If you’re chasing the bag – all the power to you. Money is an essential resource and our lives can’t function without it, whether you like it or not. However, there’s a question I want to pose to you money chasers – is it really the money you’re chasing, or something deeper?
I always thought that having money would make my life inherently better by default. I could buy whatever I wanted, go wherever I wanted to go, and bills would never be an issue. But when I thought about it, it wasn’t really the money I was after – it was all the benefits it brings.
So that brings me to my second question – do we really want to be rich or simply have a rich life? I argue that it’s the rich life we so ardently seek when we hustle and struggle to find financial freedom. Money seems to be the only path upon which we can reach our higher goals.
Reframing Our Pursuit of Money
In order to truly find fulfillment, we have to understand exactly what it is we want when we say we want financial freedom. What does that look like for you? Is it traveling anywhere you want whenever you want? Is it owning a house and raising a family? Not having to worry about how you’re going to pay bills this month?
When we reframe our desire for money as something deeper, it becomes a more fulfilling process. Having a more personal motivation than just “chasing money” will make it easier to make the sacrifices necessary to achieve the bigger picture.
What Motivates You?
Your motivations behind your desire for financial freedom are the foundation for your journey. These motivations can be many things or just one. For me, it’s the desire to have autonomy over my time (not sitting in an office from 9-5 working for someone else), security in knowing that my bills are paid, the ability to be fully present for my future children, along with simply the reduced stress that comes with financial freedom.
Take some time to think about your own motivations and what you hope to gain from being financially free. Your motivations aren’t always immediately clear – it may take some digging to uncover what your desire for money is really about. Journaling or brain dumping always helps me. You can also try taking an introspective walk to jumpstart the process.
Similar to writing out your goals, create a vision board to express what you want your life to look like as someone who’s financially free. What does that life look like and what do you do? This can include peace, quality time with loved ones, trips to Europe, fancy dinners, more time for your hobbies, whatever floats your money boat.
Why Is Money on a Pedestal?
If you’re chasing the bag, chances are you hold money up on a pedestal. Money is your North Star, guiding you and influencing your decisions, often not in beneficial ways. If you do hold money up on a pedestal, what are you hoping to gain from it?
Perhaps a sense of self worth? Maybe a feeling of belonging? Status? Filling a void? If any of those apply to you, you could be going down a dangerous path. Your self worth is not tied to your bank account. Expecting money to fill these roles for you is not only damaging to your self esteem, but can also lead you into some really bad money habits that actually take you farther away from your goals.
When your motivation comes from trying to show off, be accepted, or make yourself feel better, you can end up spending money you don’t have in order to give off the appearance of having money. Now, there’s nothing wrong with spending money on luxury items, nice trips, or flashy cars IF YOU CAN AFFORD THEM!
If you don’t have the money, but act like you do, you can very quickly end up racking up credit card debt, drowning in a car loan you can’t pay off, or being buried in an avalanche of Klarna and AfterPay payments month after month. You’ll never get ahead financially with all these payments (and interest) bombarding you every month
The Plan
Now that you’re (hopefully) done with chasing money as your primary motivation for financial freedom and finding a more fulfilling catalyst to achieve financial freedom, let’s talk about how we can make your plan come alive. First, we need to start with your goals, the steps you need to complete to reach your desires and achieve financial freedom.
Let’s say your motivation is being able to retire early. What goals can you set to help you achieve this? Paying off any debt should be first on the list. This minimizes your monthly bills and increases the money you keep once it’s all paid off.
You should also focus on building an emergency fund so you have a security blanket in case something goes wrong – you don’t want to end up in more debt because you got a flat tire or ended up in the hospital!
Investing is another important goal. This will allow your money to make money and will allow you to live off the returns when you retire so you won’t have to rely on income from a job. It’s important to plan for the lifestyle you want to have in retirement so you have enough money to cover your expenses.
Developing the plan means laying out all the steps it will take to get there and providing a timeline for it. If you’re 20 and want to retire by 45, that will mean making a lot of sacrifices, investing heavily (and in the appropriate places), and even finding ways to increase your income.
You could also take the time to meet with a professional to discuss strategies and develop a detailed financial plan to help you meet your goals. Although, I don’t think most people need to take this step. Some discipline and a vision will take you far on your own.
Ending The Chase
In the end, the pursuit of money is often about much more than the numbers in our bank accounts. It’s about the deeper desires that financial freedom can fulfill—desires like flexibility, security, time with family, and the ability to enjoy life without constant financial stress. By identifying and focusing on these core motivations, we can transform our approach to financial freedom, making it a more meaningful and fulfilling journey.
Understanding what truly drives us allows us to set goals that align with our values and desires, creating a more balanced and sustainable path to financial freedom. Whether it’s paying off debt, building an emergency fund, or investing for the future, each step becomes part of a larger vision of a rich life, rather than just the accumulation of money for its own sake.
So, take the time to reflect on your true motivations, set clear and achievable goals, and always keep the bigger picture in mind. By doing so, you’ll find that the journey to financial freedom is not just about chasing money, but about creating a life that is truly rich in every sense of the word.