Dump These 5 Myths About Money if You Ever Want to be Rich

  • Post published:February 9, 2021

Poverty is more about the mind than it is about the pocket. If your mental library is lined with enough financial intelligence and you have the financial discipline to practice what you know, then your financial success is guaranteed. It’s only a matter of time.

But if you’re like the younger version of me who didn’t have the privilege of a wealthy background and whose psyche was pelted by poverty all through your formative years, then there’s every chance you still have some wrong beliefs about money.

Truth is, I wasn’t always rich. In my book, You Too Can Be Rich, I tell my story about how, at 29, I was stinkingly broke. My clothes were all oversized because I could not afford my choice. I was a dumpsite for out-of-service clothes.

Like many poor people, I had several myths about money living rent-free in my head. Before transiting from lack to riches, I had to shed these myths like an outer skin and adopt new, empowering beliefs about money. But what are these myths?  You can’t shed it if you don’t even know you have it, can you?

So, here are 5 myths about money you must dump today if want to be rich and wealthy.

1. Money is Evil

We have normalised the phrase stinking rich. Although it sounds normal today, it subliminally links wealth to filth. This money-is-evil myth comes from a widely misunderstood passage of the Bible. In his first letter to his protégé, Timothy, Paul writes; “…For the love of money is the root of all evil…”

Most people have quoted that portion of scripture while neglecting the first four words, “for the love of money”. That leaves them with “money is the root of all evil.” Yikes!

You see, money is neither good nor bad. It only assumes the character of its possessor. It’s like water; assuming the shape of its container.

Desiring wealth is not a problem. People’s intentions and the way they go about it is the true cause for concern. Good people
will always employ healthy systems to be rich. Miscreants will always employ dubious means to be rich. It all boils down to the individual. There is no dignity in poverty.

You are more useful to yourself, your God and your country as a rich person. Capiche?

2. Money Is Meant for a Privileged Few

In my opinion, this is the most disempowering myth about money. It tells you that wealth is not meant for you or your type—whatever that means.

Realise that money is merely an outcome. It is a reward. If
you become the kind of person and do the kind of things that attract money, it will flow to you.

Money gravitates toward valuable people who are productive. Only solution providers attract money. These people have turned their value into products and services that are both needed and useful. When you do the same, you will attract money.

3. I Have Enough Time to be Rich

I talked about this in my previous post. You don’t have the time you think you have. I’m not endorsing get-rich-quick schemes. I’m attacking complacency.

Listen, it takes time to build wealth. It takes even more time to build transgenerational wealth. No matter how young you are, you don’t have forever. Start now.

The average human being lives for 70 years. Sometimes 80.  You will spend one-third of that time sleeping; another one-third eating, looking for your keys, listening to music, travelling, stuck in traffic and scrolling through social media.

Your mistakes, setbacks, poor choices and delays will all take their cut. When the chips are down, you don’t have as much time as you think. Start now!

4. Being Rich Makes You Sinful

Many poor and average people consider riches and spirituality as two opposing poles. You can’t be on both sides at the same time, they say. You’re either rich and spiritually bankrupt or broke and pious.

This is a dangerous myth.

People who hold on to this myth have stories and personal experiences up their sleeves. But our experiences are too insufficient to make a theory. They can mislead you.

To conquer this myth, I turned to examples like David and Job in the Bible. Job was the richest Arabian in his time. And his heart was with God from day one. How do I know? In all his greatness—and later, misery—he did not turn his back on God.

5. Money Is Hard to Come By; I Must Suffer to Get It

This is myth comes so close to the truth. But it is nevertheless a myth. To become rich, you will exert physical, mental and emotional energy into becoming the kind of person who can attract, retain and multiply money. However, you don’t have to suffer to get money.

Neither effort nor suffering attracts money. Productive effort does. You will expend energy and time to create enough value to attract money. But you don’t have to suffer to get money.

When I identified the myths holding me back, I dislodged them one after the other. Today, as a one who has accumulated some level of wealth, I am still unlearning and relearning the principles of wealth.

Which of these 5 myths will you dislodge now? Which one are you just realising exists? Let me know in the comments.

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