WHY do you want to make money? (What’s your real reason for wanting more money)
There are 1.3 million Google search results for this exact phrase.
Why do we always want more money? Why do people want money so much?
You may have heard these questions asked a million times before. But what does it really meant to “want to make more money”?
The most common answers I have heard: “to achieve financial freedom”, “to travel”, “to volunteer”, and “to quit my 9-to-5 job”.
“Financial freedom” is by far the most common response I have heard.
The definition by the U.S. Consumer Financial Protection Bureau is a great starting point. They defined ‘financial well-being’ as “a state of being wherein you have control over day-to-day, month-to-month finances; have the capacity to absorb a financial shock; are on track to meet your financial goals, and have the financial freedom to make the choices that allow you to enjoy life.” (emphasis added)
In Australia, the top four aspirations and dreams are to have full financial freedom and independence (59%), a lifestyle of choice (58%), pursue interests and hobbies (50%), and free up time and spend it with those we love (43%). (Financial Planning Association of Australia, 2016)
Why do I want financial freedom? Why is financial freedom so important to me? How will financial freedom change or transform my life?
My initial answer to this question has always been “to spend time with my family and friends” and “to do the things I really enjoy doing”.
While my reasons remain true until now, they are not powerful enough to motivate me for the long term.
Seeking financial freedom is like climbing a high mountain slowly. There’re challenges all along the way. I need to find the true motivation that is sustainable and will get me through the journey to the top of that mountain to achieve the ultimate goal of financial freedom.
More than just financial freedom, it’s my life’s purpose that’s the real reason behind the sacrifices I make to climb that mountain and reach my ultimate goal of financial freedom.
My WHY to climb this mountain is my compass.
It steers me in the right direction. It directs my actions to success. It tells me the skills that I must acquire. It gives me the long-term motivation I require. It gives me the persistence and perseverance to overcome all obstacles.
Ask the WHY question like a three-year-old for more than eight times and you will uncover your life’s purpose. Continuously respond to each question with the question, “Why [insert your previous answer here]?”, until you get to your life’s purpose; your ‘foundational’ WHY.
Here’s my example.
(1) Why do you get out of bed this morning? So I can go to work.
(2) Why do you go to work? So I can earn money.
(3) Why do you want to earn money? So I can put food on the table and invest for the future.
(4) Why do you want to invest for the future? So I can be financially free, to spend more time with my family, to volunteer, and not to worry about money when I retire. I invest time in building a business system that will generate passive income for me in the future. I invest time in accumulating the right knowledge and skills. I invest my money in income-producing assets.
Most people will stop here. While this can be powerful, it’s not powerful enough to keep me going for the long term.
Success is like running a marathon. It’s not a sprint.
Success takes time and significant effort over the long term. It’s not a get rich quick scheme. There are no new shining objects to chase.
Continue asking the WHYs to increase the chance of success.
(5) Why do you want to be financially free?
To help answer this question, I reflected on my childhood. This made the exercise difficult. I had everything a child could ask for. Supportive parents who selflessly worked hard to give my brother and I love, support, and education.
Culturally, my parents lived in frugality. They both worked long hours to put us through school and university. They both represented what Robert Kiyosaki would call, “Poor Dad” (Rich Dad Poor Dad). Their advice: “do well in school”, “go to university” and “get a job”.
The world has moved on since their time. The same thinking does not work in today’s challenging times.
As a responsible Gen X parent, I can’t give my children the same advice my parents gave me. I needed to find new ways that I could use myself to future-proof my own income and pass on that information to my children.
It would be irresponsible for me to give them out-dated advice that will not prepare them for the future.
The answer to the question “Why do you want to be financially free?” is this. I want to be able to live in a state of financial well-being in the future, passing on the same legacy to my children.
To do so, I myself must fully understand the current situation and world trends. I need to identify upcoming challenges. I must have strategies and plans to overcome these challenges.
Most people don’t plan to fail, they fail to plan. (John L. Beckley)
(6) Why do you want to live in a state of financial well-being? So I don’t have to depend on my children for my financial independence because I want them to be financially free themselves just like me.
(7) Why don’t you want to depend on your children? Unlike my parents, I want my children to live life to their full potential and be financially free doing the things that they want especially in the earlier part of their lives.
As part of my research, planning, and preparation for my own future financial independence, I have uncovered a lot of information that is also very applicable to my children as they are to me.
(8) Why is it important for your children to be financially free to do the things that they want? So I can make the next generation’s life easier, knowing that I have provided and guided them to the best of my ability using the resources and knowledge that I have.
That’s fulfilling. That’s very satisfying. That’s my life’s purpose.
I am told and believe that the most basic form of success is to make the next generation’s life easier. I am tremendously fortunate that my parents worked hard to successfully create a better (and easier) life for us. In return, I would like to pass on that same legacy to my children.
This is why I wake up, go to work, earn money, invest for the future, and create financial freedom for myself so that I can achieve the state of financial well-being. This is also why I started this website to help others who are on the same journey as I am.
In Man’s Search for Meaning, one of the most influential books of all time, psychiatrist Viktor Frankl recounts his grisly experiences in an Auschwitz concentration camp during World War II. In the book, Frankl contends that those who were most likely to survive had one thing in common: they had found meaning in life.
Echoing German philosopher Friedrich Nietzsche’s words, “he who has a WHY to live can bear almost any how,” Frankl found that even in the darkest of times, those who could cling to their life’s meaning and purpose were more resilient because they had something to live for.
To recap, here’s my WHYs:
Firstly, I want to future-proof my income and achieve a state of financial well-being before it’s too late. I want to protect and secure my income in preparation for the future and proactively addressing the challenges of work, economics, and technology. It’s my contingency plan for my retirement. I want to live a life of financial independence and security, doing the things that I want with the resources that I have.
Secondly, in future-proofing my income, I also want to build a solid foundation upon which my children can live life to their full potential and be financially free themselves doing the things that they want in the earlier part of their lives. The knowledge that I have gathered for myself to secure and protect my own income will also be useful for me in guiding my children through life’s challenges in preparation for their future.
As a responsible parent, I would like to be able to set them up for future success. I want to help them overcome the challenges of today’s life and the challenging world of work, economics, and technological innovation. The world is moving so quickly that I need to keep up with it myself. In doing so, I can use the same information to help my children navigate these same challenges and build a solid foundation upon which their financial well-being can also be taken care of.
Thirdly, I would like to share the same information through this website with action-takers who desire to proactively plan for their future and future-proof their income to achieve a state of job security.
Financial freedom or financial well-being is a means to an end.
The end for me is the achievement of my life’s purpose. The existence of more money will give me the freedom I need to fund my life’s purpose, to have full control over my finances, and to have the freedom to make choices that will allow me to enjoy life with my wife and children.
What’s your life’s purpose that will ultimately drive your WHY and desire to make more money for yourself?
Just earning more money without a strong foundational WHY will not motivate anyone to start and succeed in 10 to 20 years’ time.
Knowing that I am getting closer to achieving my life’s purpose every day, bit-by-bit has motivated me to keep doing the things that I am currently doing and to persistently overcome challenges.
I wish you all the success in your journey to achieve your life’s purpose.