Misconceptions About Money That Hinder Success

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Money is a concrete thing that anyone can have yet the number of poor is still significantly higher than those who have found the right mindset in acquiring it. Why do some people remain poor? What are their most common misconceptions about money?


Whether we like it or not, money is a measure of success. It could sometimes sound bad, but being successful in acquiring it to set you up or even your grandchildren for life is never a bad thing.

…I like to think of financial vulnerability as “a slow-changing psychological state indicating the degree of the individual’s susceptibility to making bad financial decisions and experiencing negative financial outcomes.”  — Utpal Dholakia Ph.D.

What Are The Common Misconceptions About Money?


  1. Money Is The Root Of All Evil.

Most people think money is evil. Then why does it allow us to get what we need to survive? Why do we need it to help others? Instead of fearing the evil that surrounds it, why don’t people use it to do charity? When you have an excess, you can always lend a hand to others who do not have the resources, and that is never a terrible thing. Money is not the root of all evil, greed is! The love for money is the real culprit here, not the money itself.


  1. Success Is One’s Destiny.
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Some people find an excuse not to be successful. They fear failure or disappointment, so instead of trying and aiming for success, they blame it on destiny. They believe that if they are not meant to be rich, they will never be. But no matter how you ponder about it, success is always the result of our effort. It is never destiny. We have to focus and work hard to achieve our goals. It is as simple as walking: You will never get to where you are going if you sit down and wait for destiny to take you there.

 People who are financially vigilant believe in preparing for a rainy day (or every possible emergency!), often prefer saving over spending money, and, in some instances, view money as somehow shameful. They think about it a lot yet may be reluctant to discuss it. — Suzanne Burger, Psy.D.

  1. Success And Money Depend On A Person’s Luck

Almost all of the adults living on the planet have dreamed of winning the lottery. Most have missed an hour of sleep thinking how they would spend millions if they win. They would put in dollars on betting on the lottery or other chance games. According to Consumer News and Business Channel or CNBC, you are more likely to be hit by lightning than winning the lottery. So instead of betting on winning chance games to make you wealthy, try betting on perseverance, strategy and work ethics.


  1. Money Cannot Buy Happiness
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If being able to eat delicious food, being able to send your kids to a reputable school, or being able to provide a comfortable home for the whole family is not happiness, then poverty certainly is not! So why do some people say that money cannot buy happiness? Indeed, maybe most of the essential things in this world can never be bought by it such as love, respect, time, family and friends. However, money makes us survive comfortably, and we should give a little appreciation to that.

Self-love, self-respect, and self-compassion are all helpful when it comes to creating inner balance and a healthy outlook. They are also prerequisites for a good relationship with money. — Nicole S. Urdang, MS, NCC, DHM

Money can be a little misunderstood at times, and this contributes to failure. When we have a wrong perception of it, we fail to risk our time and effort in understanding it, making us take the path that goes to the opposite. Hence, poverty happens.