Our general beliefs can impact our behaviour in a wide variety of ways across many different fields. Many people have conflicting view on different things, whether it be positive or negativeJoin us today as we dive into how our pre-conceived ideas can impact our journeys when it comes to money and some things to look out for:

Cultural Factors

In a lot of parts of the world, the pursuit of money and wealth is applauded, but there are some famous negative connotations with money. Host Andrew Baxter recalls the saying “Money is the root of all evil” which is destined to form some stigma and unsavoury associations with money. When we look at setting goals, goals focused on health or fitness for example are typically applauded, regardless of how intense. When someone sets goals around money they open themselves to being labelled greedy and toxic. These mindsets are deeply ingrained in us from general values all the way to what we may have heard in scripture. Regardless of whether you are religious or not, we all get input from the culture around us as to how we should view money.

The Root of All Evil

Money being the root of is one we have certainly all heard at some point – but is it truly the case? Andrew and Mitch discuss how money does not make one inherently bad, but in fact what one does with the money is determined by what sort of person they are. In essence, money is merely an extension of oneself rather than a factor that determines who that person really is. Good people tend to put their resources towards worthy causes and helping others, while there is an element of bad people behaving badly once in possession of money and in the pursuit of more. Overall, it is not the money itself but the use of the money which is the issue.

Philanthropy

A name we often hear in Australia as someone wealthy doing the right thing is Twiggy Forrest – the former CEO of Fortescue Metals. Though he has made his fortune and could quietly drift off into the sunset, he has taken it upon himself to work towards clean energy alternatives to try to help the planet. Host Andrew Baxter points out that many assume his efforts to be disingenuous and in fact the efforts come from a place of guilt. This is the cynicism that comes with the stigma around money and those with a lot of it. Andrew recalls a very wealthy health insurer in South Africa choosing to provide education around the major health issues in the country rather than just profiteering from them. The efforts worked towards creating more wealth and it is often the case that the people who help the most people tend to make the most money.

The Major Mistruths

Another one we often hear is that money is very difficult to come by but this does raise some questions. Host Andrew Baxter notes that currently there is more money than there has ever been in the world and thus more opportunity than ever to make money. These claims tend to come from those who are not in the financial position they would like to be and they assume those who are wealthier must have done something bad to get to that point. This is basically where all of the negative connotations around money have come from and really if you set goals and follow a strict process working towards your money goals, you may find that making money is a bit earlier than it’s made out to be. Many people also often box themselves in saying they aren’t good with money or their family is not good with money and doing so is a certain means of preventing yourself from getting to where you want to be. Ultimately it comes down to your mindset and effort as to how you feel about money, not the beliefs of other people.