Common sayings – myths and truths about money.
Not so positive:
"Money is the root of all evil." This saying suggests that money can lead to greed, corruption, and moral decay.
"Money can't buy happiness." Implying that material wealth doesn't guarantee inner contentment or fulfillment.
"Easy come, easy go." Reflecting the idea that money acquired quickly or without effort can be lost just as quickly.
"More money, more problems." Highlighting the notion that increased wealth can bring about new challenges and complexities.
Positives:
"Save for a rainy day." Encouraging prudent financial planning to prepare for unexpected expenses or emergencies.
"Invest in your future." Advising to use money wisely to secure long-term financial stability and growth.
"Money talks." Signifying that having financial resources can empower individuals to influence decisions and opportunities.
"Money makes the world go 'round." Acknowledging the practical importance of money in daily life and society.
The terms above show how people think about money and how it affects how they handle their finances. Some warn about the problems that can come with having money, like making bad choices or facing unexpected challenges. Others encourage smart planning and careful investing to build a secure financial future. Knowing these different viewpoints can help with our choices and management of money, so we can feel more confident and bounce back stronger from any financial bumps along the way.
I’ve listed below some clichés captured from successful people over the years. There is practical wisdom behind each one, helping us navigate our own path to financial well-being.
Wealth is like the sea water; the more we drink the thirstier we become; and the same is true of fame. Arthur Schopenhauer
Chasing wealth and fame. We often believe that more money and recognition will bring us happiness, but instead, the more we get, the more we desire. It's a cycle that leaves us never feeling truly satisfied. Just as seawater can't satisfy our thirst, accumulating endless wealth and fame can't bring lasting happiness or contentment.
The richest man is not he who has the most but rather he who needs the least. Paulo Coehlo
Imagine someone who is happy living in a small, cozy apartment and enjoying simple meals. They love their life because they don't desire more than what they have. Meanwhile, another person with a huge house and luxury cars might always feel unsatisfied because they constantly want more. The richest person is the one who finds happiness in what they already have and doesn't keep chasing after more.
Too many people spend money they earned to buy things they don’t want to impress people that they don’t like. Will Rogers
In this case, someone might buy an expensive car not because they love driving it, but to show off to their neighbors. Or they might spend a lot on the latest phone, not because they need it, but to seem cool to their coworkers. This kind of spending doesn't bring real happiness - it's better to use money for things that truly matter, regardless of what others think.
People who live below their means enjoy a freedom that people busy upgrading their lifestyles can’t fathom. Money doesn’t buy happiness – it buys freedom. Naval Ravikant
Someone who lives in a modest home and drives an old but reliable car doesn't have to worry about huge bills or debt. They have the freedom to take vacations, spend time with family, or even pursue hobbies without financial stress. On the other hand, someone constantly buying the latest gadgets may always feel trapped by their expenses. While money can't buy happiness, it can buy freedom.
Money’s greatest intrinsic value (and this can’t be overstated) is its ability to give you control over your time. Morgan Housel
Money holds an incredibly valuable power: it lets us decide how to spend our time. When we have enough money, we can choose to work less and spend more moments with family and friends. It means we can pursue hobbies and passions that bring us joy, without worrying about financial obligations. Having control over our time means being able to take breaks when needed, to travel and explore new places, or to invest in learning and growing. Money gives us the freedom to make choices that align with what makes us happiest and most fulfilled.
The most important investment you can make is in yourself. Warren Buffet
That means taking the time and effort to learn new things, whether it's studying in school or gaining skills on the job. Investing in ourselves also means taking care of our health, both physically and mentally, so we can feel our best every day. It's like planting seeds in a garden—we nurture ourselves, and over time, we'll grow stronger and more capable of achieving our dreams. Investing in ourself is not just about money; it's about believing and taking steps to become the best version of ourselves.
A sign of wealth: no longer needing an alarm clock to wake up. Greg Isenberg
A true sign of wealth is when we wake up each morning feeling rested and ready for the day, without needing an alarm clock to jolt us awake. It means we have the freedom to set our own schedule and start our day on our own terms. When we're not rushing, we have more time to enjoy breakfast, take a peaceful morning walk, or simply ease into our day with calmness. This kind of wealth isn't just about money; it's about having control over our time. It's a feeling of contentment that comes from living life at our own pace.
Money is only a tool. It will not get you happiness unless you know how to use it. Henry Ford
Money is like a hammer or a paintbrush—it's just a tool. Having lots of money alone won't make us happy. It's how we use that money that really matters. If we spend it wisely on things that bring us joy and help others, it can enhance our life. But if we focus only on chasing money without considering what truly makes us happy, we might end up feeling empty inside. Using money to create experiences, build relationships, and make a positive impact on the world around us is about finding a balance between having enough to live comfortably and being happy with life's simple pleasures.
I think everybody should get rich and famous and do everything they ever dreamed of so they can see that it’s not the answer. Jim Carrey
Sometimes we think having lots of money or being famous will solve all our problems and make life perfect. But in reality, these things can bring new challenges and pressures. True happiness comes from within—being surrounded by people who love and support you, doing work that gives you purpose, and finding joy in everyday moments. So, while it's okay to dream big and strive for success, it's also important to remember that happiness isn't found in fame or fortune alone.
At the end of the day, knowing all these clichés still does not guarantee results. Understanding money and how to make it grow can feel like having a clear path to success. You might learn about budgeting, investing, and saving carefully, believing these steps will always bring financial stability. But life can still surprise us - like a sudden illness/disability or unforeseen expenses, a job loss, children’s needs and more can appear and challenge our plans. Sometimes, despite doing our best, investments may not work out as we hoped, and even economic changes can affect our savings. Knowing about money is important, but it's also important to remember that life can throw challenges that financial knowledge alone can't always prepare us for. It's about balancing what we know with being ready to adapt when life takes unexpected turns.
In Canada, many households face financial challenges despite being part of a relatively prosperous economy. According to recent surveys, a significant portion of Canadians have little to no savings set aside for emergencies, with over 40% reporting they would struggle to cover unexpected expenses. Also, personal debt levels are still a concern, with high mortgage burdens and consumer debts affecting a large part of the population. While the average household income has increased over the years, so have living costs, causing ongoing financial pressures for families across the country.
The truth is, some of us find we are not where we thought we would be financially by a certain age. It’s not always a result of irresponsible spending. In our case, for example, we made choices that we believed were necessary and valuable. Raising a child with a disability required investing three times as much as we did for our neurotypical child and it is still ongoing. Without those decisions, who knows where she would be today? No regrets at all.
We also invested in our home. We renovated so that my mother could live with us. Though she contributed to the build, we too stretched ourselves a bit to make it a reality.
While friends and family members traveled, bought new cars, and indulged in various luxuries, we chose to put our money into fixing up our home. We created a beautiful backyard that we designed and built ourselves because we don't travel and wanted a place to enjoy for years to come.
When we look around, we are proud of what we’ve accomplished over the years. Huge sacrifices were made – we drove second-hand cars most of our lives (still do), and for many years, we shared just one car. My husband worked two jobs for over 27 years as well (not a small feat and not common for many). We continue to help our children to the extent that we can and we live in and enjoy our home. Our spending reflects our values and priorities, and while it may not look like everyone else's, it has given us a life filled with love and purpose.
Although it is not necessary to justify your financial choices, sometimes others' views, judgments, and opinions stem from what they observe and what they think they understand. It's easy for people to form conclusions based on surface appearances without knowing the full story. The rule of believing half of what you see and none of what you hear underscores this reality. What appears obvious or is spoken about may not always reveal the complete truth.
People's perceptions of others’ financial status can be influenced by biases, limited information, or their own experiences, leading to misunderstandings or unfair judgments. It's important to approach others' opinions with discernment and to seek deeper understanding before forming conclusions about someone or something based solely on external appearances or hearsay.
With all that said, each person’s financial journey is just as unique as their life journey. We all have different goals, challenges, and experiences that shape how we handle money. Some start with a lot, while others begin with very little. It’s easy to compare ourselves to others, especially in a world where success often seems measured by wealth. But what truly matters is how we manage what we have, continuing to learn, and to keep moving forward. Whether it’s saving for a dream vacation, paying off debts, or just making ends meet, every step we take is part of our personal story.
No matter where we start or where we end up, our efforts, determination and experiences define our financial success.
And that success looks very different for each and every one.
Money can open doors it’s true, but real happiness comes from how we choose to walk through them.
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