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Sep 30

5 Misconceptions About Money You Should Stop Believing

money

Life isn’t always about the Benjamins.

“While money can’t buy happiness, it certainly lets you choose your own form of misery.”
― Groucho Marx

I had some time to spare over the weekend and decided to watch this movie called “Good People” starring Kate Hudson and James Franco.  The movie was about this financially struggling couple whose neighbor was murdered because of a drug deal gone bad.  While they were busy gathering the things their neighbor left behind, they found a stash of money worth $400,000 and decided to keep it after no one came forward to claim any of their dead neighbor’s possession.  Long story short, the bad guys came back for the money they stole, chased them and tried to kill both of them.  I won’t expound any further so you can see for yourself what happens in the end.

What stood out for me in this movie though was the line Franco’s character said to Hudson’s after she advised him that the money they had could be “bad money”.

He said, “What makes money bad?  People make it bad.  Not the money.”

Yes, that justification is weak considering the consequences but if you think about it, he may have a point if the situation was different.  We’ve all been raised to believe certain myths about money that as we grew older, we realized weren’t true after all.  Here are some of them:

 

1. Money is the root of all evil –  This is one of the few times I will agree with James Franco’s character in the above-mentioned movie.  Money isn’t the root of all evil.  Greed is.

We all know. and I think everyone will agree with me. when I say that we need money to survive.  It’s essential to our existence.  We buy what we eat with money.  We buy clothes with money.  We get by everyday because of money so to say that it is the root of all evil will just be unfair.  It is people’s greed of money that makes it all go wrong.  That is why crime rate is high when poverty is high because people need money to survive and some will go through extreme measures to acquire it.

 

2. Money makes the world go round – What is this obsession on blaming everything on money?  Definitely not true!  What makes the world go round is the people living in it.  While it’s true that influential people, rich people to be exact, has a lot more leverage compared to the average income-earners, it is still the people who uses money who makes the difference (can be good or bad) and not money itself.

There are two types of rich people and I will put it in simple terms.  You have the “good rich people” and the “bad rich people”.  Good rich people use their money for the welfare of others.  To help other people and share their blessings with the less fortunate.

Bad rich people use their money to take advantage of the poor and the middle-class through corruption and illegal activities like drugs or firearms.  They use their money to get an upper hand on everybody else because they can.

Both types have the chance to make a difference.  They just do so through opposite means.

 

3. Having more money will make you happy – This is probably true for some people especially those who are obsessed in making money all through their lives but at the end of the day, are they really happy?

What good is a fancy car, a large house and millions of dollars in savings if you have no one to share it with?  If you have no friends to enjoy it with or a family to spend all your money for?  Does that really make someone happy?  Happiness does not have a price tag because it can’t be bought. You can be just as happy even if you don’t have much.

Just like Jessie J said, “It’s not about the money.  Forget about the price tag.”

 

4. It is bad to be rich – Now this is a tricky one so I’ll be more detailed because the answer can be yes or no depending on the situation.  If you are wealthy and you became one because of hard work and honest living and you give back to the poor, then being wealthy is not bad but if you earned your wealth through illegal means and you spend money like there’s no tomorrow while others struggle to make a dime or have food on their tables then, yes, being rich is bad.

Who wouldn’t want to live a prosperous life?  Which is better, living from paycheck to paycheck and worrying if you have something to spend tomorrow or having more than double in savings and being able to pay your bills on time?

 

5. Credit cards get you in debt – I’ve seen a couple of motivational speakers cut credit cards in half to prove their point that credit cards are bad and that it is the primary reason why people get into so much debt.  I don’t agree.  Again, why blame an object, a piece of card for getting in debt?  Shouldn’t we blame ourselves, specifically, our spending habits for getting us into debt?

For me, having a credit card on standby for emergency situations is a good practice but if you are letting your card use you instead of you using it, then that’s a different story.  It all depends on our spending habits.  Only buy more of what you need and less of what you want.

 

Everyone of us dream of living a prosperous life one day and we can achieve that dream if we stop believing some of the myths about money that we’ve been all accustomed to.  Having money is good.  Having more of it isn’t too bad at all but we also need to learn to value it by being frugal and modest in our expenditures.

What myths about money have you debunked?

 

I would love to hear from you and I will appreciate it if you can leave a comment or feedback below.

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Noel Rosos

About Noel Rosos

Noel is a husband, father, author, performance coach and self-proclaimed FAILUROLOGIST who helps business owners and struggling individuals convert their failures into opportunities through inspiring blog posts, life-changing books and exceptional one-on-one coaching sessions

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