The Money Myth Keeping You Stuck

June 8, 2023

This blog post could alternatively be entitled: "Why Money Alone Won't Solve Your Financial Woes."

In today's hustle and bustle, it's easy to fall into the trap of believing that more money is "the answer" to all our financial problems. We daydream about winning the lottery or landing a high-paying job, thinking it would solve everything.

But let's hit the pause button for a sec.

Have you heard the saying, "To get the life you want, want the life you have"?

Well, I've found that this principle very much applies to our relationship with money. It could be restated as, "To have the money you want, appreciate the money you already have."

Wanting more money without appreciating and taking care of what you already have leads to discontent, and it also isn't very effective. Let's dive into why more money alone isn't the magic cure for your money troubles.

1. Mindset and habits:

So, here's the thing: managing our finances is way more about our mindset and habits and emotions than charts and graphs. Even if you had a truckload of cash, without the right approach, you can end up stuck in a cycle of overspending, debt, and stress.

Building a happy money mindset and adopting smart financial habits is key, especially when you are realistic and honest about your money. We're talking budgeting, saving, and making good choices no matter your income. By focusing on these foundational aspects, you pave the way for financial well-being.

2. Lifestyle inflation:

Ever heard of the phrase "keeping up with the Joneses"? Well, that's lifestyle inflation in action. When our income goes up, it's tempting to splurge on fancy things and upgrade our lifestyle. This often leads to higher expenses, leaving us no better off financially than before.

Unless we make conscious efforts to manage our money proactively and save, we'll forever find ourselves needing more money just to maintain our inflated lifestyle. Ask me how I know :-) I doubled my income within an 2 year period, and was no closer to debt-freedom, healthy savings, or getting ahead.

3. All the emotions around money:

Here's the thing: most of our financial troubles run deeper than just numbers on a balance sheet.

Overspending, impulsive buying, and avoiding financial responsibilities can be signs of underlying emotional stress or self-worth issues or disorganized thinking and living.

More money won't magically fix these matters. Sometimes you may need to seek support in the form of financial therapy or counseling, and sometimes you just or also need to see that it's possible for you to get different results with your money by approaching it differently.

In conclusion...

Here's the bottom line: while more money might seem like the quick fix, long-term financial stability requires more than just a fat paycheck.

Building a healthy money mindset, adopting savvy financial habits that can actually work for you, being mindful of lifestyle inflation, and appreciating/addressing the feelings around money are all vital ingredients for a solid financial future.

Money is an incredible tool when you get your foundation healthy, and it's your attitudes and actions that truly shape your financial destiny. You've got just the right amount of money to start taking care of it today.

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