Conscious and unconscious beliefs about money can and do affect your financial status. The very things that you have been taught about money as you grew up may be the ones keeping you broke.
That is why it is important to stop for a moment and take a look back. Remember, getting rich is not just about what you do; your state of mind also matters.
Here are the five beliefs about money that can cost you. If one of these rings a bell, it’s time for a change.
1. Money is there to be spent
The media, corporations and businesses implicitly teach us this in order to sell more products. In other words, they capitalise on views like this. And they get rich while you lose and lose more.
No matter how good it makes you feel, do not be fooled into spending your earnings on unnecessary and expensive things.
Believing that money is there to be spent makes you more prone to give in to temptation, and save less money.
Instead of thinking that money should be spent, why not think that every ringgit you do not spend is a step to getting rich?
2. I’m just not that good with money
Believing you are not good with money is not only demotivating, but it also implies that you are giving up even before you have tried. Financial skills are not innate, they are taught and, therefore, can be learnt.
Put time into researching and reading about proper budgeting, saving and managing money in general and apply what you learn.
You can start small if you find it too difficult. Start a routine and stick to it without any excuses. Instead of giving in to temptation, think of the bigger picture and your bigger goal.
Buying that bag you saw in the mall would make you happy for a day, but saving and investing will make you happier for a much longer time in the future.
3. Money is not all there is to life
While money is not all that there is in life, it is a necessity we should be concerned about. It might not be money that gives that sense of fulfillment, but you need money to provide for yourself and your family.
You need to make money a goal and you need to work towards it, because it won’t just come knocking on your door.
4. Rich people are dishonest and greedy
The belief that rich people are dishonest and greedy may have started with someone who wanted to discourage others from being rich, or from people who were trying to make themselves feel better for not having money.
However, not everything that makes you feel good is right and helpful in the end. Being good does not have anything to do with being rich, and vice versa. And if you do make it big eventually, it is entirely up to you which kind of rich person you will be.
5. Money is the root of all evil
That money is the root of all evil is one of the most common beliefs, especially if you come from a religious family or a family used to scarcity. People tend to equate being poor with goodness and being rich with evil.
But it is the excessive love for money that is the root of evil. It is people who make use of money in the wrong way that is evil, not money itself.
Money is incapable of having some sort of morality, so it can neither be good nor evil. It can be a tool or a weapon, but it does not have the ability to choose which it will be.
What is wrong is wanting more and more money even if it means stepping on the rights of others. No, money is not the root of all evil. Greed is.
This article first appeared in The New Savvy.
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