Why do people want money? What motivates you to make more money?
To achieve financial success, You Are a Badass at Making Money by Jen Sincero asserts that you must clearly define why you want money and what you want it for. Having a general desire to be wealthy isn’t enough, as you’ll likely have to push yourself to reach your financial goals.
Continue reading if you want to dig deep and discover why you truly want more money.
Define What You Want and Why You Want It
Why do people want money? Before getting into the specifics of this question, you need to understand why you want money. To overcome the fear and difficulty that comes with the challenges of making money, you need something powerful to motivate you to keep going. Having clear reasons for wanting to accumulate wealth will serve as that motivation.
The more specific you can be about your reasons, the more real they’ll seem, and the more emotionally tied to your financial goals you’ll be. As we stated previously, emotions push us to act, so the stronger you feel about your goals, the more likely you are to take actions that make them a reality.
For example, maybe your dream has always been to travel, so you motivate yourself to make money by imagining the joy and excitement you’ll experience when you visit far-flung destinations. You might define this dream further by writing down all the places you want to visit and the things you’ll do there. Or, maybe you’ve always dreamed of opening your own coffee shop and community space. You think about how more money will allow you to fulfill this dream and feel satisfied every day knowing you’re working toward doing something you love. To define this dream further, you might write down some ideas for names for your shop or make a list of the drinks you’ll serve.
Common Reasons for Wanting More Money
If you can’t yet define the specific reasons why you want more money, consider some of the most common reasons according to research from the United States and Australia.
The U.S. Consumer Financial Protection Bureau defines financial well-being based on four characteristics. If you’re not meeting some of these characteristics, then your reasons for wanting more money may center around meeting them:
- You are on your way to reaching your financial goals.
- You have control over your everyday finances.
- You’d be able to manage a financial emergency if necessary.
- You’re able to pay for things that help you enjoy life.
Research from the Financial Planning Association of Australia suggests that there are four main aspirations people have as reasons for wanting greater wealth. Consider whether your reasons may fall into any of these categories:
- Being completely financially independent
- Being able to live an ideal lifestyle
- Having the flexibility to engage in hobbies and interests
- Having more time to spend with loved ones
Once you’ve determined the broad reasoning behind your desire for more money, you can get at the specific details that spark emotion. For example, if you’re a parent, the loved ones you want to spend time with are probably your kids, and you might think of specific activities you’d like to do with them that spark joy for you.
Why Do People Want Money So Bad? The Top Motivations
———End of Preview———
Here's what you'll find in our full You Are a Badass at Making Money summary:
- How your limiting beliefs about money are holding you back from wealth
- How to rid yourself of your underlying beliefs about money
- Why being wealthy does not mean taking from others
FAQs
Common Reasons for Wanting More Money
Why do people want so much money? ›
People need money. They want to be able to meet their needs and take care of themselves and their families. Poor people always have unmet needs and there is an ever-increasing stack of challenges that requires money to be solved.
What are the motives why people demand for money? ›
A transactions-related reason – People need money on a regular basis to pay bills and finance their discretionary consumption; A precautionary reason, as an unexpected need, can often arise; and. A speculative reason if they expect the value of such money to increase versus other asset classes.
Why money is a bad motivator? ›
Financial incentives reduce intrinsic motivation, leading us to rely on outside rewards only to return to our old ways the moment the payments stop.
Why do humans always want more money? ›
Thus, our brains are wired to seek out and value resources, including money. For example, money can make us feel happy when we achieve our goals, proud when we earn recognition, jealous when we compare ourselves to others, greedy when we want more than we need, or anxious when we face uncertainty.
Why do people need money? ›
Money provides a safety net, shielding us from the uncertainties of life. It allows us to cover our basic needs—food, shelter, and healthcare—and grants us peace of mind. Knowing that we have the resources to weather unexpected expenses or emergencies contributes significantly to our overall well-being.
Why are people attracted to money? ›
Some people love money for the things it allows them to do, and others like to spend it, or save every penny as a way to feel more “secure”. We form our ideas and beliefs around money in our family of origin, and early experiences. –> Think about what money means to you and what it allows you to do?
What is the most common reason people demand money? ›
The money held for the purchase of goods and services may be for everyday transactions such as buying groceries or paying the rent, or it may be kept on hand for contingencies such as having the funds available to pay to have the car fixed or to pay for a trip to the doctor.
What are the three reasons for money? ›
In his “General Theory of Employment, Interest and Money” (Keynes 1936), Keynes distinguishes between three reasons for holding money: the transaction motive, the precautionary motive, and the speculative motive.
What are the motivations of money? ›
Money is often considered the most powerful motivator because it can provide many benefits, such as access to material possessions, improved social status, and a better quality of life. The desire to earn more often drives people to seek higher-paying jobs or work longer hours.
Money actually trivializes work: it turns those who are intrinsically motivated at work into extrinsically motivated workers. Money rewards (bonuses, performance-related pay) may bear little relation to what the worker does, or feels. If money works and is so motivating, perhaps the base salaries are too low.
Why are people not motivated by money? ›
Money is an extrinsic motivator
Research shows that internal motivators, where motivation is derived internally (through alignment of feelings, values, or goals), are three times more likely to spur employee engagement than external motivators, where motivation is derived from external rewards (like money).
What is a better motivator than money? ›
Offer unique perks. Beyond just a paycheck, employees are motivated by unique perks offered by their employer. Small perks such as break room snacks or a flexible dress code can make employees feel like their employer values their role in the workplace.
Why do people demand money? ›
Because it is necessary to have money available for transactions, money will be demanded. The total number of transactions made in an economy tends to increase over time as income rises. Hence, as income or GDP rises, the transactions demand for money also rises. Precautionary motive.
Why do rich people want even more money? ›
There is a good reason why the rich always want more. Money provides status and connections. Big money makes you feel big, bigger than you are. The rich open doors – for each other.
What happens to a greedy person? ›
Correlational analyses revealed that greedy individuals show more negative symptoms (e.g. depression, loss of interest, negative affect), lower psychological well-being and more aggression.
Why do people spend money excessively? ›
Overspending can happen for different reasons, such as: You might spend to make yourself feel better. Some people describe this as feeling like a temporary high. If you experience symptoms like mania or hypomania, you might spend more money or make impulsive financial decisions.
What is the point of having a lot of money? ›
You don't need to spend your money to benefit from it in a meaningful way. One advantage of having a high net worth is the knowledge that you're not tied to a job that makes you miserable. If you have a large safety net, you can abandon a lucrative but stressful career and pursue a job you're passionate about.
What causes obsession with money? ›
This behavior often results from deep-rooted emotional or psychological factors, such as a fear of financial scarcity or a need for emotional security through material possessions.
