Money

11 Money Mindset Myths You Need to Know Now

Author: NeuroGym Team | 2017

 

Money.

What thoughts or emotions does the word money stir up for you?

Are they positive or negative?

Did you know your relationship with money defines how much you have? Keep reading to discover if your money mindset is holding you back from achieving a wealthy lifestyle. 

Do you get excited about earning more? Or do you dread thinking about it?

Maybe you don’t understand why you have a hard time getting it. Or maybe you get it, but you can’t make it stick around? 

You’ve probably heard (or come up with) dozens of excuses for the rift; you've most likely thought or said things like:

  • “Me and money? Yeah, we’re fine. We’re just going through a rough patch.”
  • “It was a timing issue . . . it just wasn’t the right time for us to commit to having more.”
  • “It’s not a trust thing . . . I just don’t want to put my money in a compromising position."
  • “No relationship is perfect . . . it could be so much worse, right?. I’m actually pretty lucky.”
  • “I’m perfectly fine without having a bunch of money around to help me. It’s not like I'm starving or living on the street.”

Here's another popular one:

  • “I just don’t want to ruin what we have by asking for too much . . . we’re finally doing O.K. now, and I don’t want to mess that up by taking a risk.”

These may sound familiar to you, but they are all ridiculous things to believe if you want to start earning what you deserve. 

What advice would you give your best friend if she described her relationship like that?

With people, those excuses are probably signs of an impending break up. But money is different. 

Your relationship with money is kinda like the one you have with your parents or siblings or children. You can’t run along and find new ones. And if you decide to shun money, you’ll have a really hard time finding a replacement.

People don’t accept cows or cacao for house payments in this country anymore  . . . at least as far as we know.  So it’s up to you to end the clash with the cash. Stop the row with the dough, quell the brouhaha with the moolah, and so on . . . 

You've must make up with money. Change the narrative. Create a loving relationship with money . . . one that's passionate and committed. 

And until you upgrade your money mindset, the sad truth is: Money’s just not that into you.

If you’ve gotten this far, and you’re still not sure what the problem is, here are 11 common myths about money. 

money mindset

1. Money is the root of all evil.

O.K., first of all, the evil idea began from a quote from the bible. And it actually reads: the love of money is the root of evil. We're convinced this has something to do with being overly greedy and obsessed. 

But money is neutral. It’s a tool. It's energy. It can be used for good . . .  like building schools or providing aid to those affected by the devastation caused by global warming, e.g., raging fires, ferocious flooding, and the Zika virus. . .  

Or it can be used for really bad stuff like removing climate change regulations or funding nuclear wars.

But money itself is not the root of all evil. 

2. Money can’t buy happiness. 

When you hear this phrase, do you imagine a lonely soul sitting all alone in a massive mansion with nothing but material things to keep them company? Sure that lifestyle probably isn’t conducive to happiness.

But what about autonomy? Independence? The joy of giving someone the perfect gift? Those things are great. And none of them is possible without money.

Paper bills in your wallet won’t make you happy. But the ability to make choices, help those who are less fortunate, and surprise your best friend with an all-expenses-paid vacation to Costa Rica? That sounds pretty fun!

(EDITOR'S NOTE ON THE RESEARCH: Dr. Oswald at the University of Warwick did a longitudinal study of 9,000 families. Apparently, getting more money does make you happier.)

3. The only way to earn money is to take it from someone else.

If this was true, it would be impossible for the GDP to increase. There’s a lot more wealth in the world today than there was 100 years ago.

And that’s because wealth is created as a byproduct of value (or perceived value). 

4. A penny saved is a penny earned.

If you go to a secret bank that offers 20 percent interest, paid out quarterly then, yes, this is true. If you put $500 in a year later, you’ve doubled your investment. Nice.

But, assuming you live in modern America, that’s about as likely as planting a money tree and harvesting $100s . . . 

If you use your money to buy assets or invest in yourself, your money will work for you.

Business Insider mentions "millionaire mindsets," and the first point in the article is the idea of hoarding your wealth versus trying to grow it. (We bet you can guess which is better for you).

5. Money is hard to come by.

Really? Do you believe this?

Have you heard of a concept called the “self-fulfilling prophecy?” It’s the idea that once you make a prediction, you’ll act to make it true. And sometimes that happens subconsciously.

If you think it’s difficult to make money, you’ve probably experienced some difficult times along the way.

This article by Psychology Today explains why self-efficacy is so important for success. Check it out.

6. You have to take big risks to earn a lot.

 Robert Kiyosaki, the author of “Rich Dad, Poor Dad” sums it up best:

In today’s economy, it’s much riskier to rely on your employer for your well being than it is to become financially educated and to invest your money wisely. It’s also risky to put your money in the bank and collect interest that barely covers inflation.

7. Having “too much” money makes you greedy.

This kind of piggybacks on number 1 (money = evil). Since money is inherently neutral, who’s to say there's such a thing as too much?

For example, a handful of tech billionaires committed to something called the “Giving Pledge,” (initially started in 2010 by Bill and Melinda Gates and Warren Buffet). By signing, they committed to donating most of their wealth to a cause of their choosing.

(Which usually ends up being close to a billion dollars between them. And at least another $500,000,000 each from many other rich folks who give back each year.)

The Giving Pledge people could fill their swimming pools with hundred dollar bills and take obnoxious Instagram photos if they felt like it. But instead, they want to help the less fortunate.

Bottom line: Greed and money don’t have to and don't always go hand in hand.

money mindset

8. I don’t know have the skillset to make more money. 

That’s just vague. The skills one person has are not the skills someone else uses to make money.

What are your talents and skills? There has to be something you’re good at that other people can appreciate. There has to be some skill you can and want to hone. Every creative being has a craft. Dive into yours!

9. I don’t have time to make more money.

We all use this excuse at some point. But deep down, we know it’s a fib. How we spend our time is a choice, rigth? You can find time for anything if you really want to. 

(EDITOR'S NOTE: For all you busy people out there, here's further reading for you from an article written a while back on the psychology of “I don’t have time.”)

10. No one in my field of work makes a lot of money.

Seriously? This is really hard to believe.

This statement seems to be especially prominent among artist types. The whole “starving artist” thing may sound like a romantic idea, but here’s another thought: what if you’re just not finding the people who really value your work?

Everything from oil painting to framing . . . to cheese making, can be profitable if you find the right prospects.

If you open an artisan cheese shop in a neighborhood known for its emphasis on vegan quinoa bowls and living an animal product free lifestyle, your odds aren’t great. But if you take that same shop to a place where goat milk is so popular people are making ice cream with it, you’re golden.

Whatever industry you specialize in, there’s a group of people who would love to partake in what you have to offer. 

11. I don’t know how to make more money . . . I don’t even know where to start.

Maybe this sounds true right now, but it isn’t so much a myth as it is an excuse. With information so widely available today, you can throw out: “I don’t know how.”

Whether you’re a visual, auditory, or kinesthetic learner, there’s material out there. You just have to take the time to find and go through it. What do you want to learn?

How can you market yourself? Do the research; it's out there waiting for you to discover it. We have a lot of great information on our blog, too. 

All of the above money mindset myths come from two main issues.

  1. Not understanding money and how it works.
  2. Having subconscious, negative associations around the idea of money.

Whether you’re struggling with one, or both of these, you’re going to have a hard time with your financial health until you dispell the money myths and limiting beliefs that make up your current mindset.

You’ve got to take the time to understand money and build positive associations with it.

Is it time for a money-myth detox for your mind?

If the idea of money makes you squirm, maybe you don’t see the full picture yet. If this is the case, it's time to discover your hidden money story and reprogram your brain for success. 

Millionaires and billionaires didn’t get that way through luck alone. They took a lot of action along the way to great wealth. Most importantly though, they started with the right mindset . . . a growth mindset for success.

(This chart is great for showing the difference among wealthy, middle class, and impoverished people, and how they think about money.)

What is money?

It’s really just a representative of value. When you do something for someone, they give you money for your service. When someone does something for you, you compensate them for their value. In short, it's an exchange of energy. 

Once you understand money, it’s easier to embrace it. If it's still mysterious, maybe your brain just gets uncomfortable with the unknown. The good news is . . . it's totally possible to overcome your false fears. 

What's next?

Join us this Saturday, for the 6th Annual Brain-A-Thon, to learn evidence-based tactics to retrain your brain and shatter your financial glass ceiling. Discover how to reprogram your brain for success in all areas of your life.

Sign up today to give your brain a financial detox to clear the way for the cash flow. You'll be amazed how great it feels to have a healthy money mindset.

SIGN-UP for the FREE Brain-A-Thon Training Event

We'd love to hear from you!

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About The Author

NeuroGym Team

NeuroGym Team: NeuroGym’s Team of experts consists of neuroscientists, researchers, and staff who are enthusiasts in their fields. The team is committed to making a difference in the lives of others by sharing the latest scientific findings to help you change your life by understanding and using the mindset, skill set and action set to change your brain.

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