The 5 lies you’ve been told about money

As innocent children, you probably heard your parents repeat these 5 phrases about money, with so much conviction and certainty that you believed them to be the truth. Without questioning you absorbed these beliefs and over the course of your life I’m sure you’ve repeated them to others, without ever examining the “truth” that you’ve been sold. These beliefs can stay below your level of awareness, silently sabotaging your money-making progress, leaving you feeling frustrated, guilty and overwhelmed. That is until you found this article.

Before we get started I just want to reassure you that this isn’t a “bash your parents” moment either. Your parents did their best they could with the little financial education they had available to them. They absorbed these lies about money, just like you did, but very soon you’ll know better.

#1 - Money is the root of all evil

If you were brought up in a religious family like me, this lie is the one that keeps you wanting more money but afraid to have more. It’s the lie that keeps you small and ends any desires to make changes to your financial situation. It is the ultimate lie, and is actually a misquotation and an oversimplification. Money itself is neutral - it's the love of money above all else that can lead to evil actions according to biblical teachings. The truth is money is simply a tool. It’s the people who use it that determine whether it’s used for good or bad.

#2 - You’ve got to have money to make money

I heard this lie used brilliantly last week to explain why after 3 days of training the person couldn’t implement any of the tools and strategies they had learnt. When your financial situation is stretched and you don’t believe that it’s possible to change your relationship with money, this lie gives you the excuse to stay exactly where you are. “I haven’t got any money so I can’t make any money”, it’s the perfect demotivation. Instead of inspiring you to look for places to save money, investing that small amount and then letting compound interest work its magic, you do nothing. The truth is Warren Buffet is one of the richest men in the world because he started investing small amounts as a child. Small amounts of money are all you need to start making money

Lie #3 - Money doesn’t make you happy.

In 2010, Nobel-winning economist and psychologist Daniel Kahneman came out with the theory of a “happiness plateau”. Once you reached an annual household income level of £62,000 earning more money didn’t make you happier. Then in 2021, happiness researcher Matthew Killingsworth released a study that showed that the “happiness plateau” didn’t exist. The truth is a bit of both. If you are extremely unhappy, happiness seemingly does improve with household income up to £82,000, but then it levels off because there are some problems money can’t fix eg. relationships. For people who have higher levels of emotional wellbeing, happiness continues to increase with income and accelerates after income levels of £82,000. The truth being that money does make you happy to a point but continued happiness comes from relationships, purpose, and overall life balance.

Lie #4 - When I have more money I’ll feel successful

Until recently scientists believed that good decision-making and financial education were all that was required to make money but that’s no longer the case. Developments in neuroscience and biophysiology are now highlighting the pivotal role played by emotions and stress responses in financial dysregulation and the significant impact that emotions have on attracting, receiving and managing money. The lie is waiting until you have the money before you start acting and feeling successful (Have, Do Be), when the truth is when you feel successful (you change on the inside), do the things that successful people do, the money will show up (Be, Do, Have)

Lie 5 - You have to work hard for money

This lie, when deeply embedded, is the root cause behind the huge numbers of people suffering from anxiety, stress and burnout. It’s a lie that in times gone by worked well. Want to make more money from farming, plant more seeds. Want to have a bigger income, study harder and go to university. Selling your time for more money was the way so many previous generations had got ahead. Then the internet came along and blew that paradigm out of the water. The truth now is that celebrities can make millions in the time it takes them to record a video. What would you do differently if you knew you could earn more money with ease?

So what now?

You might be thinking, now I know the truth about these lies, what do I do next?

The next step is to create yourself an empowering belief that you can repeat whenever you find yourself falling back into believing the lie. It’s important to find a statement that you believe is true, so you may have to tweak it several times until it feels right for you but the key is to keep practicing it until saying the new statement feels as true to you as saying your name..

Here are some examples that you could use as a base to get going:

1. Making money is easy and effortless for me

2. I am successful right here and now

3. Money amplifies the good I bring into the world

4. My money and I are a work in progress. As I learn more about money I can do more with money

5. There are countless possibilities available to  me to make more money

If you’d like to release these lies and achieve your true potential with money, then check out future newsletters where I'll be talking about "How money does grow on trees” and "Why mindset isn't the key to money manifestation”.

If you're ready to work on these lies directly, book a free 30 minute curiosity call to see what this would look like