Business & 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
It seems that everyone is chasing the almighty dollar. But it’s not that everyone is greedy. There are plenty of people who aren’t, yet they still want the highest paying job, the job with the most benefits, or they want to start a business just to make money.
When I was younger, all I wanted was to be rich. And not just a few million, but billions of dollars. Even recently, when this site was just a couple of months old, I wanted to become a billionaire. However, something happened to me in the later half of 2008. A new light bulb went off in my head, it was an epiphany.
I realized that the pursuit of money crashes at a dead end. The road may be very long, but the dead end sign and the wall is guaranteed to be there.
Bought happiness has an expiration date
The biggest reason people pursue money is because they think the more they have, the more things they can buy and the more happiness they’ll experience.
One thing is slightly true about this thinking; money can buy happiness. Purchasing a brand new sports car can make you happy. But; the happiness is so short-lived.
This type of happiness expires until you buy something else that makes you happy, and then when the happiness for the new item expires you continue the cycle. This is why it’s so hard to see.
It’s shallow happiness that actually leads to less happy times. The more cars you have, the bigger the house, the more gadgets you have; the more responsibilities and worries you’ll create for yourself.
Your quality suffers
This is geared more towards entrepreneurs, but it can apply to almost any job or career you have.
When all you focus on is earning as much money as possible, everything else takes a backseat, especially quality.
You don’t really care about what you’re doing or how you’re doing it, you just want to be paid.
You look for a shortcut…
…but it doesn’t exist. The shortcuts to wealth and success are all smoke and mirrors.
When you look for the shortcuts and fail, you’ll find that you wasted more time doing that than if you took the long road there.
You crush others
You want that crisp, fresh pile of cash and you’ll destroy any competition that gets in your way to get it.
The thing is, these “competitors” may be your greatest allies, your indirect cheerleaders, and may even be future business partners. You need these people.
You disregard needs
Imagine you are an inventor that is really just in it for the money. You’d most likely look at products that people enjoy and figure out a way to combine them to make a maximum profit.
Now imagine you are an inventor that enjoys solving major problems and helping people make their lives happier and easier.
Who’s going to be more successful?
It will always be the second inventor. Why? Because that inventor tapped into people’s needs.
Passion is ignored
If you want to be truly happy and successful, you have to infuse your passions into what you do and your everyday life.
The pursuit of money ignores passions that really excite you and provide you with fulfillment.
In the end it disappears
At the end of the road of life, you won’t have all the money you’ve been grabbing along the way. It floats away. When you’re at your final hours, you won’t care about it and either will anyone around you.
The only thing that will stay with your soul are your memories. Memories of your friends and family, and the good times you had with them.
Let’s hear from you. Have you pursued money only to find that it leads to nowhere? Are you chasing the almighty dollar right now? What do you think of this article?
Please share in the comments below.
Related articles:
- Happiness Hangover: how to remain happy
- 15 benefits and lessons we now have from the economic crisis
- The Ultimate Survival Technique For The Economic Crisis
- The advantages of being poor
Many people think that because the economy has hit “bad” times, they can’t pursue making a living by doing what they love. They’re more concerned with putting food on the table than being happy with their work. But you can certainly make a great living doing what you love to do; even in this economy. And now may be one of the greatest opportunities in your lifetime.
But first, you’ll need a guide who has paved the way for those who want to do what they love and make a full-time income. That guide is the ultimate Career Renegade, Jonathan Fields.
Jonathan was a lawyer at a big New York City firm. He was earning a nice income, but he wasn’t happy or fulfilled; and the stress was taking a toll on his health. Jonathan decided he desperately needed a change, or he would literary die from bad health. He became an entrepreneur and launched a yoga studio in New York. The studio became a success and Jonathan was enjoying every minute of it.
He has been blogging at his personal site, JonathanFields.com, about everything from entrepreneurialism to just enjoying life more. Now he has written a book to help so many more people make a living doing what they love.
The book is called Career Renegade: How to Make a Great Living Doing What You Love.
I was fortunate enough to receive an advanced copy to review, and I’ll be honest, I couldn’t put it down. The book teaches with many real-life examples, that no matter what your passion is, you can find a way to make a living. Jonathan stresses that usually you just have to dig a little deeper than most people and think differently.
I strongly recommend checking out Career Renegade. The book will teach you:
- How to harness the power of the web.
- How there are countless career opportunities with every passion.
- How to build confidence in your family, so that they believe that you will succeed in pursuing your passion.
Besides the book, Jonathan has set up a Career Renegade website, full of interviews and extra resources. You can visit the site here: CareerRenegade.com
To grab your copy of Career Renegade, check out the following book retailers or visit your local bookstore (on shelves, Jan. 13):
(none of these links are affiliate)
- Borders
- Amazon
- Barnes & Noble
Many of us saw the downturn of the economy coming, but most of us were unprepared and still are today.
Now we all want to know what we can do to keep our heads above water and how we can achieve more success than ever. It’s not just an act of surviving to get our economy into a brighter direction; it’s about thriving.
The guaranteed way for you to survive and thrive in this economy really doesn’t have much to do with what you gain. And it’s actually quite simple. The way is through “go-giving.”
What’s “go-giving?”
Go-giving is the ambitious act of helping other people achieve success and anything else they need without thinking of your interests first.
Go-giving is not some Kum-Ba-Yah, peace, love, and flower-power dream. It’s the concept that creates successful careers, successful companies, success economies and societies, and successful and fulfilled people. It’s how Google became so huge, it’s how Muhammad Yunus changed the world; but it’s also overlooked and misunderstood, or just unheard of by millions of people.
How’s it going to benefit me?
I know you might be wondering right now how go-giving will benefit you. Sure, it’s somewhat selfish, but that’s the animal instincts in us.
When you are a go-giver, karma is always on your side. The good you put out will come back to you in some way. It might be right away or it could be years. It might be from the person you helped or from a complete stranger. You’ll never know, but there’s no reason to fear; the good karma will be returned.
How to be a go-giver
There are many ways in which you can go and give. Rarely do you ever need any money or an extraordinary IQ level.
Here are some ways to go-give
- Refer a client to a competitor – Sometimes you can’t meet a client’s deadline or need, but you know of someone who can. Consider referring your client to them. You help them out, along with your competitor.
- Help competitors in other ways – Why? Because without competition, you won’t stay on your toes.
- Create a business with the main goal of helping others, not profits.
- Pledge a percentage of your earnings to charities.
- Forward job listings to others – If you’re looking for a job, I’m sure you know others who are as well. When you come across an encouraging listing, share it with your friends who are seeking too. Even if you’re going for the same position.
- Donate time, thoughts, and your voice to others; instead of money.
There are countless other ways to be a go-giver that you need to figure out on your own. There will be opportunities presented in which you can be a go-giver and at first you probably won’t seize the moments. However, as you practice go-giving more and more, it’ll become instinctive.
Books to check out
These books may guide you as a go-giver and guide you through this economy.
- The Go-Giver: A Little Story About a Powerful Business Idea
- The Business of Changing the World
- Career Renegade (out Jan. 13)
- Giving: How Each of Us Can Change the World
To some, being poor is embarrassing and shameful, but to a select group of people; being poor is something they’re grateful to be. They embrace it and use it to their advantage to achieve better lives for themselves and for those around them.
If you were poor or are poor don’t fret because you’re in good company and you’re actually at more of an advantage than those with bigger bank accounts.
Being poor empowers and motivates
It may seem hard to believe for some, but having little money can drive people to greatness. But it can also drive individuals to destroy themselves. It all depends on the way a person reacts to a financial situation. Here are a few tips for empowering and motivating yourself if you are poor:
- Don’t become jealous, become even – When you see someone richer than you, you should only be jealous for so long. You must turn that jealously into a competitive edge. Every gadget, car, and vacation they have should motivate you to achieve the same luxuries. Don’t become too consumed by one-upping these people because the grass isn’t always as green as you think on the other side.
- Your rags-to-riches tale will inspire – Whenever I feel frustrated I read a rags-to-riches story. There are so many of them, and new ones are being written every day. These stories aren’t unique to the United States either. Some of the most well-known of these stories are:
- JK Rowling
- Andrew Carnegie
- Roman Abramovich
- Tamir Sapir
- Chris Gardner
- Oprah Winfrey
- Felix Dennis
By rising above poverty, your story will go down in history inspiring people for generations to come. This is motivating because simply by positively changing yourself, you will positively change lives.
You’ve got nothin’, you’ve got nothin’ to lose
Think you need money to achieve your dreams? Think again. You’re so much better off with little to no money, even if you’re launching a business. When you have no money, you have the freedom to pursue your dreams without the fear of losing money or putting yourself in financial ruin. Fear is the biggest deterrent of success. The fear of losing money is probably the biggest for most; and you can easily be fearless by being poor.
I know there will be people rebutting saying that you do need money to achieve a lot of dreams. I still beg to differ though. Take the story of Liz Murray. She dreamed of attending Harvard but was poor and homeless. With hard work, perseverance, and ingenuity; she found a way. Liz received a scholarship and attended Harvard. The old cliché of “where there’s a will, there’s a way” is certainly true.
Here are a few tips to achieve your big dreams with little money:
- Use your talents – You can develop many talents over your lifetime, but there are some that you were born with and were meant to use. They give you an advantage over other people. Properly harness their power and you’ll find that you can achieve what you desire in life.
- Use the internet – If you’re reading this article then you have access to the internet. The web is one of the greatest and cheapest (often free) tools to help you chase your dreams. It’s a time suck for some people, but if you can stay focused, the learning and networking opportunities are priceless. Social networking sites like Facebook give EVERYONE the opportunity to network with extremely successful individuals.
- Grow your mind – Knowledge doesn’t discriminate. Rich or poor, you can have all the knowledge you desire. You might not get the greatest education in school, but you can take it upon yourself to learn and fill in the gaps that public education misses. Knowledge has more power than any pile of money. Read articles on the internet, watch educational tv shows, or borrow books from the library.
You have something to live for
Most parents may think it’s best to give their children everything they desire. But the only thing that this does is stifle ambition. When you have everything, what do you have to strive for or even live for? We all need a purpose to get us up every day. When people have everything they ask themselves, “is this all there is to life.” It almost like you’ve hit a dead end in your life. Now don’t get me wrong, not everyone born with a silver spoon in their mouth lacks ambition. But I rather have the ambition that only comes from being poor. It’s unstoppable.
You aren’t as poor as you think
If you’re reading this article, then you really aren’t poor. You have internet access, which means you have electricity, which means you have a roof over your head; which in most books isn’t considered being poor, no matter what government statistics and labeling say. You have more luxuries than many people of the world have necessities. Even if you’re reading this at a library because you can’t afford a computer, you’re less poor than plenty others. So before you read any further, please get this misconception out of your mind. “Poor” is such a broad term today that it doesn’t have the same meaning it used to. YOU ARE NOT POOR.
The best things in life are free!
You can’t buy love. You can’t buy real friends. You can’t buy family. You can’t buy happiness. You can’t buy time. There are so many things that make life great which you can’t buy. Even though you are “poor” you have access to the most valuable parts of life. So I guess if you think about it; you’re as rich as they come.
*A note to the critics:
I know the critics out there will say there is nothing great about being poor and tell me to think about all the children dying in poverty stricken countries because of lack of access to food, clean water, and medical care. There are many horrible and tragic things that result from poverty. That is why I have signed up Lyved to be a part of Blog Action Day 2008. On October 15, 2008 some of the most influential blogs in the world will unite to discuss poverty. My intention of this article was to inspire people who think that they are poor to take action and achieve more in life. They’ll change their life, the lives of those around them, and by doing so; they’ll change the world.
