There’s one good thing that comes with age– the wisdom that can only come from experience. The old-aged club Sucks big time! But It also has some hidden benefits within it which I wouldn’t swap for anything … Getting Wiser.
Knowledge helps you understand how life actually works, and how surprisingly different life is from the kind you so often see portrayed in daydreams, commercials, and movies.
Below are 10 popular misconceptions about money that experience has taught me are more often fiction than fact …
Money. The myths surrounding money are numerous and widely held, especially among the young.
1. The Much More money I have, the happier I’ll be.
Joy comes from liking oneself, something completely not related to money. Fortunes buys recognition, too often confused with validation. Respect, especially self-respect, isn’t for sale.
Rather than obsessing about money, think about what really makes you happy. Make only enough money to take part in those activities.
If you had to ask some of the most affluent people like Howard Hughes, Anna Nicole Smith, John Belushi, Chris Farley, Marilyn Monroe, Michael Jackson, Amy Winehouse, Jimi Hendrix, Janis Joplin, Kurt Cobain, and Elvis about this one. OK, guys, show of hands … did greatness and fortune make you happy? Chances are that you wont find any endorsing.
2. A big income will keep me out of debt.
What’s the big difference between someone who makes $50,000 a year with a $100,000 mortgage and someone who makes $500,000 a year with a $1 million mortgage? Answer: nothing.
Unless they have money set aside for emergencies, they’re both a paycheck away from disaster.
Debt in many cases rises with income. What keeps you out of debt isn’t a high income or net worth. It’s not borrowing money.
3. Millionaires drive expensive cars, wear fancy clothes, and live in fancy houses.
Many times it’s people who will never become wealthy because they’re swapping tomorrow’s financial freedom for today’s appearance. As I’m fond of saying, life affords you the opportunity to either look rich or be rich, but few live long enough to accomplish both.
Certainly not according to the people who did a bunch of research and wrote The Millionaire Next Door. According to their studies, the average American millionaire drives an ordinary American car, lives in the same nondescript house they’ve owned for years, and avoids designer labels. That’s how they became millionaires.
4. The more money I have, the less worries I’ll have.
Given, those without enough money to eat or keep a roof over their heads, have lots to worry about. Once you have enough money for all your needs and a reasonable number of your desires, the excess will add to your concerns, not alleviate them.
5. Money will help me find love.
In my practical experience with women, they’re not attracted to money. They are, however, attracted to ambition and intelligence, especially when its presented as humor. Everyone’s attracted to people who are self-confident, non-needy, and able to laugh at themselves.
Like a peacock, well-to-do people can easily attract attention. Attention isn’t the same as admiration or affection. And even if it works, do you really want to spend your life with someone insecure and so shallow who were attracted to your money?
6. If I have more money, I’ll have more pleasure.
There’s no doubt that money can furnish the elements of a good time. Boring people are as shit as fuck! Money wont change them! If you need money to have fun, you’re boring. And should you become a billionaire, you’ll still be boring.
When I was young, I didn’t have two nickels to rub together, but I had a ton of fun. Today I have lots of nickels– and am happy to report, still having a riot.
7. Money means security.
While that’s partly true, there’s not enough money in the world to completely control everything. I could have a heart attack and die before I finish writing this, and you could have one before you finish reading it. Accept that we’re all bobbing on a sea of uncertainty, no matter how much money we have.
A primary purpose of money is to make life more predictable when you boil it down. It allows you to control your environment by being prepared for the unexpected. If you are looking for security Money isn’t entirely security.
8. Money will enable me to meet interesting people.
I’ve met plenty of fun and interesting rich people– but I’ve also met rich people who were vain, myopic, pretentious, and judgmental. Because they were rich, they weren’t that way. Because they were born rich and as a result never had to overcome adversity, they were that way.
My life began from a pile of hardship and despair, I had to learn quickly that crying for bread and butter won’t put any on the table… I despise whining and scroungers who think they deserve anything out of entitlements.
In my experience, you can’t swing a dead cat without hitting interesting people. If I want to maximize my odds of meeting someone worth knowing, I won’t be heading to the nearest country club.
Overcoming adversity is what makes people interesting, not how much money they have. People without at least a few skeletons in the closet are often shallow as a puddle.
9. I need money to travel, and travel is important.
The world is an interesting place, and being well-traveled makes you interesting. Travel comes in many forms, including the budget variety. You’ll find a way if you want to see faraway places.
What most people do in the same situation is wait until they have enough money to buy what amounts to a floating condo: a boat that’s luxurious, seaworthy, and far too expensive to ever actually buy. The result is they spend their lives on the dock. What a waste.
Twelve years has been since I landed in this country as an immigrant, with $70 in my pocket and a duffle bag, today I have three properties to my name with one of my latest acquisition near to the north of a million.
There are Folks who came before me in this country, and they are still renting, never been to the bank to ask for a mortgage, yet they pay rent almost twice my mortgage servicing fee! Life is never served on a platter! Grab it by the horns.
Now let me conclude by describing the first book I ever read about something I love: sailing. The book was about a couple who built their own sailboat and traveled around the world, working when they needed to and never accumulating more than a few thousand dollars at a time. Their boat had no air conditioning, no refrigerator– not even a radio.
10. Money will buy friends.
There’s the advantage of being judged on your personality versus your net worth: The friends that result actually like you, not what you can do for them.
This is not only untrue, it’s the opposite of what money actually does. I’ve got a super-rich friend or two, and what I’ve observed is that money attracts plenty of hangers-on– but almost no friends.
People with tremendous money or fame can’t trust the motives of those surrounding them (see No. 5 above). That’s why the people they count as true friends are normally either people they knew before they were famous and rich, or people who are famous and equally rich.