Hooked on MoneyByMarilyn August
One of the first questions I ask attendees in my Money-Wealth and Wisdom seminar series is, "What is money?" Replies range from … "It's the root of all evil, power, greed, a monster, something I don’t know anything about, what I want" … to … "A tool, a medium of exchange or a method of barter."
Money is not any of these things. Money is nothing more than green pieces of paper and round metal coins. It is a medium of exchange for value determined by some arbitrary, agreed upon, system or formula. It is the general acceptance of this agreement that gives money its value. When considering a purchase you determine if what you are buying is equal to the value of the dollars you are exchanging for it.
For example, when considering the purchase of a TV, you might ask: "Is the number of dollars I must pay appropriate to the value I will receive from the TV?" If so, you make the purchase.
Value given for value received is the basis for every- thing you buy. It’s just much easier to carry green paper and metal coins than cows, goats, vegetables or glass beads to use in the exchange.
If only money were that simple to use and understand!
Money also has a vast number of emotional hooks – feelings based on people’s fears, beliefs and attitudes about their financial well-being.
When I ask people to take out some money and look at it, there is always a dead silence in the room. Then I’ll hear a bit of uneasy laughter. I assure my audience that I am not going to take their money. After a few anxious seconds, people begin to take out their wallets and purses.
Reaction to this simple request illustrates just how emotionally charged and sensitive those green pieces of paper are for most people.
People tell me of their tormented deliberations when deciding the amount they would expose for all to see. (Will she think I’m a piker, or a show-off, if I pull out the "wrong" amount … either too much or too little … and what will the person sitting next to me think?). The mind games that go on during this exercise help people become aware of their hidden beliefs and attitudes towards money.
Many think of themselves as they would an accounting sheet or a budget, and they conclude that their net worth is their personal worth. They believe that if they just had more money all their problems would be solved and that they would be better people.
This misconception is anything but the reality of money. Many people who have substantial net worth can be just as stressed-out, just as worried and controlled by their money as people who have fewer dollars.
Studies have shown that a significant number of large- jackpot lottery winners actually end up deeply in debt. These lottery winners have found out the hard way that money doesn’t solve all problems but may create just the opposite effect.
One client, who earns well into six figures, just couldn't say "no" to his child's demand for a $2,000 bicycle. This man hadn't paid his taxes in many years. He is prisoner to his money "habit" just as surely as the person with a financial statement containing fewer zeros.
It is your relationship to yourself and your relationship to money that determines financial health. How you treat yourself is a good indicator of how you relate to money. If you are a loving, kind, generous person, more zeroes in your bank balance may make it easier for you to be kind, loving and generous. The money is not the cause of your goodness; rather, it is an enhancement of what is already true about you.
Once you realize that your self worth has nothing to do with your net worth, you will not be "hooked on money" as the only source of richness and fulfillment in your life.
At this point, you'll be well on your way to financial health and true wealth.
This article is an excerpt from Marilyn August’s new book, “Dollar Dynamics.” Marilyn August is a transformational trainer, motivational speaker, personal success coach, and founder of Wealth & Wisdom Seminars, a training company that helps people transform their relationship to money, empowering them to increase their income while living rich, fulfilled lives. Thousands of people have completed her programs with amazing results. Her web site offers more ideas about money and wealth at www.wealthyu.com, and she can be reached via e-mail at Marilyn@wealthyu.com
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