We might have inherited these myths from our parents and we never analysed our attitude to money.  Let’s do it!

We have all heard some negative myths about money such as

1)      Money is limited/comes monthly

These are hang-ups from the great Depression in the 1930s and nowadays this is topical again due to the recession and we have all heard of the saying “money does not grow on trees”.  All this contributes to people being afraid and preferring a 9-5 job that would bring a fixed income at the end of the month.  Why cannot we say that money is plentiful and it might come from different sources thus encouraging us to try business and entrepreneurship activities

2)      Money is bad / not for you

People only see the bad things that money can bring, reports of rich people/celebrities wasting money or dying of abuses that seem to have been created by money.  Why not change this attitude to money is good, acceptable and will empower me to create wealth and contribute to the world?

3)      Money cures everything

This myth is not negative but it can also have a detrimental effect on our quest for success. We are in the era of consumerism and retail therapy, money can buy nice things but not to the detriment of our obligations or by getting into unnecessary debt.

In changing this relationship with money would create a tool to help achieve a better life, then the relationship with money would be more respectful.

4)      Money is a problem

For many of us money is always a problem, bills to pay and not enough of it, trying to keep up with neighbours becomes tiring, the paperwork involving money  is exhausting and it would be worse if we were rich.

Why not change this attitude to the healthier: money is a solution.

5)      Money is taboo

Until a few years ago it was a normal occurrence for the wife not having any knowledge of how much her husband earned.  That has changed and the norm is that both parties of a marriage contribute to the household budget.    We would not have dreamt of asking our parents how much they made.  People still believe that money talk should be personal and not discussed.  I, as an accountant, have been always amazed how some people have been in business for 20 to 30 years and still do not know how and what their set of accounts show.  Certainly money and finance should be taught as school.

If we changed this myth to “money talk is vital” we would create a more conducive environment for fostering entrepreneurship and business.

By analysing our relationship with money we have made the first step towards financial freedom.

Hasta la vista ….