Let me start off by saying this, I GET IT.
“Money” is a trigger word that elicits highly emotional responses such as anxiety, disgust, excitement, fear, stress, shame, emotional highs, and unbelievable lows. We have such strong emotions and beliefs towards it that we have almost forgotten what it is and what it is not.
What is Money?
- A powerful tool
- Currency
Money has no moral compass or loyalty, it will pass to the person most prepared to put it to work.
With that being said, it is not actually the money itself that is the issue plaguing the existence of so many in our society. This statement is not being made because I have arrived at this level of perfection when it comes to finances, but simply because on this journey of learning to become a better steward, I’ve discovered that it less about money and more about the learned perceptions of those looking back at us in the mirror.
What Money is Not?
- Evil
- Something that has made up its mind to avoid you at all costs
- The solution to all of your problems or,
- The source of all your problems
Once this truth becomes a belief, you recognize that if money is a tool, then there are manuals that allow you to maximize its potential. It’s a skill that you can develop to manage this tool well.
Not only is money a tool, but it’s also currency, which means it’s continually moving. There is always a flow. Although it may feel like there’s not enough money to cover your lifestyle, consider this you are considered in the top 1% of the world if you make at least $32,400 a year. You may not be in the top 1% of the US economy, but congratulations you are richer than 99% of the world population.
*Ding* Perspective check.
This discovery is just the beginning of why I believe that money is not THE issue.
So what are the 4 Reasons Why Money Is not the Issue??
1. Contentment
You will always find yourself living paycheck to paycheck when you lack contentment. What I mean by contentment is a state of mental and emotional happiness that comes with being at ease within yourself and situation. Now for those of us that are forever chasing down a goal or climbing up a ladder, this definition may cause you to balk.
I did the first time.
From several years of experience, I have observed many clients or friends that focus on getting more material things because of external pressures, such as their peers and society, will end up having difficulties with money. While external forces may be a reason why some lack contentment, others may be operating from a mindset of scarcity. These individuals may feel like they lack something within themselves that can only be found through material things. Here are some questions to ponder if contentment is an issue:
- Am I purchasing this item because I genuinely like it or do I like the idea of approval or notice I may gain from it?
- Is this purchase adding true value to my life or just taking space?
- If I walk away from this purchase would it decrease my value as a person? (if the immediate unconscious response is yes, walk away quickly)
Everything that you need to live a fulfilled life already exists within you. External, material things may temporarily add to your life, however, they don’t define it. This realization will ultimately cause you to reflect on why we purchase certain items. When your value is no longer attached to what you have, but who you are, you will find yourself spending less money.
2. Knowledge
Like I said earlier, money is a currency that flows to anyone ready to put it to work, there is a constant flow of money in the world. The problem is not that there is a lack of money, but a lack of knowledge on how to effectively put it to use. If you are not exactly clear with what you want to do with your money, it will be tougher to get it and when you do you will not have it for long. If you aren’t aware of the tools and resources you have access to, money will feel like it always lacks in your life.
There was a time in our history where access to important financial information was completely exclusive. Those less fortunate, including minorities, were excluded from the dialogue. That has caused a ripple effect that still affects us today. Technology has given us more opportunities to level the playing field and the problem is no longer about accessing information, it’s really figuring which information fit our circumstances. Fortunately, everyone can use a boost in the way we mentally view money and so below are some recommendations on how to increase your financial literacy.
- Read books that challenge your way of thinking when it comes to money. Two favorites of mine, The Total Money Makeover by Dave Ramsey and You’re a Badass at Making Money by Jen Sincero
- Go to free workshops hosted by banks like credit unions, nonprofits, etc..
- Intentionally put yourself in rooms with people who speak about money and are wiser when it comes to its management, then choose to be slow to speak and quick to listen.
3. Identity
When we don’t understand who we are, we get caught up in things that will ultimately eat away at our finances. You will find yourself stuck in one space when you were created to be a digital nomad, or chasing after a status for recognition that will eat away at your sanity. Self-awareness is vital when it comes to wealth management. It is that awareness that will help you create a value system that can guide your personal and financial decisions. When we lack self-awareness we fall prey to false identities, social pressures, comparison, life burnout, and self-doubt.
What are false identities?
False identity is a false sense of “you.” If allowed, the world around us will try to give us an unsustainable reality of who we are and who we should be. One of the most significant financial benefits of being grounded in your identity is finding the ability to say NO to things that don’t serve you. Budgets work better when you are secured in the knowledge of yourself. How do you develop self-awareness?
- Take a personality test such as Meyers Briggs and DISC. Keep in mind this is a launchpad, not an ending place.
- Ask family and friends to help you discover your strengths by asking them the question, “what is my superpower”?
- Actively create a personal development plan.
No is a complete answer. No explanation needed.
4. Vision
“The best way to predict the future is to create it.”
– Abraham Lincoln.
The final reason why money itself is not the core of our financial problems is that many times when questioned about the vision for our lives, the majority of people aren’t sure how to answer. Vision is about mission and purpose.
Take some time to answer these questions: Where do you see yourself in the long run? What do you want your life to look like? Whom do you aspire to be at the end of your life? What is that burning problem that you see in the world that inspires you to action?
What you spend your money on is a reflection of what’s most important to you. With a clear vision, purpose, and a driving force that guides your life, your finances will reflect that.
Take the word “provision,” known as an alternative word for supply or money. If you break down the word provision, you get the prefix “pro,” meaning “in favor of” or “for” and the root word is “vision,” which is “a thought, concept, or object formed by the imagination.” Your money is a supply in favor of a thought or concept. You provisions (money) is for a vision. Find a vision, and you will find that money will be able to flow through you towards that vision.
In summary, I don’t believe that there is a money problem in the sense that there is a lack of it or that we just have to make more of it. Within our world money is continuously circulating and is constantly being made. I believe however that people lack money because there is room to grow when it comes to contentment, knowledge, self-awareness, and vision.
I would love to hear your thoughts below. What do you believe is the reason why people have money issue?