In simple terms, it feels like all this money stuff should be easy. You spend less than you earn, make consistently good decisions, and wah-la financial security is yours. It’s kind of like diet and exercise, you know where you want to be, but being mindful of your choices may not come easily or you could be consistently sabotaging yourself.
Finding money to be a simple and easy matter is not a reality for most people. Most people struggle with money one way or another. Some of the internal struggles can be around their money beliefs.
So we want to ask you, what do you tell yourself about money?
Money beliefs can be things like placing a moral value on money. For example, you could think that people with money are somehow morally corrupt, and people who struggle financially are more virtuous.
Yes, some people with money are arseholes, but they would likely be arseholes even if they were poor. And some poor people are virtuous, but likewise, they would be virtuous if rich. The truth is that there are good and bad people in the world (who are rich and poor). People, on the whole, have both good and bad traits and are complex, nuanced creatures.
But if you think that people with money are bad and people without money are good, then you will likely struggle when it comes to growing your own wealth.
Money isn’t good or bad, it’s just a thing that gives you options. The more money you have, the more options you have. And financial freedom comes from having enough money to be able to do that thing that you really want to do.
So how do we develop these beliefs around money? Well, most of them are unconscious and come from childhood. If you grow up in a working-class home, you might think that ‘money doesn’t make you happy’. If you grow up in a home with a lot of money you might think that ‘people just need to work harder and they’ll get ahead’.
One way to help you identify what you think about money is to fill in these blanks:
Money is ______.
Money means ________ to me.
I’d love to have more money, but ___________.
The reason it’s important to recognise your money beliefs because what you think will have a direct impact on your actions. If you believe deep down inside that money is bad, or that you don’t deserve to have more, you’ll ultimately find yourself struggling to get ahead.
But the good news is you can change your money beliefs and self-talk. Take some time this week to consider what your beliefs are and then replace them with beliefs that will serve you better.
To get you started below are some of the most common beliefs around money:
“Money is not that important. It’s only money.”
Money is just a thing, but it is intricately connected with so much of our lives, it deserves your respect. You need to take the time to set up and look after your finances.
If this statement resonates with you replace it with: “Money is a priority for me, and I give it the time it deserves.”
“Money is made to be spent.”
To get ahead financially, you have to have some money set aside to save and invest for your future. Yes, you should definitely be allowing yourself to spend money on things that you enjoy, but if you overdo it, you aren’t doing yourself any favours in the long run.
If this statement resonates with you replace it with: “I spend money now on things that make me happy and save money to secure my future”.
“I’m just not good with money.”
You couldn’t drive a car before someone taught you, or read, or swim. This statement is actually saying that I can’t (or am not willing) to learn new things. Rubbish!!!!! You are reading this blog, and following Money Madams, so we know this is not true. Read, talk and educate yourself.
If this statement resonates with you replace it with: “I’m learning to make smarter decisions with my money”.
“Money is the root of all evil.”
This is actually a misquoted bible verse. The actual verse says: For the love of money is a root of all kinds of evil.
This talks to people’s greed. It doesn’t say that money is evil or that having money is evil. It means the love of money itself is evil. Being greedy and mistreating people to get yourself ahead is wrong. Everyone would agree, but this saying has been twisted to mean that money itself has some kind of moral value, and it’s a bad one.
If this statement resonates with you replace it with: “Money is a resource I use to do good”.
If you find you have a money belief that’s worth questioning, let us know in the comments.
