Why Do You Want More Money?

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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!

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Comments

Christina @ Embracing Simple says
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Just a big HELL YES to this entire post! Although sometimes I might wish I had a bit of extra free time too, I know that I’m personally the happiest when I’m busy and have a lot going on. I love working and getting to have something that’s all my own to focus on outside of being a wife and mom. It makes me feel empowered and confident 🙂
I also love having extra spending money, and have the same mindset as you that money is meant to be enjoyed!! Of course we try to save as much as we can and not go too crazy, but I want to be able to do fun things with Little Miss as she gets older and do things like going out for ice cream or going laser tagging or something without feeling like it’s a huge financial stress for us.
Life is too short to be worrying about that stuff, and I work to help make sure that we don’t have to worry about those little purchases as much.
Great post Sarah, have an awesome day today!! 🙂
Christina
Chonce says
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Great post Sarah! I’ve been working so hard lately so I can have extra money to save more and work toward financial freedom, but also to spend on the little things more as I please. I’m big on trying to find the balance between enjoying life now and preparing for the future. I’d love to make working an option and not a necessity in the future.
Jayleen says
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I’m working at home on my blog because the kids will be independent soon and I’ll have to go out and get a REAL job unless I can make this blogging thing work;0) Scary! I haven’t worked a real job in years. Well, I don’t HAVE to get a job but I might as well contribute, right? We also will need to pay for college soon. Of course, I’m hoping they’ll both get full rides on their smarts but I need a contingency plan;0)
Harmony @ CreatingMyKaleidoscope says
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Playing with the kids is definitely being productive. Rental properties are a big part of our plan too. We already own one – good luck on being able to purchase one for yourself too. We’ve come a long way in just reaching personalized goals – first, breaking free from the status quo and second, realizing that FIRE can mean many different things to different frugally-minded people. You seem to have very balanced priorities and goals, which is one of the reasons that I love following your blog.
Have a wonderful Thanksgiving with your family!
Jaime @ Everyday Moxie says
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Lots of reasons, first I want to help my mom. I want to help replenish my mom’s retirement account so that she’s comfortable after I graduate from university. My mom is paying for me to attend a state uni from her retirement portfolio. I also want to be FI. I want to have little things like you do like a weekly latte, be able to go to a bookstore as I love to read and reread favorite books. I want to be able to travel, etc.
I think your blog is actually refreshing to read. There’s nothing wrong with doing some shopping if you don’t have debt, have savings, and can afford it. A lot of PF blogs are boring because they tend to focus too much on frugality and not enough on making money. I realize making money can be a journey all on its own but it’s important and not enough bloggers focus on it.
I think sometimes PF bloggers can be alienating to a lot of readers. Many people are not savers and a lot of PF bloggers get really snarky when they berate people for getting a latte, buying a a small chocolate bar, etc. Your website is more relatable to the average person. I’ve noticed that the average person doesn’t mind saving as long as they get to live during the process too.