When starting a new business, many business leaders and entrepreneurs often hear things like, “You’re gonna work long hours for the money!” or, “Aren’t you afraid that loneliness will consume you?” And if you’re like me, you might have also been told, “You’ll see. People treat you differently when you make more money.”
In the past, I used to let those money-related sayings get to me. As a result, I delayed starting a business, and when I finally found the courage to do so, it was with great trepidation and anxiety. Can you relate?
Back then, I did not think I had issues with money or my relationship to money. I was simply applying what I, growing up, had been taught about money.
Some say we are the average of the five people we spend the most time with. Those people from my past were basically saying that money is hard to make (i.e., we must work long hours to make more money); money is a source of evil (i.e., the green stuff will make you as lonely as ever); and money is who we are (i.e., how others treat us is based on our bank balance). That was certainly what my parents and significant others were saying to me.
But when we closely examine where our money beliefs come from and who taught us those beliefs, we have a golden opportunity to kick money misconceptions to the curb in order to thrive financially and emotionally.
Common Misconceptions We Hold Around Money
1. ‘Money is who we are.’ Money is not who we are. Like a magnifying glass, money accentuates what we are. If we are generous in spirit and genuinely want to help others, we will give generously whether we have money or not.
2. ‘Money is hard to make.’ I’ve seen that many entrepreneurs hold this belief and allow themselves to become discouraged from pursuing their goals. But there’s money out there, as evidenced by the profits that businesses are drawing in every day, so remember that you, too, can get out there and earn a piece of the pie.
3. ‘Money is a source of evil.’ Money can be a tool for some to experience a specific, warm feeling. Ask any philanthropist why they give money to their beloved charities. Oftentimes, you’ll hear that they want to make a change for the greater good. Where is the evil in that?
4. ‘Money shows value.’ Money can never show value because money is a tool; it feels nothing. To determine the value of something, I believe we must emotionally feel it. This is why our self-worth (intrinsic value) has nothing to do with the amount of money we earn or our bank balance.
5. ‘Money is the solution to everything.’ We are the solution to all our problems. It never ceases to amaze me when clients first come to see me with the mindset that they would be happier, more attractive or more successful if they made more money. The truth of the matter is, anything built on a contingency can easily be taken away.
After failing at two startups, I started facing my beliefs around money, and I have since become an emotional intelligence coach, economist and chartered financial analyst who specializes in assisting business leaders and entrepreneurs in developing a healthy money mindset while conducting business.
The Impact Of Having These Misconceptions
Here are some of the most common impacts I have witnessed related to misconceptions around money:
• Losing sight of who we really are: When we let money define us, what happens when bank balances fluctuate all over the place? Stay true to your feelings and emotions.
• Giving in to stress and anxiety: I’ve seen that fluctuating bank balances without a strong sense of self can lead to feeling stressed, anxious and depressed, among many other things. Breathe deeply in all cases.
• Failure to make money fun: When money is a constant source of stress or anxiety, where is the fun in that? Keep a bottle of water bubbles on your desk; remember the kid in you.
• Making money the center of our universe: If we make money the strict focus of our business venture, how will our team ever know how much we appreciate who they really are at a heart level? Acknowledge one positive trait in your co-workers daily.
I don’t know about you, but I highly doubt a business leader or entrepreneur wants to start a business while perpetuating money misconceptions. When you kick money misconceptions to the curb and embrace a healthy money mindset, I’ve observed that you often can develop higher self-worth. When we really know who we are and the core values we embrace as an individual or corporation, we can stand unwavering in the face of hardship (business or otherwise) because we understand that money is strictly a tool.
You can also build deep, meaningful relationships. It is a great feeling to know that we are loved and appreciated for who we really are — beyond our work accolades and bank balances. It’s that feeling we get when a young child runs up to us and wraps their tiny arms around our neck while whispering in our ear, “I love you.” That child — like anyone close to us — loves us because of who we are, not our checkbook.
In conclusion, unless we address our potential misconceptions around money, we might continue building business after business while thinking that money is hard to make or that we must work long hours to make more money. Do yourself a favor: Kick your money misconceptions to the curb. You’ll be richer for it, both financially and emotionally.
In the past, I used to let those money-related sayings get to me. As a result, I delayed starting a business, and when I finally found the courage to do so, it was with great trepidation and anxiety. Can you relate?
Back then, I did not think I had issues with money or my relationship to money. I was simply applying what I, growing up, had been taught about money.
Some say we are the average of the five people we spend the most time with. Those people from my past were basically saying that money is hard to make (i.e., we must work long hours to make more money); money is a source of evil (i.e., the green stuff will make you as lonely as ever); and money is who we are (i.e., how others treat us is based on our bank balance). That was certainly what my parents and significant others were saying to me.
But when we closely examine where our money beliefs come from and who taught us those beliefs, we have a golden opportunity to kick money misconceptions to the curb in order to thrive financially and emotionally.
Common Misconceptions We Hold Around Money
1. ‘Money is who we are.’ Money is not who we are. Like a magnifying glass, money accentuates what we are. If we are generous in spirit and genuinely want to help others, we will give generously whether we have money or not.
2. ‘Money is hard to make.’ I’ve seen that many entrepreneurs hold this belief and allow themselves to become discouraged from pursuing their goals. But there’s money out there, as evidenced by the profits that businesses are drawing in every day, so remember that you, too, can get out there and earn a piece of the pie.
3. ‘Money is a source of evil.’ Money can be a tool for some to experience a specific, warm feeling. Ask any philanthropist why they give money to their beloved charities. Oftentimes, you’ll hear that they want to make a change for the greater good. Where is the evil in that?
4. ‘Money shows value.’ Money can never show value because money is a tool; it feels nothing. To determine the value of something, I believe we must emotionally feel it. This is why our self-worth (intrinsic value) has nothing to do with the amount of money we earn or our bank balance.
5. ‘Money is the solution to everything.’ We are the solution to all our problems. It never ceases to amaze me when clients first come to see me with the mindset that they would be happier, more attractive or more successful if they made more money. The truth of the matter is, anything built on a contingency can easily be taken away.
After failing at two startups, I started facing my beliefs around money, and I have since become an emotional intelligence coach, economist and chartered financial analyst who specializes in assisting business leaders and entrepreneurs in developing a healthy money mindset while conducting business.
The Impact Of Having These Misconceptions
Here are some of the most common impacts I have witnessed related to misconceptions around money:
• Losing sight of who we really are: When we let money define us, what happens when bank balances fluctuate all over the place? Stay true to your feelings and emotions.
• Giving in to stress and anxiety: I’ve seen that fluctuating bank balances without a strong sense of self can lead to feeling stressed, anxious and depressed, among many other things. Breathe deeply in all cases.
• Failure to make money fun: When money is a constant source of stress or anxiety, where is the fun in that? Keep a bottle of water bubbles on your desk; remember the kid in you.
• Making money the center of our universe: If we make money the strict focus of our business venture, how will our team ever know how much we appreciate who they really are at a heart level? Acknowledge one positive trait in your co-workers daily.
I don’t know about you, but I highly doubt a business leader or entrepreneur wants to start a business while perpetuating money misconceptions. When you kick money misconceptions to the curb and embrace a healthy money mindset, I’ve observed that you often can develop higher self-worth. When we really know who we are and the core values we embrace as an individual or corporation, we can stand unwavering in the face of hardship (business or otherwise) because we understand that money is strictly a tool.
You can also build deep, meaningful relationships. It is a great feeling to know that we are loved and appreciated for who we really are — beyond our work accolades and bank balances. It’s that feeling we get when a young child runs up to us and wraps their tiny arms around our neck while whispering in our ear, “I love you.” That child — like anyone close to us — loves us because of who we are, not our checkbook.
In conclusion, unless we address our potential misconceptions around money, we might continue building business after business while thinking that money is hard to make or that we must work long hours to make more money. Do yourself a favor: Kick your money misconceptions to the curb. You’ll be richer for it, both financially and emotionally.