Saving Money Won’t Make You Rich (Here’s Why)
Common money myths, debunked.
Most of the common myths about money are actually untrue.
We’re fed these myths while we’re young, which are then reinforced by society at different stages.
Have you ever heard someone say, “Rich people are evil” or “Only people born into wealth can become rich”
Have you ever heard a successful person say those things? Didn’t think so.
I get asked why rich people always stay rich, and why their kids are rich.
Aside from the obvious trust fund babies, it’s also about the values rich families instill in their kids to make sure they can keep wealth in the family, for generations to come.
Let’s debunk some common money myths.
Saving Money Will Make You Rich
I’ve heard this from my own friends and family, a lot.
Saving money won’t make you rich unless you’re already rich.
If you want to stay in the same financial position that you’re in now, then saving is a great idea.
Rich people save because they make money by investing or through interest.
Normal people don’t have that kind of money lying around, and putting $10,000 into a bank account isn’t doing anything for them.
The global inflation rate is at an all-time high. Economies are tanking. Living costs are rising. It’s only going to get worse.
How’s your monthly wage looking? Same as it’s always been? Yep.
Every year, that cash under your mattress becomes more and more worthless.
It’ll buy you less than it did last year and more than it will next year.
Saving your money and doing nothing with it, is a poor mindset.
The only way you can get rich is by making money while you’re not actually working.
12 hours a day isn’t enough time for you to get rich, you need to make money while you’re asleep.
Let your money, make you money, by investing.
Not just foreign exchange, I’m talking online business too.
Forget about saving, put your money to work.
Rich People Are Evil
There was a time when the majority of rich people were evil.
It entitled them to partake in a lot of inhumane things, including slavery. Back then, the rich were the only people with enough money to own a slave.
But who are the rich people of today?
Most of them give millions to charity each year.
The majority have built businesses that have changed countless lives.
Normal people, like you and I, are becoming rich each day. Does that make them evil?
Money isn’t the root of all evil, humans are the root of all evil.
Being rich just brings out more of what you already are.
It’s a common assumption amongst the poor, that to get rich, those people have tricked others into giving up their hard-earned cash.
That’s ridiculous. Society itself dictates what’s valuable and what isn’t.
I’ll give you an example:
Society has attached importance to and placed such a high demand on luxury fashion brands, and as a result, those fashion houses are rich.
If people all of sudden decided they no longer wanted Gucci or Dolce & Gabbana, the designers would have to diversify or become poor.
The same can be said for the Kardashians.
People get rich by solving problems and answering to society’s wants and needs.
Whether that’s Plastic Surgeons, high-end Lawyers, or Entrepreneurs. Having lots of money doesn’t make them evil unless they were evil in the first place.
In my own case, the more money I have, the nicer and more generous I’ve become.
With money, I can tackle life’s problems a little easier, and in turn, that makes me a happier person because my stress levels are lower.
This brings me to the next point.
More Money Will Make You Happier
Yes and no.
Money itself won’t make you happy. It’ll make it easier to be happy.
Most of the unhappiness and stress in poor people’s lives revolve around money problems. So, in this case, money can make you happier.
Today’s figure of a happy amount is around $100,000 per year.
This amount of money will allow you to live a comfortable life if you live within your means. Common problems poor people face can be solved with that kind of money.
When you get to the stage where your problems can’t be fixed with money, things get a little complicated.
It gets to the point, that more money, will cause you more problems.
The work that’s needed to make millions, and even billions, involves a very difficult path.
Elon Musk himself has stated the difficulty of his life, whilst trying to run multiple businesses.
He’s a billionaire and one of the most successful people on the entire planet.
But, imagine how much stress he’s under each day, having to put out fires regularly, and deal with investors, lawsuits, and media critique. I’m just scratching the surface.
So, to sum this point up, money can allow you to become happier, up to a certain point, until it starts to cause problems of its own.
You Need a Good Job to Get Rich
This is one of the biggest lies society feeds us.
People often confuse prestige with wealth.
For example, being a Doctor comes with prestige and reputation. Their family, friends, colleagues, and society will have a high amount of respect for them.
It’s an important job and people need their services when shit hits the fan.
But, this isn’t the same as wealth.
The Doctors I know, aren’t rich. They get a healthy salary and have a secure job, but the amount they earn doesn’t come close to a rich person.
The problem here is that the more they earn the more they need to spend.
When a Doctor is training at university, the costs of their education can reach $100,000s. Then, to maintain their skills, they need to take on more training, pay for more courses, professional insurance, registration, uniforms, equipment, etc.
If something goes wrong during a procedure, there’s usually an expensive lawsuit to follow, with huge payouts. These costs add up.
As with the majority of careers, Doctors are service-based professionals. They don’t usually make money unless they’re working, so they’re location and time dependant.
The rich Doctors in the world, don’t usually work as Doctors.
They’ve created their own pharmaceutical companies or run their own clinics, with many doctors working for them. Some of them sell their own products or become content creators through YouTube or blogging.
They become rich, by starting a business, making them Entrepreneurs.
It’s entrepreneurship that’s made them rich, not their profession.
Final Thoughts
As with most things in today’s society, money has its fair share of myths, and often these myths start with those closest to us, our friends and family.
The people who feed us with these narratives are those who are not rich. They have a poor mindset.
One of the biggest barriers to success is mindset.
If you go into life or business, believing that these money myths are truths, you’ll keep yourself poor, and you won’t believe in your own ability to become successful.
You deserve all the success in the world, so don’t let false beliefs keep it from you.