Creating the Right Money Philosophy
Too many of us have the wrong money philosophy when it comes to finances. We denigrate it – we don’t place much value on it. We’re taught from an early age that money can’t buy happiness, and that’s very true. However, money is a means to an end – it’s the only way to ensure that you have food, shelter, healthcare and the furnishings and possessions you need to live a happy, comfortable life. Love your big-screen TV? It took money to purchase it. Love your new cashmere sweater? It took money to buy that. Love the fact that your daughter’s asthma is no longer a life threatening condition? It took money to pay for your health insurance.
What’s more, when you fail to place the correct value on money, you tend to spend it recklessly. It’s all too easy to spend money unwisely when it has little to no value to you – it’s just money, after all. The problem here is that when you treat money frivolously, it tends to leave you quickly, and you’ll find yourself in deep trouble when you need to pay for something else (including healthcare).
Can money buy happiness? No, it can’t. Can it be used to live a happier, healthier, more fulfilled life? Yes, it can. Money might not have inherent value in and of itself, but it’s the only way to obtain the things you want and need in this life. Therefore, choosing to devalue money is actually a bad thing – it’s the wrong philosophy. By placing the correct value on money, you learn to treat it responsibly – you’re more likely to save it than to spend it recklessly. You’re more likely to have a healthy financial life.
Money isn’t the key to happiness, but learning to value money correctly is the first step toward using this vital tool in the right way. Baker DMM can help with money management concerns. Contact us today to learn more.