8 biggest Myths about Money
Money, in economics, is a medium of exchange that is accepted by people for the payment of goods and services. But in real life it is much more than being just a medium of exchange. In real life, more or less things run around Money. Believe it or not, Money is the most chased thing in today’s World; right or wrong that’s altogether a different debate but it is a fact which no one can deny. Everyone has different take on Money and it is subjective but there are 8 most common myths about Money, it is necessary to bust these myths and understand Money and its relation to our lives. Just before going forward, one caution for rest of the article, it is going to be more of Philosophical than Financial-
Myth 1- Money is the root cause of all problems:
It is because of Money most of the crime happens, it is because of Money 2 siblings get into fight and get separated, it is because of Money people can’t focus on their health, it is because of money many relationships get spoiled and this list goes on. As per a Govt. report, 85% of crimes have the Money factor involved, so isn’t it correct to say- Money is the root cause of all these problems. The answer is NO. Money is NOT the problem but Greed of Money is. Getting Money in fastest or any possible means is the root cause. Once the Greed of Money is rejected, it opens the path where Money automatically comes and solves the problem not amplifies it.
Myth 2- Too much Money makes people arrogant:
This is another misconception going around that whenever people get Money; their arrogance is reflected in it. On contrary, when a person starts earning money and understand what money can do in their life, they tend to be humble. Because Money in their possession today does not mean it will remain to them for eternity. Truth is Easy money makes people arrogant but Money with efforts and earned for purpose tends to develop humility.
Myth 3- Loads of Money can be made only through wrong ways:
It is said that- When you go out to become a rich person then you have to follow many ways that are Unethical. It is not completely wrong; there are examples when people become rich through wrong means. But it is not always true, there are many industrialists who have made massive wealth but at the same time they are also biggest philanthropist. Truth is- making loads of Money has enough of Ethical ways and these Ethical ways are much more than Unethical ways.
Myth 4- Money erodes personal relationships and well-being:
The primary reason behind the most of the broken relationships is- Money. Most of the health issues be it physical or mental is due to getting in to a race of earning more and more Money. So isn’t it also correct that Money is the reason behind the poor health and broken relationships. The answer is again NO. Money does not erode well-being but chasing Money without giving thought to other factors of life is really erode the well-being. Balancing your career, your health, your relationship, your mental peace is the real key. So chase money passionately but also chase other aspects of your life.
Myth 5- Being Money minded is a bad thing:
When people chase Money, they use to think about Money 24X7, how to make it or increase it; they are tagged as Money minded. As per today’s scenario very few people understand how money works; it is really important for everyone to understand it and to understand Money you have to be Money-minded. Being Money-minded is not at a bad thing but being Excessive Money-minded which is harming others or your self is definitely bad thing. A son makes good relationship with his father because he wants to inherit his properties, is example of being excessive Money-minded, it should be avoided. Being Money-minded for your own financial growth, on contrary, is one the best quality in your personality.
Myth 6- Money snatches your freedom to live peacefully:
There is a popular anecdote- A person was living with his family in a village, he use to sell flowers and make his and his family living through his daily earnings. He earns daily and almost spends daily; he was happy and everyday he use to sleep peacefully. Once his friend gave him gold to take care for few days, he keeps it with him. After that he was never able to sleep peacefully till his friend taken his gold back. From this story, the perception is made- if you have Money, it will not let you live peacefully. But the catch is that- having Money here is not a problem but security of that Money is problem. If you relate it with today’s scenario, you have to understand your risk profile. Suppose you are a job person and you take risk of going for Start-Up and can’t handle pressure of losing out, it will take away your Health, Wealth and Peace. So it is necessary to understand your risk profile after that you will never have to compromise your peace with your financial decisions.
Myth 7- Money takes you away from spirituality:
It is a fact that most of the people who enter in spirituality are wealthy. It is a cycle that people accumulate wealth for materialistic things and then they realise it is not the True wealth. True wealth is attaining Self-Realisation i.e. Atma Gyaan. It is human tendency that you first want materialistic pleasures and you are lucky enough to get that and luckier enough to think go beyond that- it takes you towards Self-Realisation or Atma Gyaan. So Money does not take you away from spirituality but paves your way towards spirituality.
Myth 8- Money CANNOT buy Happiness:
The last but the most common myth about the Money is- “Money Can Not Buy Happiness”. Ask a father who gives his 2-year daughter her favorite toy and sees her smiling face. Ask a mother who contributes through her savings which she keeps in rice/wheat boxes to his son’s education. Ask a daughter who gives her first paycheck to her parents. Ask a son who takes his parents to different places in their oldage. Ask all of them whether Money can buy Happiness or Not. It gives the Answer. Money can buy Happiness; the WRONG way of quoting this thought is –“ONLY money can buy Happiness”. Money and Happiness can go hand in hand; you just need to understand how both can be balanced.
Conclusion: You can either chase money all your life, or go beyond money. Those who chase it and attain it, see it as Destination. Those who go beyond it, see it as a Medium of the Destination. As once Confucius said “We all have two lives. The second one begins when we realize we just have one.” In same way- “We all have two money lives. The second one begins when we realize we have enough for our life.”