5 truths and myths about money
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“Money, money, money, money, MONEY! Some people got to have it, some people really need it,” begin the lyrics of The O’Jay’s song “For the Love of Money.”
Money is unfortunately such a large part of our lives. Every situation seems to come down to it; from wanting to pursue a passion, to traveling, to getting a degree, to starting a family. The decisions are almost always based on the question of “can we (or I) afford it?”
For being such an integral part of our lives there’s a lot of misconceptions and myths regarding money. To clear the air, here are 5 myths and truths about money.
1. Truth: Pursuing money leads to a dead end
When I was younger my ultimate pursuit and goal was money. I wanted to be rich because I thought it led to happiness.
I became an entrepreneur, launched a variety of businesses that would get me on the fast track to wealth. I didn’t care much about passion or in helping others; all I wanted was money, money, money. And you know what happened? Every single business failed, all dozen or so.
Why? Because when you keep your eye on achieving as much money as possible, other areas suffer. The quality of your work deteriorates, you can become greedy (if you aren’t already), you don’t provide value to people, and you look for the easiest shortcut.
2. Truth: What you do with money brings happiness
Money and happiness always have a brief relationship. Money can make you happy for a limited time, but it’s what you do with it that can sustain real happiness.
Here are two ways in which what you do with money can bring happiness:
- Securing freedom
One of the biggest reasons people want money is because they really want freedom. Freedom from the 9 to 5 grind, freedom from living paycheck to paycheck, freedom from huge medical bills, and freedom from poverty. By using money to secure freedom for you and those around you, happiness will come.
- Giving it away
Giving away your hard earned money to charities and those in need to fight disease and to secure basic needs such as water, food, shelter, and education is an indescribable feeling. Very few things compare to it.
Here is the main way in which money can’t bring happiness:
- By buying “things”
Everyone has heard this thousands of time before but so few believe it. Buying and owning material possessions buys shallow happiness. It wears off quickly until you buy the next thing, and then the happiness from that “thing” wears off too.
However, what will make you happy until the second you draw your last breath, and even after, are good memories of good times, family and friends, and what you did in life, not what you owned.
3. Myth: Having more money than others means you’ve had more success than them
Money and success have become too synonymous. People equate success with money and think that they’re more successful than those who have less in the bank. However, even someone with little money can have a huge amount of success.
4. Myth: “Money will solve my problems”
More money might solve your financial problems but other issues take more to solve than just throwing cash at them.
5. Truth: The love of money is the root of all evil
In an article I published about the pursuit of money a reader name Margaret replied to the post saying that it’s not that money is the root of all evil like the old saying goes, but rather the love of money that is at the root of all evil.
Related article:
- Why the pursuit of money always crashes at a dead end