Management Perspectives

MYTH 1: Money is for other people, but not you
Growing up, you heard it being said at the dinner table that, in life, there are the ‘haves’ and the ‘have-nots’. You are who you are and no matter how hard you work, you will not get to enjoy the life that wealthy people have. Your entire life you have seen your grandparents and parents struggle financially. From one generation to the next, the same message gets passed down: that is just the way it is and do not expect it to change. The rich get richer, and the rest of us keep working harder.

You believe money is for other people. You see other people have it, and you don’t, and that’s the way it is. Even if you had money, you worry what others would think of you and that you might become someone they do not like. You will be criticised for how you spend your money and feel pressured to live like others expect. It would be better not to try at all than to fail and be despised by your peers.

MYTH 2: Money represents scarcity and strain
Because you grew up in a family that did not have as much money as some others, your parents villainised money rather than teaching you how to make it. You heard frequent arguments about not having enough. The blame, frustration, and accusations over who was spending too much caused anger and conflict. If you knew a family member or friend who lost a job or was facing a significant financial hardship, you might have seen the damage it did to their family and you began to associate pain with a lack of money. You were raised to believe that since your family did not have money, it would always be a struggle and there would never be enough. Money was the enemy.

In my case, my inspiration came from an emerging voice in culture today that says, “If you have money, you’re bad, and if you have a lot of money, you’re really bad.” I know many people feel money is not good for them or for anyone else. They may have grown up in an environment where it was the ‘haves’ against the ‘have-nots’. I launched a podcast and wrote this book Good Money Revolution, to push hard against the argument that says, “If you have money, you’re bad.” Instead, I believe money is good, and good people should have more of it.

MYTH 3: A predictable paycheck is the path to wealth
You work hard to provide for your family and to make a better life for your children than you had. Unless you work for yourself, you receive a steady pay check from your employer. But you are making money for someone else. You are just the receiver of money.

Today’s generation needs to learn that by taking the first steps toward building their own business, they can become the creator of money. You may have never owned a business, so how can you guide your children? By learning about it together. Suggest that they keep their day job while starting their own side gig. Here is a modern reality: job security is no longer a guarantee. Your children are one global event away from losing their employment.

Depending on someone else for your pay check is placing too much control in someone else’s hands. Teach your family to start thinking like a business owner in their current job and begin to take steps to explore their own venture.

Firefighters have modelled this approach for years. Many have launched successful moving and lawn care businesses that they run on their days off. Teachers often develop teaching material to sell online or start after-school and summer tutoring businesses.

Many parents feel ill-equipped to teach their children about owning a business. You may have never owned a business yourself and have no idea how to even get started.

But you have skills, expertise, experience, and resources (think Youtube). You can do this! Be the creator of money, not the receiver of it.

MYTH 4: You see money as working against you

You believe the daily grind of a job you do not like is the only way to make ends meet. You work hard for every dollar you earn. At the end of the day, money is simply a revolving door that never stops. The bills keep coming and there is always something more to pay for. It comes in and goes right back out and you have nothing to show for it. You have to keep working harder and longer to try to earn more.

It feels like you never stop working but your money is not working for you. You think, I don’t understand how I can make more money. I have a nine-to-six job. I work, I come home, I pay © Shutterstock.com the bills. I am never truly getting ahead; I am just treading water. The cycle seems like it will never end.

MYTH 5: You do not have enough money to be generous

Deep inside, there are causes you feel passionate about that you would love to support, but you believe only wealthy people can make a real difference. You know your money math, and giving some away does not add up. Plus, you do not feel in control of your money and worry if you will have enough to do the things you want to do. You are concerned about being taken advantage of and that the recipient of your giving will not work as hard with your money as you worked to earn it. Besides, if you did give your money away, people would only start asking for more. Let us be real. Can your money really change the world?

Spoiler alert: Yes, it absolutely can.

For years, I watched many clients progress from the belief that money was bad to making it, investing it, and giving away more than they ever dreamed possible. But first they had to recognise and overcome their deeply ingrained negative money beliefs.

As you read through these five money myths, you probably replayed some painful memories from your childhood (or even adulthood). It may have felt uncomfortable and challenging to take in—but you did it anyway. I applaud you for confronting these myths.

I have good news for you: change starts now. But changing your money mindset is not a onetime fight. It is a continuous battle to combat beliefs that have been deeply ingrained in you from a young age.

Your job is to flip your money script.