Our Thoughts

Is Money One of the Top Motivators?

In a recent blog, Michael Kitces summarized research concerning the extrinsic and intrinsic motivators to work. Michael concludes that one of the great challenges of motivation is that we think extrinsic motivators – like getting a bigger paycheck – will motivate us to work, even though it turns out that we’re much more motivated by intrinsic motivators (e.g., whether we actually enjoy the work and find it immersive). So, in the future, perhaps the real question to ask as you approach retirement is not only how much do you need to be financially independent (of work), but what kind of work would you pursue for non-monetary rewards if you were financially independent and didn’t need the money? And, how much money would you likely end up earning from that effort anyway?’

-Marjorie Fox