In childhood, family money clichés can convince the young mind that good is bad and visa versa. If you or your kids have ever believed sayings like “money burns a hole in my pocket” or someone being “filthy rich” you may need to wash out the ears before learning how to handle money wisely. Debunked money clichés may hold the key to raising money smart families.
1) “Money is the root of all evil”
This is perhaps that most popular misquoted reference regarding money and its perils. The original reference has been translated from Greek and Hebrew to “The love of money is root of all kinds of evil.” is from 1 Timothy 6:10. Another translation is “Money-love is a root of evil.”
This reference when misquoted as “Money is the root of all evil” would lead a person to believe that money is bad. If money in itself is bad, than a person would think that rich people are bad and that people who don’t have money are the good ones. There is nothing glamorous about poverty. Nor does having money improve character. Money only reveals what is already there.
To reshape this misquote, we can say this instead “Its better to love people and use money than to love money and use people.”
2) “Money burns a hole in my pocket.”
OUCH. What a painful message this conveys! Is really shows a lack of financial maturity and puts the blame on money. We learn sooner or later that we have to take responsibility for our own lives – financially and otherwise. If money burns a hole in your pocket, there are several tools that can keep this from happening. Money can be automated to go into savings and investment accounts so that you don’t touch it. Automatic electronic transfers into personal accounts can keep you from getting burned!
To reshape this negative message, change behavior by automating money to where it can do some good.
3) “Time is Money”
This is a positive message, when a person uses the time value of money by investing regularly, over time. The value of the money increases because it has a snowball effect by just putting in a little bit of money for a long time.
On the other hand, time is NOT money because you can never make more time. We each get 24 hours a day, for an unknown period of time. Hopefully, we can find ways to make more money.
The key is to value your time and value your money. When time and money are both managed well, the outcome is satisfaction.
The family didn’t mean to mislead us money-wise. Regardless of what money issues we grew up with, we can all become moneywise. We can easily put our money and our thinking about money back on track – make sure to use your words are wealth builders and not money losers!