5 Money Myths and Misconceptions
5 Money Myths and Misconceptions
By MONKWEALTH
We all have misconceptions.
A field that’s especially misunderstood by the average person is personal finance. People are prone to believe various myths about money and end up sad, poor, and frustrated as a consequence.
This post is aimed to that segment of the general population – the people who think money is evil, that time is money, or that “the rich” owe them something. Enjoy.
1. Money Can’t Make You Happy
Okay, I agree. Money can’t make you happy, indeed. However, no money also can’t make you happy. Mind blown, right? I don’t fully understand how some people connect money to happiness in an exclusive way. But I understand that many use it as an excuse to indulge in excessive self-sabotage by disregarding the importance of personal finance.
In reality, it’s similar to saying: “a brick (or whatever) can’t make you happy” or in other words: irrelevant and unnecessary. So yes, “money“, as any other single thing in the world, can’t make you happy by itself.
We should seek happiness elsewhere. Because no money is not the solution, 100%.
With that said, try to compare the experience of a sad/heart broken/depressive person with and without money. Who do you think will have the better experience? A person whose family member died and he doesn’t need to think about financial problems at the worst possible times or a person whose family member died but can’t cover funeral expenses, is already drowned in debt, will lose his job if he doesn’t show up tomorrow, and risks being kicked out of his apartment, facing homelessness and hunger as a consequence?
It’s not a case of happiness. It’s a case of opportunity. Being wealthy is always superior to not. And the fact that some rich people are miserable doesn’t prove anything. Some poor people are miserable too. People are miserable regardless of money.
Conclusion: the truthfulness of “money can’t make you happy” is irrelevant and thus shouldn’t be even mentioned. It especially mustn’t be a mental block for earning more, developing financial literacy, investing, getting rich, or pursuing FIRE.
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