The other day a co-worker passed me in the hall and mentioned, “Another day, another dollar.” Usually, comments such as this are quickly heard and easily forgotten because they’re trivial in everyday life. But this comment struck a deeper chord within me. It was true. It was another workday, another dollar earned. But it immediately made me think, what is that dollar doing for me?
It’s easy to start out on the treadmill of working life earning a little money and then spending it. As you’re aware, the opportunities to spend are all around us. Countless advertisements beg to get our money. Businesses spend millions to get your cash into their own coffers.
You’re probably also aware that unless we plan, our retirement will seriously suffer.
So, what is your “another dollar” doing for you?
Opportunity Costs
There is something called opportunity cost. This is essentially the loss of a potential gain from one opportunity when you’ve chosen a different path. Financially speaking, it can mean the loss of an investment gain because you’ve used that money for other things.
As we begin this new year, it struck me that this statement presented opportunities. My co-worker had no idea on the impact her statement was going to have on me that day.
It made me think about where my money was going. Concerning the income I was earning that day, what was I going to use it for? What opportunities were waiting?
True, most of that needed to go to normal living expenses. Perhaps it might be used for a little fun. But it also reminded me that some of it could be used for investments. Maybe some for charity or for my church?
I knew for sure, if I didn’t use my “another dollar” for something productive, it would be spent and easily forgotten. The next day would just be another time to earn a little more (today’s dollar would be gone).
How About Your Extra Dollars?
An idea to consider: one of the things I like to do when I work overtime is to intentionally use that money. Meaning, I want a specific purpose for those dollars.
Working extra is a chore. It is easier and more pleasant to spend my extra day doing something I love. However, if I am going to commit to working overtime, I want it to be used wisely.
For myself, I want it to increase my net worth if possible. It doesn’t mean that I must use every penny to do this. By all means, we should have some fun in live so enjoy some of it. But I try to commit part of it for a purpose. Whether that is for investing or paying down debt, I want to feel good about what that money is doing for my future.
So, as you embark on your own day of earning “another dollar” keep in mind that each dollar earned has the potential to change your future. Sure, a single dollar doesn’t do much all on its own, but over time, this can really add up and change the projection of your life.
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