Why do you want more money?

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On this newsletter, and on most of my content, I focus on making more money.

Whether that’s through investing, saving, side hustles, raises, etc.

However, something I am just as passionate about is realizing why we want more money.

I had this realization fairly recently, as I discussed in my last newsletter, My (Almost) Biggest Mistake.

Examining why you want more money will give you more motivation to achieve your goals and make the journey much more meaningful.

Making More Money Isn’t Enough

It’s a tale as old as time. A rich person with more wealth than most people can dream of is still unhappy with their life.

This happens when people lose track of why they want to make more money. They accumulate a mass of wealth only to have no idea what to do with it other than to try and get more.

Striving for higher numbers in your bank account doesn’t have the same impact as striving to pay off your parents’ debt.

Examples of this kind of intangible goals include

• More time with friends

• More time with family

• Seeing the world

• Not being constrained to a 9-5

• Taking back control of your time

This kind of goal will motivate you more during the journey and continue to motivate you once you reach your goal.

The Money / Happiness Ratio

As I’m sure you’ve heard before, money doesn’t always bring happiness.

This is because of what I mentioned before: people lose track of why they want to make more money.

Resulting in the same or even lower happiness as you earn more money.

A graph with money on the x-axis and happiness on the y-axis looks something like this.

Up to a certain point, money can bring a ton of happiness. Taking the stress of debt and uncertainty off of your shoulders.

However, up past that point, you see diminishing returns or even less happiness due to the added stress of maintaining and growing a vast mass of wealth.

Find Your Freedom Number

These intangible goals are great, but you still need some sort of a milestone to tell you when you’ve reached them.

This number will vary drastically from person to person, so don’t feel ashamed if it’s far more or less than anyone else’s.

I recommend the 4% rule. This is based around only needing to access 4% of your retirement savings each year.

The math works out as 10% average market returns - 4% withdrawal - 4% inflation = 2% growth.

The aim is for your savings to continue growing even as you withdraw from it.

This number will be your target to know when you have reached financial freedom for yourself.

At this point, you can enjoy the fruits of your labor and live the intangibles.

Imagine a life where you could:

• Spend infinite time with family.

• Travel the world at will.

• Not have to face the burden of waking up to an earsplitting alarm day after day.

I’m sure we could all say these things would bring us happiness in one way or another.

And the interesting part is…

They all lead back to money.

Money can buy us time, granting us the freedom to spend our days doing what we enjoy most.

And as the gap between the rich and poor continues to widen rapidly, it is crucial that you start growing your income TODAY.

So if you’re ready to get started, check out my 1-on-1 financial coaching, including a FREE 15-minute call for quick questions.