What Are the Biggest Lies About Money You Believe?

TL;DR

The five biggest lies about money are: 1) Money is scarce; it's actually abundant for those who work hard. 2) Spending money on luxuries means you deserve it; instead, it implies others deserve your money more. 3) You can't save money while spending it; true savings require keeping your money. 4) Claiming you can't save or invest is a matter of misplaced priorities. 5) Money is not more important than happiness; prioritize what you're passionate about over financial gain.

Transcript

ah that definitely was a better idea on paper than it was in practice so it doesn't really matter where you've learned these things about money the truth is most people believe these five money lies to be the truth and today I want to set you straight and tell you guys that these five things are absolutely not true and I want you guys to comment do... Read More

Key Insights

• 🤑 Money is not scarce, it is abundant and everywhere; it's a matter of hard work and effort to obtain it.
• 🤑 Buying unnecessary things means someone else deserves your money more than you do.
• 🤑 Spending money does not equate to saving money; true savings involves keeping the money and investing it for a return.
• 🤑 Claiming you don't have enough money to save or invest is often a matter of misplaced priorities.
• 🤑 Prioritizing happiness over money is important; money should not be valued more than one's own well-being.
• 🤑 Passion and enjoyment in what you do can lead to finding a way to make money.
• ✋ It's worth considering whether a high-paying job is worth sacrificing happiness and fulfillment.

Questions & Answers

Q: Why do many people believe that money is scarce?

Many people believe money is scarce because they see it as a finite resource, similar to water or gasoline. They think there's only a limited amount available and if they try to get more, they are being greedy. However, money is actually abundant and everywhere if you are willing to work hard for it.

Q: Why is buying unnecessary things a lie about money?

Buying unnecessary things means you are telling yourself that someone else deserves your money more than you do. Instead of rewarding yourself with material possessions, it's better to keep the money you worked hard for in your bank account, as these purchases don't give long-term gratification.

Q: Can spending money be considered saving money?

No, spending money cannot be considered saving money. The idea that you saved money on a purchase is a sales gimmick used to make you believe you got a good deal. True savings means keeping the money in your bank account or investing it, not spending it on purchases.

Q: What is the key to being able to save and invest money?

The key to being able to save and invest money is setting priorities. Many people use discretionary spending items as a priority, such as Coachella tickets or avocado toast, instead of saving or investing. It's important to be honest with yourself and recognize that saving or investing is not a priority at the moment.

Summary & Key Takeaways

• Money is abundant and everywhere; it is not a finite resource like water or gasoline.

• Buying unnecessary things means someone else deserves your money more.

• You can't save money by spending it; saving means actually keeping the money for yourself.

• Don't use lack of money as an excuse not to save or invest; it's a matter of priorities.

• Money is not more important than happiness; prioritize doing what you are passionate about.