According to Spencer Sherman, wealth advisor and author of the new book, The Cure for Money Madness, many of the messages or slogans about money we received long ago (or even recently) have negatively affected our ability to deal with money effectively.
He urges his readers to challenge such statements as: Keep your assets liquid
• You’re only as good as your last sale
• Time is money
• A penny saved is a penny earned
• You get what you pay for
• Do something you love, and it will all work out
• You must own your own home
• Stay out of debt
• Give and you shall receive
• Never buy retail
• There is no such thing as a free lunch
• You can’t be too thin or too rich
• Money talks
• It’s only money
• Money doesn’t grow on trees.
For example, if you often say, “I can’t live without credit cards,” Sherman points out that “Everyone lived without credit cards until about 50 years ago, and many people live just fine without them today....Keep one card for emergencies, and pay cash as you go.”
If you say, “I can’t afford to save anything,” he counters with, “How about $1 a day? Or $5 a day? Of course, you can save something, and you should: Start exercising your saving muscle so you begin to see yourself as a saver rather than as a spender or debtor.”
And if you believe that “Renting is throwing money down the drain,” he says you need to consider the benefits of renting, such as: easier to move if you find a better job elsewhere, and having more cash available to invest.
