I don't want to say you're wrong, but money isn't everything is easy to say when you have it.
This mentality is what drives people to misery, greed, depression, stress, strained personal life and ill health.
One's "full potential" is not about making as much money as one could make.
One reason for someone to think this way: in most western countries income at these levels is taxed at very high rates. Why work more when the government just takes a big chunk of your earnings?
As if excellence were measured in money.
Yes, but you can trivially find people who say it even though they don't have the money. And that they have made proven sacrifices for other causes (e.g. left lucrative careers for much less good paying ones that they love more).
Money might not be everything, but it certainly is something. This is especially true when comparing consulting (something I genuinely quite like doing, it's almost totally bullshit free) with running my own SaaS startup (which also seems attractive, but would involve doing more of the things I dislike than now).
Still, to be clear, I absolutely do want to make side projects happen. It's just hard to keep the motivation up when there's a steady flow of interesting projects from clients which have immediate, guaranteed revenue attached to them.
For me, the really major win is not having to live in or near a tech hub or large city to have interesting work, and to have control of my time. Most of the lifestyle stuff just flows on from that.
Being able to work from anywhere is definitely a huge advantage (of both consulting and lifestyle businesses). I just wish I could make a lifestyle business which actually paid for the lifestyle my consulting does.
For now, my plan is to focus on becoming financially independent so I can work on anything (including side projects) without worrying about money.
Working and consulting limits your money making abilities to yourself. I have the potential to make much more running my own company (and I do).
"It's just hard to keep the motivation up when there's a steady flow of interesting projects from clients which have immediate, guaranteed revenue attached to them."
There is, for now. But this will change. It always does. I don't look forward to the roller coaster ride of finding that next consulting client or dealing with ridiculously difficult ones.
This also changes as you get older and have a family (many consulting gigs require traveling to work onsite or for important meetings). Consultants are also usually cut first at any big company, if you have long-term gigs.
The other difference is the type of work you want to do. I enjoy the challenge of starting a business from scratch and wearing many hats (including many non-technical roles).
I don't think I could ever go back to consulting.
What I'm working on isn't a side project, it's my main gig, but it's paying the bills nicely. But I started this after quitting from a post-acquisition job at Google paying $400k plus 4 years of retention bonus totalling a lot of money. I would absolutely have been financially much, much better off at Google. But I would have had to live in the US which I didn't want to do, and I would have spent my life in meetings, and I would have been working at least 50 hours a week on things that didn't interest me.
Currently I live in a small town that I love with no tech scene or jobs, I make a good living, and I spend lots of time with my wife and daughter. Importantly, I spend time with them whenever I feel like it, or when they need me to, and not when it's good for some company. I have great users and I enjoy improving their lives through my product, which is mostly a lot of fun to work on.
A few people have mentioned that working on your own thing requires a bunch of things that you'd rather not do - marketing etc, as well as things that are taken care of for you at larger companies such as setting up payment systems, worrying about tax, and so on. That is all true, but it's massively offset in my case by not having employees or bosses, and not having meetings. The sum total of doing things I'd rather not do is much, much higher working at a company doing those things than what I do now, where I spend most of my days writing interesting code and a relatively small fraction of my time on boring stuff.