Happy Thanksgiving Eve, everyone!
I’ve been thinking recently a lot about the “why” behind doing what I do. For any new readers, I am a wife and mom to two toddler girls, I work full-time, I freelance write and I blog. Not to mention cleaning the house, running errands and all that. To be honest, I don’t feel like it’s too much, but I do have very little downtime. When I’m home, I’m normally doing something productive (I count playing with my kids as productive, haha) except after 9:00 pm. Then, I watch a show with John and we go to sleep. I really love my life, but the busyness of it all recently got me asking “Why?
So, here are the financial reasons as to why I want more money. Completely raw and honest.
To purchase rental properties
John and I have always assumed we would own a few rentals at some point or another. Well, thanks to working hard and saving money, we might be accomplishing this sooner than expected. The goal is to purchase a property within the next year. Of course, this could change, but for now it is motivating me to work and save so we can eventually pursue this dream.
To be financially independent
One of the main reasons we want to own rental properties is so we can live off of that income. If we owned five, for example, and they each generated an additional $400 above and beyond the mortgage, taxes and insurance, we would be pocketing $2,000 every month plus paying down five mortgages. I realize this is assuming nothing breaks in any of the houses and that they are rented by good tenants. A long-term goal of mine and John’s is to be able to not work if we don’t want to, but still live comfortably.
To buy “the little things”
Starbucks every day? Be a little looser with the wallet in Target? Randomly purchase a sweater at the mall? Redecorate a room? Um, yes. I’m going to be completely honest here – I would love to be able to have a little bit more free money to do as a I please. As a personal finance blogger, I realize this might come across as “wasteful,” but to me it’s just enjoying life! As long as we’re saving and working towards our goals, I want the flexibility of spending as I please. That’s why we work so hard anyways, right?!
I think this is why financial goals are so important. If John and I wanted to retire early and live on a homestead (like the Frugalwoods!! They are amazing), our goals would look a lot different. Then, purchasing random items at Target probably wouldn’t be for the best. But for us, we want to live where we currently are forever (that’s the plan, anyways). We both like working and we both love all that Charlotte has to offer.
So, what are your reasons for working? Do you like having extra money to spend? Or do you prefer to save? Do you have a big goal like financial independence in your near future? Please share! I would love to know!