinion of the individual author(s) based on their personal opinions, observation, research, and years of experience. The information offered by this website is general education only and is not meant to be taken as individualised financial advice, legal advice, tax advice, or any other kind of advice. You can read more of my disclaimer here.