Do you deserve to be wealthy? Clear your blocks to money.
Our society has plenty of clichés, images, and ideas about money that can be detrimental to our financial well-being.
The next time you catch yourself repeating such popular clichés, stop and ponder what they really mean. By internalising negative ideas about money, you might be setting yourself up for financial stress.
Our behaviours and thoughts are linked, and by developing healthier thought patterns, you may create healthier financial behaviours. Additionally, make sure you don’t utter negative phrases about money within earshot of children or young adults. They may act like they don’t listen, but kids and teens pick up their financial attitudes from the grown-ups around them. You don’t want them to start internalising these self-defeating ideas.
Consider four of the worst offenders. As you read through this list, ask yourself whether or not you’ve internalized these ideas. If you have, actively work toward unlearning the concepts.
‘Money is the root of all evil’ – right? Technically, this isn’t even the accurate Biblical statement. The Bible says that the love of money is the root of all evil, which is different than money itself.
The love of money can be expressed as greed, but money itself is a tool, like a hammer. It can be used to smash your thumb, in which case a hammer is a tool being used for a negative purpose, or it can be used to build a house, in which case the hammer is being used for something positive that contributes to the world.
If you find yourself overspending on clothes, shoes, and restaurants when your deepest values reflect wanting a secure retirement and making sure your children can go to university; the issue is not that money is evil. The issue is that your monetary spending is not aligned with your purpose.
‘It is not what you earn it is what you save’ – Both matter don’t they?
Just because you save loads, if you have a low income, your savings can only be quite low. Focus on the
gap between earnings and spending. Surely you need to spend less or earn more?
Focus on both – don’t ignore one over the other. Could you not increase spending by a second job or reduce spending by budgeting better?