A belief system may help or hurt. Many people are held back by strongly held erroneous beliefs about money which are self-limiting. This beliefs prohibit the natural urge to succeed. They kill the will and desire to rise into the next level of accomplishment. And, They are virulent afflictions. The good news is that since they were learnt, they can be unlearnt.
Let us go through some of the common ones in order to unveil the real truth.
1. Money Is The Root Of All Evil Or Money Is Evil
Many people misquote the Bible verse when Apostle Paul wrote Timothy. The original verse is that “For the love of money is the root of all evil.” It does not say that money is evil, but that the love of, or obsession for money is the root or beginning of evil. Why? Because, the love of money is idolatry. It is the worship of the creation instead of the Creator.
When you make money, it must have value, importance and purpose for your life. It is the misuse and abuse of money that can be destructive. Not money itself.
Money is a mean to an end. Not an end itself. When you set a goal to accomplish a project, and then develop your plans, money comes in, all by itself, to fill the gap. Money here is the means, the vehicle, and the project is the end.
When money is sought after as an end in other that you think about project next, such wealth, when it comes, is said to be a “premature wealth.” Project first, money next and not the other way round. Premature wealth is money-love; it is the precursor of all social disasters and humiliation.
Money is a good servant but a terrible master. When you run straight at money, it becomes your master. You worship it. Money-love or the love of money is the root of all evil. Calvin Coolidge said: “prosperity is only an instrument to be used, not a deity to be worshiped.”
2. If I Am Successful, People Will Hate Me.
This thought has its origin in the “Primitive Conformity Factor.” Children habitually conform to certain peer attitudes, actions and behaviors when in a group. There appears to be a primitive urge to conform to others. Little children play together; they think alike, like similar things, talk the same way, mimic each other, laugh generously at the same thing and dress the same way.
A decision to quit this “Primitive Cooperative Society,” it is definitely perceived by his nobles as rebellion. A demonstration of visible intention to be exclusive and different, especially by telling his groups about the new books he now reads, the goals he has set, the new classes he is taking, the saving plans he has embraced, makes his friends look foolish or give the wrong impression about. When this happens, they collectively prepare to attack.
The first weapon they use against him is withdrawal of love. This is why it is important that you love yourself. Never center your happiness on love from others. One of the greatest exercises in self-love is to decide to be rich. Decision to become rich must always be a personal desire. It is the starting point of financial independence and the very first step that leads to a self-reliant and responsible adult life.
One sad fact of life is that you cannot bring all your friends into wealth. You will not get rich as a group; each person gets rich when he is ready. As the saying goes, “when the student is ready, the teacher will appear.” Rarely do all friends get ready at the same time. Keep your plans secret.
3. There Is Not Enough Money To Go Round
This thought immediately reasons itself into absurdity. More and more poor people are getting rich everyday by matriculation from the ranks of the poor.
The truth is that many of us are taught that money is scarce, so you must hang on to it with tight fists. Money is hard to earn and easy to squander.
There is enough money to go round, in fact, anyone can attract money to him or herself. If you want to attract money into your life, you need more than mere positive thinking. You need to double down. Write a plan. Start a side business. Launch a website. Pitch people. Buy an investment property. That’s how you attract money: You hustle.
But you’re not likely to take that type of radical action if, deep down, you believe money is in short supply.
Scarcity is a de-motivator.
If we internalize the idea that there is no enough money to go round, then it becomes rational to obsess over saving rather than earning. If money, like time, is a fixed quantity, then optimization comes from cutting rather than growing.
And that’s a recipe for shortchanging yourself.
Now, to be clear, I’m a natural-born saver and I encourage a minimalist(-ish) lifestyle, given that many people seem to have confused “needs” with “wants.”
But extreme saving is a problem. Clipping coupons, stockpiling toilet paper, and hoarding a garage brimming with useless plastic junk because it was “such a good deal” at a yard sale — that’s not frugality. That’s a variant of excess.
As Richard Templar put it in his book ‘The Rules of Wealth” – ‘Small economies won’t make you wealthy but they will make you miserable. And being miserable isn’t a good place to start out each day.’
Believe me, trying to make small economies in order to become prosperous is doomed to failure. You need a decent breakfast and a positive mental attitude to start a day on a good note.
So, You cheat yourself when you overlook dollars to pick up dimes. You fall short of your potential when penny-pinching becomes more important than creative production.
Frugality is tempting: there’s an immediate payoff, instant gratification. There’s no fear of failure. And it focuses on consumerism (buying for less), which is more comfortable and familiar than creation (converting an idea into reality).
But it must be held in moderation. Cutting out your daily cappuccino might help you lose weight, and it might reduce your caffeine intake, but it isn’t going to make you rich and it might well make you feel miserable.
4. Poverty Is Godly
There is a humorous statement credited to Abraham Lincoln: “God must have loved the poor very much since he created many of them.” This is meant to be a joke. The truth is that God loves everyone equally. He helps those who help themselves. It was the same Abraham Lincoln who was quoted as saying that: “you do not help the poor by becoming one of them.” Only 20% of the people that starts this article will finish it, act on the suggested ideas and go on to get the needed wealth. This is why only very few people succeed. Never glorify poverty. Don’t join the poor, help them.
God is not poor. How then can poverty be Godly?
Some Christians will quote – “Blessed are the poor in spirit, for theirs is the kingdom of heaven.” (Matt 5:3). This is one of the most misunderstood verses in the Bible by people who are poor. They often claim it’s the poor that will inherit the kingdom of God and that it will be difficult for the rich to see the Kingdom of Heaven.
Some believe that “money” is “mammon” and whoever that wants to be godly must run for it. This misconception is usually perpetrated by some religious fanatics. Simply let us ask ourselves, do you necessarily become ungodly when you live comfortably and serve God? Or, when one lives in hardship?
If possession of money will make you ungodly, poverty will make you more ungodly and miserable. It could make you become an object of ridicule to God great Name.
5. When I Am Rich, It Might Deprive Others From Having Enough.
There is always enough for everyone. The universe is generous and lavish.
6. To Have Money Is To Have Problem Or Lack Of Rest
Many financially destitute people use these as a mere defense. Let us consider this; if accumulation of wealth will not bring rest, is it poverty that will bring rest of mind? Imagine how someone who has no money to give qualitative education to his children will have rest of mind. Or will somebody who cannot afford three-square meal per day have rest of mind?
If riches and poverty cannot adequately give rest who or what will then give rest? The simple answer is “Me” and “You”. Since rest of mind, depicts a pleasant state of mind. It is a fact to realize that to have rest of mind one needs to work it by him or herself.
In fact it is more possible for a rich man to have rest than a poor person. Take note that you cannot have what you hate. If someone feed his thought with this, it will be difficult for such person to have money. Some people believe that when they have plenty of money, too many people will trouble them to beg for it or borrow, and if I don’t give, I feel guilty. We now know that regular and planned giving schedules removes feelings of guilt.
7. Some Are Gifted For Wealth And Some Are Destined For Poverty.
This ridiculous lie has destroyed initiative, drive and motivation in many would-be winners throughout the world. Many capable people have believed, “Whatever is was meant to be.” Nonsense! The truth is, through development of your talents, financial knowledge and the principles of giving, you determine the financial reality of your life.
8. There Is Nothing You Can Do About Your Financial Situation.
While losers wait for some “magic moment of luck,” the Winners work The Principles of Prosperity. Your financial circumstances depend on Four factors:
Earning, Spending, Saving and Sharing.
9. Profits Are Made By Taking Advantage Of Others.
This myth comes from the idea that life is a zero-sum game. When one person wins, another loses. Any money you’ve earned is “made off the back” of someone else. Profits are evil; if you own a business and make profits, you are necessarily taking advantage of others.
Let take a closer look at this; if profit is evil then wages, salaries and incentives are evil. Let assume that you work for a cement company and I bought cement from that company to build my house. If I assume the company is evil by making profit from me then the salary received by employees are evil because they are paid from the profit the company makes.
Everyone needs something and someone needs to meet that need. You make profit from something; you spend it on other things. That’s a win-win.
Many people equate “profits” with greed. And that’s based on the premise that transactions are win-lose, rather than win-win. This is a limited view of the world.
Businesses are sustainable when both parties are happy. Profits that come from win-wins are encouraged.
10. Rich people suck.
Some years ago, I was reading an article and I came across the names, Elon Musk and Jeff Bezo, not knowing who they were at that time, I quickly Google the names and I click through to some forums, and Q&A sites.
The picture people paints this people are so bad that I began to wonder who this commentator's are. I found out that they are ex-employees, wonna-be successful people but in one word mostly ‘they are broke’
Oftentimes, people who would agree with the statement “you shouldn’t judge someone based on their socioeconomic class” will also, in the same breath, make superficial comments like “rich people don’t care,” “rich people are greedy,” or “rich people suck.”
I think some people hold a deeply limiting belief that they’ll never be rich. Nor will their friends or family. A reasonable coping mechanism, therefore, is to “theorize” the wealthy.
But as we’ve learned, the “us vs. them” mindset is never positive for society. This is a mindset we should eradicate, not encourage. If you agree that it’s wrong to judge others based on their socioeconomic class, remember that this works in every direction.
Wrap It Up!
Misconceptions are the stumbling blocks that has made millions of people unable to attain financial freedom. Misconceptions are otherwise called ‘wrong financial files’. I believe you know what happens when you are searching for information in a cabinet with the wrong files.
We hold many misconceptions around money. Some of these are tactical, such as misinformation about credit scores. Others are mindset-oriented, and influence how we feel about concepts like profits, scarcity/abundance, and the level of attention that we give to our finances.
Are you hanging onto any money myths that are holding you back? Share in the comments!
Over To You
So, which of the beliefs above or other myth do you believe or used to believe and that you perceived has been holding you back financially in the past years? Please share with us in the comment below. Believe me; I sincerely value your opinion more than mine.
And don’t forget there is love in sharing!