Your Money Beliefs Can Help You Get Rich (or Stay Poor)

Your Wealth Generating Machine (Invest)

How we humans view money is complex.

We’ve existed far longer than the concept of cash. It’s so new that only a few thousand years ago barter was a more popular form of acquiring what we needed and wanted.

So what is money?

At its core, money is power. Power to buy the things we need or want, power to acquire experiences, power over our time, and the incredible power to give us financial peace of mind.

If you were looking at modern currency for the first time, you’d likely say it appeared to be worthless pieces of paper and little slugs of metal.

Economists will rightly say that money is an efficient and universal means of exchange.

In today’s economy, where nearly all currency and coins are made from materials that are worth far less than face value, money only has value because the issuing entity is willing to back it with good faith as a means of exchange.

Therefore, money doesn’t have intrinsic value, it only has the value we assign to it.

Credit cards and credit overall make the concept of money even more distant.

After all, there’s no physical device exchanged in a purchase, only an electronic spritz of a credit card number, and the idea of an obligation to pay the card company back in the future.

A pack of gum and a room full of high-end furniture require the exact same swipe or tap of the card.

The removal of the give-to-the-get that is present with a cash exchange is part of the problem with credit. One can buy almost whatever catches their eye, with no seeming sacrifice of exchange.

It’s no wonder, then, that the reality of money is sometimes hard to grasp, leading to difficulty in successfully managing our personal finances.

How we view money, and its role in our lives, it best summed by our ‘money beliefs’.

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