When it comes to chasing money, most of you may think of Ebenezer Scrooge with his stacking of daily change on his desk. I understand that may be an extreme example but he sure did like his money.
We all know we need money to get by for our basic needs and some additional cash to save for retirement, pay off debt, and have a drink or two, but is it wise to chase money in the short run in order to have the lifestyle you want in the long-run?
This is usually the argument that most Financial Independent, Retire Early (FIRE) people make as they try to make as much money as possible in a 10-15 year time span, invest as much as possible, and then live life on their own terms.
And by their own terms, this doesn’t have to mean sitting on the beach all day. It could be choosing that lower paying job that you have in order to bring more happiness to your life, it could mean paying off your debt so you have more freedom to spend your money on things you enjoy, or actually investing for your retirement. There really is no right answer.
I do think that there is a lot of truth in the above paragraph. Strategically trying to maximize your income, in the short-run, can have substantial benefits long-term.
I will put a huge asterisk on this- as you should NOT make it a long-term habit to focus on making as much money as possible, as you will never be happy regardless of what is going on in the rest of your life.
The point is to create a situation to free yourself from a certain thing holding you back. Maybe you pay off your debt or maybe you have enough saved and invested to move to a different job where you are more fulfilled, or go on an extra vacation per year. You are literally buying your freedom back from society in some way, shape, or form.