Wizards gotta pay back their wizard school loans somehow. This is a pretty advanced spell after all, and transcribing spells is expensive.

But the real answer is the wizard and the commoners should band together and overthrow the <insert King/Lich/Dragon/Head Wizard> who takes all of the wealth and prevents the formation of a magical post-scarcity society.

The wizard could start by renaming the King "Little Baby Commoner"