Have you ever thought about achieving a financial goal and then heard a little voice in your head say something negative about money. “Money is root of all evil.”
Money myths are those money “truisms” that have been passed down from generation to generation. They can be believed and honored not only within a family but also as a society. Money myths often become part of our internal financial belief systems. “Money is the root of all evil.”
These negative money myths are emotionally powerful and limiting. Over the years, they’ve worked to mold and shape some of the financial perceptions and expectations you currently have about acquiring and enjoying money.
Money myths, if not recognized, can very often lead to financial stress and dissatisfaction. The good news - recognizing and understanding negative myths can have a positive affect on your financial successes.
Myth #1 – I Can Have It All, Right Now
Personally, I’m a believer in the law of attraction. I know that the right attitude and positive consistent thoughts will attract like attitudes and thoughts. But when it comes to enhancing my financial future, it’s going to take not only the law of attraction but also practical financial skills.
“I can have it all” thinking is often unrealistic and an invitation for a stressful and unhealthy life. Yes, you can have financial security, send the children to college and enjoy a financially secure life in retirement, but it’s going to take time and planning.
Let’s say you want a new car, or a larger home, or a private school for the children, or a summer home on the water or weekly trips to the spa. That’s great! Dreams and goals are what life is all about. The question becomes; how are you going to make these goals and dreams a reality and still maintain your mental, emotional, physical and financial health?
Don’t get me wrong, I am a true believer in goal setting and dreaming big. Goals take time, effort, energy and a plan. It also takes some “give and take.” You may have to give up some financial gratification now to have even more financial security and wealth in the future – that’s part of the give and take.
Let’s look at some ways to have a financially fulfilling life now and still aim for the big things you want in the future.
1. I highly recommend some goal-setting time with loved ones. Are all of you aiming and working toward the same things? As a family what do you want, when do you want it and what is everyone willing to do to make it reality? What are the day-to-day, month-to-month steps you’ll take, as a family, to make the goals happen? Is everyone willing to commit to the plan?
2. Financially, what’s most important to you right now and does it support your future goals? Maybe you’ll purchase a smaller car knowing you can save more for that summer home on the water. Keep the goal clearly in sight, but also live in the here and now. The choices you’re making today will either add more pressure and stress to your life or support the excitement of the future.
3. Are you willing to plan and save for what you want? Having dreams and goals become reality, are only as good as the day-to-day action you’re willing to take. What are you willing to do today so you’ll have more tomorrow?
4. Can you pursue financial strategies that will take $1 and make it $2? How about seeking the advice of a financial planner or money manager? With your big goals in mind, what can you do to invest your money now so it grows and multiples? For example: Can you work out a plan to pay off the mortgage early and free up more money for savings and investing?
Planning and goal setting for the future are vital on many levels. Emotionally, planning helps to visualize a brighter and better future. Financially, setting goals will help to manage more effectively what you have now so you’ll be able to have more in the future. Physically, life in general is less stressful when you have a workable plan.
Are the expectations you have about money stress relieving or stress producing? If they are stress producing, does money myth number one play a part in that stress?
You may not be able to have it all, right now - but with a goal and a plan, you can have more than most.
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