More on motivation and money
This post is by staff writer Honey Smith.
In my last post, I talked about motivation and money . Motivation is a huge yet under-discussed concept in personal finance, I think. While big wins may be the quickest way to wealth , that doesn't mean you'll reach your goals overnight. Even if you have become wealthy, you still need motivation to manage your money and prioritize your spending. After all, if you want to stay wealthy, then you can have anything you want but not everything you want . And if (like most of us) you're not wealthy yet, you may have to be even more ruthless in your prioritization.
I've been chronicling my debt payoff journey here on GRS for two years now. (Whoa!) In that time, I've learned quite a bit -- not just about personal finance, but about myself. And as I pointed out in my last post, self-knowledge is an important component of motivation. So here's a rundown of some motivations that I've discovered work especially well for me.
I'm motivated by balanceI've written before about work-life balance . It's something that I place a high value on and, as a result, I'm willing to make compromises to achieve it. One of those compromises is taking somewhat longer to pay off my debt. This compromise manifests itself in a couple of ways. The first is time. While I do have a full-time job and a not-insignificant side gig, I make sure that I leave myself time to pursue hobbies. I like to cook -- yesterday I made fresh salsa, chickpea "tuna" sandwich filling, and two loaves of zucchini bread. I also like to read science fiction and fantasy novels -- the longer, the better. The second way I compromise in the name of balance is by not allocating every spare cent toward debt payoff. While I have consistently made extra payments toward my student loans, I have also taken vacations, gone to happy hours, and (most recently) bought a house. Now that I am a homeowner, I want to furnish it with items I love. I will of course be looking for the best deals and saving until I can afford to pay for the things I want in cash. However, I'll be spending some money that would otherwise be allocated toward my student loans. And I'm OK with that.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV