5 truths and myths about money
“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
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13 Responses to “5 truths and myths about money”
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Good post, thanks! The old saying really was originally “For the love of money is the root of all evil,” from 1 Timothy 6:10… and was misquoted later on.
Thanks Kelsi!
Really? I never knew that. Thanks for letting me know. “For the love of money…” is so much more true.
-Andrew
Hi Andrew!
Such a great post delineating the good and bad uses for money and it’s place in the world.
Rules to live by and lessons to be learned by both young and old.
Money is only a means to an end on the big road of life. It is NOT the meaning of life. To what end should we use money? To sustain ourselves, help others and leave the world in a better place.
Hey Andrew,
“To sustain ourselves, help others and leave the world in a better place.” Well said!
-Andrew
This is the straight up good stuff. I come up against this stuff everyday. People just don’t want to accept that money is not everything. The response is always, “yeah well, it’s easy to say that, but…”
It’s true. I know people with money and without. I’ve been flat broke and had lots of money as well. I’ve seen it from all angles. Life just isn’t easier one way or another. No matter where you are…you’re always looking down the road.
It’s possible to be happy AND rich…immediately. It’s a mindset. I honestly believe that.
Thanks so much for the compliments Christian.
I think that a lot people are just in denial and don’t want to live up to the truth. The pursuit of money justifies why they’re working a job they don’t like.
- Andrew
A fascinating post that also happens to be timely for me. Finding the proper place for money in your life is something that you feel out with experience. I have friends that take pride in how poor they live despite their upper class backgrounds and I have friends that blow what I think are outrageous sums on clothing or just partying. There is no right answer, you have to find your own level.
Money is a tricky thing. I think you’re very correct that you kind how to find your comfortable level when it comes to money. No one wants to stay poor, but do you really need huge mansions and fast cars? You have to ask yourself a lot of personal and deep questions.
-Andrew
I really like #3, my consultant that helps me with my company, http://www.theprospermagazine.com said that success is based on that individual’s personal goals.
Success is achieving whatever you aimed to achieve. If its to make $10 next week and you achieve it, then your successful.
Same as if you plan to make$100,000 next week and you achieve it, then you are successful as well.
People to many times compare their success with others around them.
Hey Pedro – That’s a very interesting way to look at success. I like it. Yeah, it’s really all about your personal goals.
-Andrew
Great article!
Unfortunately, no matter how much we may strive to point out the distinction between the the *love* of money being the root of all evil and *money* being it, people will tend to take one of the two extreme sides:
1. But money is everything… you can’t have anything without money. Conflating money with even such things as happiness, success etc.
2. Money is evil. Everyone pursuing wealth is selfish. Let’s all tax the rich!
Eh.. would be nice if everyone actually focused on value. Lots of value = wealth, nothing more. Money is merely one possible representation of wealth. But certainly, you can’t create value for other people if you already jump straight to the effect: having wealth for yourself.. Ok, done preaching to the choir.
There is one more thing though. If someone made me choose between “money = evil” and “money = good” I would choose the latter. I think the whole connotation with evil, even if you speak of love for money, is slightly hyperbolic. There are real evils in the world, and loving money don’t do them justice. Even if you’re getting it all wrong and chasing money, so long as you never steal, use force or fraud on everyone I wouldn’t really call you evil, just a little misled.
Cheers
“Even if you’re getting it all wrong and chasing money, so long as you never steal, use force or fraud on everyone I wouldn’t really call you evil, just a little misled.”
That’s a very interesting way of looking at it. More likely I would call it greedy than evil; but evil and greedy may seem interchangeable for most people.
-Andrew
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