One of the very first posts I wrote for Enrichmentality was titled ‘What is money?‘. But as I recently noted, reading The Language of Money and Debt made me consider the meaning of debt in more depth than I had previously. Of course, if you are in debt, the lack of money can seem overwhelming. So today I’m asking ‘What is debt?’
What does ‘welfare’ mean to you? Or ‘benefits’? Do you associate these words with phrases like ‘welfare queens’ or ‘benefit cheats’? Does the image of a ‘bogan’ (Australia) or a ‘chav’ (UK) smoking a cigarette out the front of a government flat spring to mind?
Cinderella. Jack and the Beanstalk. Aladdin. Even Harry Potter. So many of the books we read as children, or read to children, reflect particular money beliefs. Untold treasures in a secret cave, or at the end of a rainbow.
The beliefs we have about money are often linked to childhood experiences and messages. We learn to ‘speak’ money within the home and the family, and the lessons we learn as children often impact on how we handle money later in life.
Last year, I was privileged to meet Annabelle Mooney at the Money Talks conference, along with her co-contributors Tanweer Ali and Eva Lebdušková. And last month, I was very excited to receive a copy of the book The Language of Money and Debt edited by Mooney and Sifaki. This fantastic book has a whole section dedicated to money and childhood, the topic of my post today.
Here we are, at the end of another year. A time for many of us to reflect on the twelve months which have just passed us by, and to look ahead to the next twelve to come. To think about where our money went, perhaps, and how we might spend it – or get it to work for us – differently in the new year. But this year, I want to talk not about new years’ resolutions, but revolution.
Even before we started our serious efforts towards financial independence, I nonetheless read everything I came across relating to money. Your typical best-sellers, and some more obscure books and blogs.
Sometimes, those sources held seemingly contradictory advice. One, for example, recommended taking out the shortest home loan possible. Another recommended taking out the longest loan term possible.
Which one is right? Why would two published books – both well-written, popular finance books published in the same country in a similar time frame – give such seemingly conflicting advice?
It turns out to be a case of different horses for different courses, and learning which course is right for you is crucial.
According to Investopedia, investing is
Note that it says “the expectation of additional income or profit”. It’s far from guaranteed. But just how can you make money from investing?
I’m not talking about personal value here, but net worth.
The net worth of the richest people can be fascinating. Bill gates has $86 billion. Warren Buffett, coming in at #2 on the list, has $75.6. But has anyone’s net worth been discussed as much over the past year as Donald Trump’s?
‘Invest in me, and God will invest in you’. This is how Tanya Levin characterises the message of those who preach ‘prosperity gospel’, one of a number of closely related teachings also known as abundant life or seed faith. ‘Refuse, and you only have yourself to blame’.
Prosperity gospel or theology is defined as ‘a religious belief among some Christians who hold that financial blessing and physical well-being are always the will of God for them, and that faith, positive speech, and donations to religious causes will increase one’s material wealth’. Although Enrichmentality is not a religious blog, prosperity gospel lies at the intersection of the two topics this site deals with: language (‘positive speech’) and money (‘donations’). The lessons from this example are far reaching.
Over the past few months, a few things have prompted me to consider to what extent money plays a role in success. We often think of money as a result of success, but could it be a prerequisite? That is: might you need money in order to obtain success?
In the last post, we looked at why it’s so important to read widely in order to avoid bad financial advice. In this post, we’ll take a look a some of the specific ways you can evaluate sources to find good financial advice.