It's Okay To Be Money Motivated - Here's Why

You've probably heard the saying, 'Money makes the world go 'round.' And it's true! We all need money to survive and meet our basic needs. But being money-motivated goes much deeper than simply wanting to keep ourselves fed and clothed.

Instead, money as a motivator usually has a deeper connection to your goals and aspirations.

And that's why it's important to understand what's really driving your mindset. All in all, it's okay to be money-motivated!

As long as you have something bigger to work toward.

By finding these internal incentives, you can stay money-motivated without coming across as greedy or materialistic.

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What It Means To Be Money Motivated

Money motivation is the drive or encouragement that pushes you to make more money. But it's not as simple as making money to 'get rich quick.'

In today's society, we're all led by financial incentives.

And when money is put on a proverbial pedestal, it's easy to get confused about why you want it. Of course, you need money to eat and keep a roof over your head.

But those are your needs. When money motivates you to go above and beyond your needs to your wants and desires, you can better understand the concept of being money-motivated.

Although more than a few people chase money to live in the lap of luxury, money isn't forever! Money is like a boomerang. It comes, and it goes. And this is why being motivated by financial compensation is short-lived.

In fact, research shows that when companies are motivating salespeople, financial incentives are less effective than before.

Sales leaders typically use financial rewards to increase employee engagement. But money is a fleeting concept.

When sales are high, there's more money to share among a sales team. As it follows, additional money means more motivation. But when sales dip, motivation for employees decreases. And it's the same for entrepreneurs and small business owners.

So, when you're money-motivated (or trying to be more motivated), it's important to search for intrinsic motivation to drive you. Otherwise, you'll risk losing your motivation more quickly.

Money And Intrinsic Motivation

As long as the desire for finances is backed by the right reasons, being money motivated isn't a bad thing. In fact, very few people aren't motivated by the prospect of getting paid.

Having more income doesn't mean you're happier. Taking a closer look at the example of the sales team, it's evident that a pay raise or monetary incentive isn't enough to improve productivity in employees. And that's because money isn't the issue!

Employees want to feel recognized and appreciated. These feelings of recognition are far more important within a job than the pay they receive.

This perfectly illustrates just how flimsy money is as a motivator. And working harder for more money just presents new challenges like burnout or complacency. To enjoy the psychological benefits of being money motivated, you need to ensure you're intrinsically motivated.

It's also important to remember that money is not a goal. Instead, money is an additional reward for achieving internal goals.

Intrinsic motivation

Intrinsic motivation refers to internal motivators like fulfillment and recognition. They are typically more influential than external factors like rewards or punishments.

When the desire for money is coupled with a strong internal motivator, it's more sustainable. It also helps to channel your money motivation into more beneficial endeavors like meeting goals and achieving aspirations.

Security

With the cost of living rising, more employees are looking for jobs that offer higher pay. This ensures that they have financial security and can look after themselves and their loved ones.

However, being secure isn't the same as being comfortable. Security means there are additional provisions for the future or in the case of an emergency. Whereas being comfortable means being stagnant. When people become comfortable, they can also become complacent.

Complacency isn't a great motivator, though. Instead, working towards having finances to fall back on is much more gratifying and can help you to stay focused on improving your current financial position.

Control

When you assess studies of employees and their personal motivators, having financial freedom seems to be a recurring theme.

This links to the basic human need for control or autonomy over their life. It also explains why more people are starting their own businesses or side hustles.

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In today's society, having money equals having the freedom to take the reins and control what you do and who you answer to. This is a powerful motivational tool for money-motivated individuals.

Having control also goes much deeper than only having financial freedom. It allows you to let loose and enjoy yourself, follow your passions, and build your dream life - without worrying about how you'll afford it.

Recognition

When we work hard, we want to be recognized for our effort. Without recognition, a lot of our hard work feels empty and meaningless. For most employees, recognition comes from a pay increase or better job opportunities. And for self-made entrepreneurs, recognition comes from their customers.

Of course, getting more sales or great pay for our effort is a bonus. But it doesn't keep us motivated for long. Instead, we need acknowledgment that goes deeper than rewards or incentives.

If you want to motivate yourself to make extra money, earning the approval of others is a great way to do it.

Lifestyle

For some of us, being driven by our desire for a specific lifestyle can help us to stay money-motivated. But rather than seeking out what material things are involved in our ideal lifestyle, it's important to look inwards. What would bring your satisfaction and enjoyment?

Perhaps you'd like to retire early and spend time with your family. Or maybe you want more resources for traveling and seeking adventure. Either way, you'll need some way of paying for your lifestyle.

One of the most motivating factors is a need to give yourself the things you didn't have in your youth. There's a strong psychological connection between monetary motivation and fulfillment, but not because of a desire to simply have more. Instead, it's to compensate for what you felt was lacking in your formative years.

How To Stay Money Motivated

If money is your only motivation, your drive will run out pretty quickly. Like money, extrinsic goals only focus on the here and now instead of the future. They are more selfish in nature, and the motivation will only last for as long as it takes to get your reward. In the long run, using external motivators isn't sustainable if you want to be successful.

Instead, use your intrinsic motivation to your advantage. But if you need some extra encouragement to keep your motivation up, there are a few tips you can use.

Find your inspiration

Inspiration and passion are key driving factors to keep you motivated. If you think about it, you're much more likely to see a project through if you enjoy what you're doing. This is why most outwardly money-motivated entrepreneurs are also so successful - they love what they do.

But passion has a tendency to fade and fizzle out. So, it's important to draw inspiration to keep the passion fire fueled. Whether you're inspired by colleagues, mentors, or family, you need to tap into what it is you truly want.

Motivation on its own is a temporary feeling. But inspiration is long-lasting and can help keep you on the right path to achieving your goals.

Set achievable goals

You've heard it a thousand times.

Setting goals is a great way to get what you want. And, while it may seem cliche, it's a proven way to stay motivated. Setting long and short-term goals can help to remind you of why you're investing time and effort into something.

Even if you have a long-term goal in mind, breaking it up into bite-sized chunks makes it easier to stay energized and excited about reaching it.

As humans, we all love instant gratification. It's just how we operate! So, when you have a long-term goal that hasn't produced results, it's easy to become demotivated. That's why having a job with no growth opportunities or incentives often leads to burnout and disinterest.

Instead of letting yourself become apathetic, set goals that can help you visualize where you are on your path.

For example, if you want to start your own profitable business, you can't expect it to happen overnight.

Becoming profitable is your long-term goal. But making your first sale, increasing your customer base, or improving your product are all short-term goals that lead to meeting that objective.

Challenge yourself

You may not think of yourself as a competitive person. And for some of us, competition can cause us to withdraw from doing hard things. But without a challenge, it's hard to see our progress.

Competition and challenges allow us to assess ourselves objectively. And it gives us something to fight for. After all, even if you're not competitive, it feels good to come out on top!

Challenging yourself also helps to avoid becoming complacent where you are. If you're money-motivated, you want more. But you won't get more if you're comfortable where you are. Instead, you'll get what you've always gotten.

So, make sure that you keep pushing yourself to do more and be better than your competitors. You'll be surprised at just how much it will motivate you!

FAQs

Why are people motivated by money?

Money is a big motivation for most people. Although not for the reasons you'd think. Money is a motivator because it's a means to an end. Whether it's to care for others, for financial security, or to have freedom and control over your life, it's more than a measure of success.

More people are starting their own businesses or side hustles to earn an income. And it's because doing something you're passionate about is more fulfilling than taking a job just to pay the bills. Intrinsic motivation is a much better motivator than anything else.

Is money a good motivation?

Money is an extrinsic motivator. This type of motivator encourages you to work harder to receive a reward. Although it can help you to stay focused for short periods, it's usually fleeting. And once you've gotten your reward, your behavior will revert back to what it was before.

When you're setting long-term goals, you'll need to find something more substantial to motivate you. So, while money is a good short-term motivator, it isn't feasible for long-term goals. Instead, better motivation is born from intrinsic desire.

Is the goal of life to make money?

The goal of life isn't to make money. Sure, it makes it easier to improve your lifestyle and keep a roof over your head. But it isn't the be-all and end-all for a good life. Feeling fulfilled and happy is much more important than money. And this can be achieved by aiming to reach your goals rather than filling your wallet.

Final Thoughts

Being money-motivated is okay!

Having enough money to live comfortably, having financial security, and having control over your life are great reasons to want more money. Still, focusing on why you want more rather than chasing finances is important.

To be truly money-motivated without losing sight of what's really important is the key to success, and using this motivation to your advantage.

So, before you get caught up in adding more figures to your bank account, think about what this desire for money can achieve in the long run.