Money Myths, Is it Holding You Back?

Our attitude toward money is learned behavior that is passed from generation to generation according to social learning theory.

Money spenders live by the phrase "but I might need it someday". Over spenders view possessions as central to their identity or see spending as a quick fix to create a mood change. We could probably put ourselves into this scenario. I know, I do. It's worth while to do some self searching towards our attitudes of money and how it affects our happiness.

For some or probably most of us, money is far more emotional topic. As I quoted by Sylvia Porter, an American economist and journalist, "Money never remains just coins and pieces of paper. It is constantly changing into the comforts of daily life. Money can be translated into the beauty of living, a support in misfortune, an education, or future security. It can also be translated into a source of bitterness."

We can almost sabotage our financial success and stability unless we deal with our unconscious attitudes towards money.

Many beliefs do not stand up to rational analysis. For example, we may believe that it is greedy to have more money, or simply that we are not the type of person that can have more money. So it may be worth taking a moment and check our money beliefs.

According to the author of Rules of Wealth, money is neither good or evil. Money is just a payment given in exchange for clever thinking and hardwork. However, he warns that many people believe that more money can solve all their problems. Sometimes, I think that way though. But having money won't make your relationship flow smoothly- not by long shot, it won't protect you from disease, it may buy you better medical health care but it won't protect you.

"The more you see money as a solution, the greater the chance that you are missing the point entirely. Money will not make you happier, thinner or more popular with decent people. Money does not deliver lasting, meaningful peace of mind...It is the oil that smooths the wheels. It isn’t the engine."

And with that, we can all make more money without losing sleep, compromising our principles, neglecting our families, losing our sense of humor or our ability to have fun. It is possible to have money and have a life, to be ethical and rich, to earn a lot and be a thoroughly nice person. It just sometimes seems that it isn’t. This is all part of debunking our personal money myths.

source: The Psychology of Money and Are Your ‘Money Myths’ Holding You Back?

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