People don’t usually enjoy talking about money, but when we do, we often lie about it. We lie about how much money we make, how much debt we’re shackled to, and even how much money we’re going to need for the future. As bad as it is to lie to other people, we can cause the most damage by lying to ourselves about money. Let’s take a look at five lies people tell themselves about money.
1. Money is the root of all evil
We’ve all heard this lie so many times that it now gets repeated as gospel. Yet, the actual Bible verse says, “the love of money is the root of all evil.” Leaving “love” out of the equation completely distorts the meaning. Money by itself isn’t evil. In fact, money is simply a tool — a medium of exchange that conveniently allows for the transaction of goods and services. The trouble comes from what people are willing to do in order to acquire money.
The love of money can cause some people to do truly awful acts. One of the most extreme examples is convicted con artist Bernie Madoff, who ran the biggest Ponzi scheme ever seen. The former stockbroker and NASDAQ chairman defrauded thousands of investors over several decades, with the damage totaling about $65 billion. Madoff also had a son who committed suicide exactly two years after the arrest. This is the level of greed and consequences that you should think of when you hear “money is the root of all evil.”continue reading »