Why Do You Want More Money / Wealth?
***Disclaimer – I’m not a financial advisor, just a normal guy with financial success. The information shared here is purely for educational purposes only***
You might say “Isn’t that an obvious question? Everyone wants more money so they can spend it however they want!” Okay sure, but does spending money really make you happier? Let’s go through this exercise and think about why you and human beings in general wants to have more wealth, it’s important to know our motivation so we can find purpose in doing the things we do. We all want that right? Here are some possible reasons why you and I want more money and wealth.
Reason #1 – We Need It
Here is the first obvious reason, most everything cost money in life. We all need some money to live, our desire in life and living standards in life may be different, but everyone needs some money to live off of. Basic things like shelter, food, transportation, utilities (really the big four of basic needs), all cost some money. You don’t need to be rich to pay for all of them, but you do need some money to pay for them.
Money is very much necessary for obtaining basic goods and services, so it’s important that you have a way of obtaining them, thus you need income. Just as important in how much you make is how well you manage your finance. With inflation currently running amok, if you are in debts and having trouble to pay bills, it’s even more important to know what to slash out of your budget so you are able to at least be able to pay for the big four basic needs.
So many people make plenty of money but do not manage them well, thus despite the high incomes, they still live paycheck to paycheck. In fact, recent statistic shows that 36% of people who make over $250k a year are living paycheck to paycheck! (If you can believe that…)
The secret to building wealth is saving and investing. It’s not that hard of a concept, but it’s the execution that is difficult for many people.
Reason #2 – Money is the Most Common Way We Exchange Goods and Services
In the old times, people used to barter – it simply means I will trade what I have with someone for something that I don’t have without using money. So instead of money, we exchange food for other type of food or food for services, or food for a tool, or a tool for food. You get the idea.
As civilization have advanced, we now primarily use money as an exchange medium. You work for someone and they pay you X amount of agreed upon dollars, and you use that money to pay for things you need or want. So that is the typical way we do exchange now and money is an essential part of that. So having more money helps us obtain more goods and services that we need or want.
Some people believe money is evil, but in reality, money is just a tool that we all use to exchange goods and services. Excessive love of it that cause some people to try to obtain more of it at all cost is the real issue, it’s the “love of money” as the Bible talks about that is the root of all kinds of evil. Money is a great tool that can be used for good or evil. So obtaining more money because you work hard is not wrong at all, but causing harm to someone else to obtain that same money could be bad and maybe also illegal which could get you in all kind of trouble.
Reason #3 – Having Money Gives Us Some Level of Security
No one has total and complete control over ones live, but there are some things you can control. For example, having emergency funds in your bank account in case of sickness or loss of job or combination of those things would shield you from additional undesirable outcomes, like not being able to pay your bill because you are sick or even losing your house because you can’t make mortgage payments.
When you have money in your bank account or cash on hand, you know that you will be able to obtain your big four basic needs, and maybe even enjoy yourself a bit with a vacation or do things with others or your family that you wouldn’t be able to do without money.
Reason #4 – Freedom
This is one of the biggest reasons many people starts their own business or side business and eventually wanting to quit their full time job. If you are able to build up enough income or save enough money for retirement, then you can quit your 9-5 jobs and have the freedom to choose what to do with your time.
For the majority of human race, around 1/3 (8 hours) of your weekdays, you are working at your day time job if you are employed by someone else. Those times belong to that company or that individual because they employed you to do work and they pay you for it. So if you want to continue to get paid for working for someone, you go in the office or work remotely for the agreed upon hours and get paid accordingly.
There are many who don’t want to do that and want to have freedom to choose when they work or if they have to work at all. But to do that, you have to be able to pay for the things you need in live, so you need income or have a way of obtaining money. If you have big enough investment accounts (and you did the math that the money will outlive your life), then you can consider quitting your full time job working for others and have the freedom to do what pleases you.
Conclusion
So there you have it, we need money but ultimately, we all want some measure of freedom. It’s not easy breaking away from what some would consider corporate slaving to live in this world when you have to work for a company for 40 years or longer, but it’s definitely possible to stop working and find your financial freedom before retirement age with hard work and some good planning.
***Please feel free to reach out to us at contactus@savingformore.com if you want some free advice on your finance***
You can also Follow Us On Facebook, and Twitter for the latest updates, giveaways and more!
***Disclaimer – I’m not a…