Here at Sprout Wealth we talk about a lot of different ways to earn extra money. We talk about investing in the stock market, how to maximize your side hustle and pretty much everything in between. We do that because we want to show you that it’s not always difficult to find ways to earn more money. There might be some growing pains and challenges, but it’s certainly not impossible.
However, we don’t talk much about why we want to make extra money. I know it’s sort of easy to think that money alone is going to drive us when the going gets tough. But, I’ve got news for you…money isn’t everything. I know, I said it. How can a site that promotes finding ways to grow your wealth say that money isn’t everything? It’s quite simple really. Hear me out and see if you agree.
Trying to Earn Extra Money Will Only Take You So Far
Extra money is great. It can be used for different things from paying off debt to travel. However, in my opinion at least, simply earning extra money will prove to be old at some point…unless you have a purpose behind it. A purpose I can get behind, just cash for cash sake is going to be harder to stay true to when you’re tired or when you’re tempted to go elsewhere.
Simply put, that extra money is going to mean less and less until you tie it back to something that matters to you. That timeline is going to be different for each of us. What may seem long for me may be just getting started for you and vice versa. If you’re in the beginning of finding ways to make extra money but struggling as to how to tie a purpose to it, consider some of these common reasons for earning extra money:
To Pay off Debt
This is somewhat of a no-brainer. If you’re mired in debt then earning extra money on the side is likely going to be one of the best ways to kill that debt once and for all. I know I did that, as many others do today. Being debt free is something that is easy to get behind.
Until I discovered credit card churning this was one of the things that drove me to make more money. I would envision where the hard work was going to take us as a couple or family. When I wanted to give up or got tired of working on the side, the upcoming travel drove me to keep going.
To Save for Retirement
This is one I use to drive myself at times. We funnel a certain area of our business directly into our retirement accounts at Scottrade. It works basically as a mental accounting. I see the potential to earn more and that drives me as I know the ultimate destination of those funds is our retirement accounts.
To Save for Your Children
This is sort of a catch-all as it can be anything from saving for their college needs to saving for them in general. As a parent this is one of the biggest ways we show our love to our children, which is the ultimate driver.
To Provide for Your Family
This is another no-brainer in my opinion. I don’t know about you, but the last thing I want is for my wife and children not to have a roof over their heads. That alone is a pretty good driver to earn extra money.
To Start a New Business
My wife and I really didn’t need any extra funds to start our business, save for a few office supplies, business cards and fliers. That was something we could easily cover. However, we have friends wanting to start their own business and are trying to earn extra money on the side to get enough to fund it. As a business owner myself, I can definitely see how that would drive you.
To Provide Opportunity
Honestly speaking, this is what drives me to earn extra money. I want the opportunity to make choices for my family that we wouldn’t be able to otherwise. This really isn’t geared towards early retirement or anything like that, but to have the freedom to do what we want, when we want. We want to be able to pick up and travel to places we want to see. We want to be able to take advantage of a business opportunity if we see potential. We want to be able to join and support organizations that are important to us. Those are all things born out of being able to take advantage of opportunity and what drives us to earn more money.
Ultimately, it’s going to come down to you and your preferences. In many cases, it might be a combination of factors that drive you and that is just fine. The beauty is you get to decide and I can pretty much guarantee that once you do find those driving factors to earning extra money you’re more likely to succeed in the long run than if you were just doing it for money’s sake.
What drives you to earn extra money? What areas did I leave out? How do you motivate yourself to make more money when you want to give up?
Photo courtesy of: 401k calculator