GUEST POST from Don: Unconscious Views of Money, part II

UNCONSCIOUS VIEWS OF MONEY, part II

Last time Bat Man was at risk of being separated from himself.  Will he survive the buzz saw?

Today, the other four:

3. MONEY IS THE DEVIL.
The underlying belief is that money is evil, versus believing that money is merely a tool to take care of one’s needs.  This person thinks that the rich are greedy and should be punished.  (Often there is no end to the punishment these people are willing to give those who have more than they have.  Raise taxes on the rich and make them pay “their fair share,” establish an earning maximum, equal pay no matter the position in the company, etc.)  The problem with this socialistic view of money is that there would be no impetus to become a surgeon who saves people’s lives if the doctor earned the same as a McDonald’s cook.  The Soviet Union found that when no one had incentive they had no drive to accomplish more than minimum results.  The solution to this view is to realize that, although a few people DO become rich by taking advantage, most do it by providing a product or service which meets the needs of others.  There is no virtue in being poor because you want to avoid money.  There is also no virtue in being the richest person on the block.  Money is not the “Devil.”  Every culture for as long as humankind has existed has had a form of trade for value.  So, money is not evil or bad even if some use it for evil purposes.  Find satisfaction in using money for good purposes, like feeding and housing your family.    

4. THRIFTINESS IS GOD (I MUST CONTROL EVERY PENNY).
The underlying belief is that there is a “best practices” solution to everything financial.  This lends itself to being a tightwad, spending only when necessary, and spending the least possible on every purchase.  These people are not only tight with money, they don’t want anyone to know how much they have.  They are penny-pinchers who don’t even like to spend money on themselves.  These Scrooges may never enjoy what they have.  (Revelation:  This is where I sit most of the time.  Those who can’t seem to save two cents to rub together bug me.  I’m a Scrooge, but I can change, if I have to, I guess.)  The solution for these folks is to make controlled purchases.  Buy a sofa which may be above what you want to pay, but which is of high quality and will last for decades.  You will get the best of both worlds, you will save money in the long run AND enjoy the purchase you made.  A bigger issue here also stems from fear.  If you cannot spend anything to enjoy life there may be a need to examine one’s motives and motivations.  (I think most have the opposite problem:  They need to enjoy life less and save those pennies for the future.)

5. MONEY IS AN IMP THAT BURNS HOLES IN MY POCKETS (these people are often considered “too broken”).
The underlying belief is that if I have a credit card I can buy whatever I want … I can pay later. These people never seem to worry about having or not having money.  They WANT, and GET. They have zero self-control.  Thus, they rarely have any real savings.  They seldom, if ever, have a paid-off car or credit card.  They don’t realize it, but they are allowing lenders to steal their futures. They never get ahead because every small purchase for which they can’t pay cash is stealing next month’s lunch money.  I don’t believe there is any person who is “too broken” to be helped.  Zero self control can be improved, ‘eh?  The solution for these folks is to create a simple budget (some control).  a) An emergency fund.  b) A spending budget which is less than their income.  c) A plan to pay off one credit card (which has been shredded) and pay down the others (as strange as it may seem, you can call your credit card company and ask for the spending limit to be reduced). Money has a purpose and allowing that purpose to be sapped through lack of self-control can result in multi-generational failure.  Continually paying interest on debt means that you are unable to provide for your own future needs.

6. MONEY IS A TOOL AND NECESSARY (These people are generally healthy).     
The underlying belief here is that money is valuable only as far as it provides for the needs of yourself and your family.  It can also be used for good purposes, like charity and establishing educational opportunities for an under-served community.  This person does his or her research to find the “magic amount” needed to meet all the needs both now and in the future, then finds opportunities to broaden the experiences that involve spending time with family, friends, and spirituality.  The result is a satisfying life where money is not a worry, instead the person focuses on relationships and inner peace.  Generally, this is a solution, not a problem.  If there is a weakness to this view it is the relative unconcern this individual has for money.

Do any of these feel like “you”?  
It may be difficult to reach your financial goals without dealing with your relationship with money.  It could be time to un-learn the old way you deal with money, or at least improve it.

Financial advisor Ali Katz  says that many of us have a distorted view of finances which “causes us to make poor decisions about our non-renewable resources, time, energy, attention, health, relationships.”  She concludes with these thoughts: “Get really clear about what you actually need to live the life that you want …  What do you need to fill in the gap between what you need and what you actually have?”

Copyright 2024 Donald Whelpley

[PLEASE NOTE that Don is always open to discussing the thoughts and opinions he shares here and welcomes comments as shared in the comment section. He doesn’t use other social media platforms and won’t see whatever you’d like to share with him if you post it elsewhere. ~ Sherry]

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