Thrifty Thinking: Money Phrases

Steve Siebold, author of the book How Rich People Think, and a self-made multi-millionaire who has interviewed more than 1,200 of the world’s wealthiest people over the past 30 years, says be careful, some of these seemingly harmless phrases about money can actually interfere with the wealth-building process, but some can work in your favor.   

 

For example:

 

-          It takes money to make money: This phrase is limiting at best and destructive at worst.  The truth is you have to have great ideas that solve problems to make money.  If you do, you will attract money like a magnet.  Wealthy investors are always on the lookout for the next big investment they can sink their teeth into.

 

-          Money doesn’t grow on trees:  Figuratively speaking, money does grow on trees; and the trees are ideas.  This belief sets people up to believe money is scarce and difficult to earn, instead of seeing money as abundant and earning it is as easy as solving a problem through persistent, creative thought.

 

-          Another day another dollar: The masses trade time for money.  This creates the belief that making money is a linear process directly connected to time.  The average person believes the only way to make more money is to work more hours.  Big money requires thinking about it in non-linear terms.    

 

-          Money is the root of all evil: The real saying is actually “the love” of money is the root of all evil, but has been misquoted for centuries that most people believe money itself is the root of all evil.  Decide to be proud of your ambition and ignore people who tell you that wanting to be rich is wrong. 

 

-          A penny saved is a penny earned: This is a very dangerous belief as it put a major emphasis on saving.  Saving in itself is not bad, but the masses are so focused on clipping coupons and living frugally that they miss major opportunities.  People must reject this nickel and dime thinking and focus their mental energy where it belongs: on the big money.    

 

-          Money can’t buy you happiness: The most common misconception about money is that more will make you happier.  You don’t get rich to get happier; you get rich for the freedom in brings. It allows you to live life on your own terms, but it’s unlikely to make you any happier.  If you’re unhappy without money, you’re not going to be happy with it. 

 

-          A penny for your thoughts: This is usually a harmless phrase when people just want to know what’s on your mind, but be careful: If overused and it penetrates the subconscious, you’ll start giving away your intellectual property for practically nothing.  Your IP and unique perspective can potentially be worth millions if packaged properly.

 

-          Selfishness is a virtue: The masses are programmed from an early age to put the needs of others before their own.  While this sounds like a spirit-driven, high-level philosophy, it’s the worst advice you can get when it comes to money.  In order to make a lot of money, there is a period of time in the beginning of the wealth building process where you must focus on yourself and your business in order to make it at an uncommon level.  Once you acquire wealth, then you can volunteer or give back to charity.

 

When it comes to money, Siebold says the best advice to remember is to always look at it from a consciousness of freedom, possibility, opportunity and abundance.  Never look at money from a fear and scarcity point of view.