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Why Money Might Not Be As Important to You As You Think

Why Money Might Not Be As Important to You As You Think

Pop quiz: Name three aspects of your career or business that are more important to you than money.

Okay, just name one.

It’s not easy, is it?

We’re not trained to think this way. Since childhood, we’ve heard repeatedly from authority figures that getting a job or launching a business is all about “providing” or “earning a steady income” or “making a living.” All of which mean money — and only money.

I’ve probably given this more thought than most people have, for one reason: Simple math. I remember as a kid thinking about what a massive portion of my life I was going to spend working — eight hours a day, five days a week, for decades. So it occurred to me I’d better find a career that I’d actually like, or at least not hate.

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So as I began looking for my first job, I made a list of things that I would gladly trade for more salary. It was one of the most valuable exercises I ever engaged in for determining my quality of life.

I’ve added to it over the years, and below is my current list of factors that are more important to me in my career than earning more money. Ask yourself if any of these would apply to you as well.

I’d gladly trade more money for…

1)   The ability to do something I love for a living

2)   The freedom to work flexible hours

3)   The freedom to work from anywhere, including home

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4)   The freedom to dress any way I choose while I’m working

5)   The opportunity to work with people I like and respect

6)   The ability not to have to manage anyone

Some of these might seem trivial — working from home and dressing in shorts and t-shirts while working (which I’ve done more or less every day for a decade). And some might seem like the exact opposite of what we’re taught about professional advancement — like not wanting to manage people, not wanting to “climb” any “ladder.”

Write your own list of things you’d trade for money

I think it’s a great exercise to write down your own list, for several reasons. First, it’s a great way to hone in on what really matters to you in life. I think you’ll be surprised at how low money actually ranks on your list. If you don’t believe me, imagine a recruiter called you to offer you a job that paid twice (or three times, or five times) what you earn today. Now imagine the job…

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1)   Had a two-hour commute

2)   Demanded you be in the office 10+ hours a day and often on weekends

3)   Was a high-pressure environment where supervisors berated the weaker performers

4)   Wasn’t something you enjoyed doing Now spend a minute thinking about all of that extra salary you’d be earning. Would it be worth it, if it meant giving up so much of your life to a long drive, long hours in an environment where you didn’t feel comfortable doing something you didn’t enjoy?

Ask yourself: How much money would I need to give up the best thing about my job?

Thinking about this from another angle, consider the highest-ranking non-monetary item on your list — or, if it’s easier, consider the thing you like best about your current job or business. Maybe you live close to your office, or you have a very flexible schedule and can disappear when you need to take some personal time.

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Would you give that up for another $5,000 a year? How about $10,000?

When you think of it this way, you can see just how much competition money has for things that really matter to your professional happiness.

Money is how we all keep score, and it makes sense that by default it’s where you’d put your focus and your energy — and your frustration if you aren’t happy in your career.

But when you realize that your professional life can be shaped by many key factors other than money — doing what you love, working with people you respect, setting your own professional path — you’ll find it a lot easier to start reshaping your career the way you want it… without worrying so much about sacrificing salary. You might even realize you’re a lot closer to achieving professional fulfillment and happiness than you thought, when you were focused primarily on the size of your paycheck.

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robbie hyman

Copywriter

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Last Updated on April 3, 2019

How to Nix Your Credit Card Debt in Less Than 3 Years

How to Nix Your Credit Card Debt in Less Than 3 Years

Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

Hint: there are ways that are easier than you think.

1. Consider Consolidating Multiple Credit Cards If Possible

This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

2. Try to Pay the Full Balance You Spent Each Month at the Very Least

You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

3. Pay Extra When You Can – Every Small Amount Counts

This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

4. Create a Plan on How to Pay Extra

Back to the main point, having this plan is giving you one less thing to think about.

This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

5. Cut out Costs for Services You Do Not Use

If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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6. Get Aggressive About It

Consider these points:

Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

7. Reevaluate Your Progress at Set Intervals

Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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Finally (and most importantly)…

8. Keep Trying

Do not get discouraged. Pushing it off will make it worse. Just keep trying.

Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

Start Knocking out Your Debt Today

The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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Featured photo credit: Pexels via pexels.com

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