Do You Believe The 6 Lies About Money?

“Whatever the mind can conceive and believe, it can achieve.”
Napoleon Hill, Think and Grow Rich (1937)

For centuries people have been fascinated by the power of the mind. Many cultures and religions have emphasized the importance of controlling your thoughts and using that power to control your destiny. Recently medical scientists are finding fascinating facts about the brain and how we think.

Would what we think affect our finances? Could you be thinking yourself into poverty and debt? Although researchers can’t quantify the connection yet, there does seem to be a relationship between what we believe about money and our personal financial affairs. With that in mind, it could be worthwhile considering whether you hold any of these money ideas.

1. Money is evil.

It’s probably one of the most common misquotes. Originally it was “love of money is the root of all evil.” But that doesn’t keep many people from hating any accumulation of money.

2. Rich people are crooks.

This one is similar. The belief that the only way to acquire money is to take it from someone else. Either by fraud or by force.

3. Only the lucky get rich.

A companion piece to the rich people are crooks belief. If a person didn’t get rich by taking advantage of others, they got rich just by being lucky. It wasn’t anything that they did. Just the luck of the draw.

4. You’ll never make enough to save.

That it’s not possible to save through hard work or your efforts.

5. I’m not deserving to have nice things/possessions/wealth.

You need to be much better than I am to get the better things in life. People like me are supposed to struggle.

6. My friends are all poor.

They won’t like me if I get rich. In the past when someone started accumulating money they gradually stopped coming around. If I began to save money my friends would probably abandon me.

If you hold any of those beliefs you’ll be subconsciously pushing money away from you. Possibly even sabotaging your own efforts to get ahead financially.

Instead of believing the six lies about money, you might be more successful if you internalized these four money truths.

1. Your value is not determined by your wealth.

Rich or poor you are valuable. You shouldn’t let others judge you based on wealth. Nor should you just others based on their finances.

2. Recognize what money is.

It’s just a way to make trading easier and to store wealth. Use it as a scorecard to determine if you’re meeting your financial goals.

3. You’re not a virtuous person because you’ve accumulated money or unethical because you haven’t.

Prejudging the rich or the poor is wrong. There are both good and bad people who have money. And also good and bad people who don’t have much.

4. Your decisions affect your financial future.

You will probably suffer some setbacks and enjoy some successes. But the decisions you make will affect how much money you have. Decisions to spend or save, invest or consume will all change your financial future.

If you’ve ever wondered why you can’t seem to save any money take a look at what you believe about it. It could be that taking stock of what you think about money might be the first, and most important, step to turning financial struggles into a better financial future.

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