Reason 4: You have an unhealthy relationship with money
In Part 3 we talked about how the most important investment you can make in your wealth journey is in yourself. It’s about skills and mindset. In this last part of the series I am going to take this a step further on the mindset side.
What are your beliefs about money?
It can rot your soul.
It can change you.
The only way to be really wealthy is to be unethical.
You maybe have heard these or other similar sentiments growing up.
Maybe you even believe them.
How about this quote from the New Testament:
“For the love of money is the root of all evil…”1 Timothy 6:10
It is not the only time that riches or wealth is addressed in a negative light in religious or philosophical texts.
I misunderstood this scripture for most of my life. I have found that I am not alone.
Somehow it has twisted into something with a completely different meaning:
Money is the root of all evil.
But money isn’t evil, the love of money is.
Loving or worshiping money is not good. But money itself is neutral.
It is neither inherently good or evil. It can be a means to both.
Money is a tool.
It’s an amplifier.
It amplifies who you are.
If you are naturally a selfish person, then your money will amplify that and give you more resources with which to be incredibly selfish.
If you are naturally a selfless person, it will give you more resources with which to be selfless.
This is one way that we look at money that affects us negatively. There are more.
In fact, there is a lot of research on how our psychology affects our money decisions.
Enter Money Scripts
What the heck are money scripts?
According to research done by Dr. Brad Klontz, founder of the Financial Psychology Institute, there are primarily four money scripts that we have learned from our parents and those we associated with growing up.
These money scripts are:
Based on his research, these money scripts are beliefs we hold on the subconscious level and they are responsible for our financial outcomes.These scripts can limit our potential or even sabotage what we have.
So what do they mean?
This is where you really want to avoid thinking about money.
Where you just want to sweep it under the rug and pretend all is well.
You probably feel tremendous anxiety just thinking about looking at the bank account. It is easier to just not worry about it.
That anxiety about your current or future situation compels you to put your head in the sand and hope it works out.
You also believe that there is virtue in having less money than others and that rich people are greedy or corrupt.
If you have this money script, you believe that money is the answer to all your problems.
Everything wrong in your life would be improve or be fixed with money.
You also believe that you can never have enough money and continue to focus on accumulating more and more.
You also probably spend money to feel better.
You think that spending money and buying things will bring you happiness, but it is never enough.
This is the belief that your wealth displays your status.
You are likely to buy the newest and best of everything, even when you can’t afford it.
If you have more money, you have a higher status in society, so you prioritize spending in ways that increase your status level among peers.
The new house.
The new car.
The fancy watch.
The more your possessions exude wealth, the more wealthy you feel.