7 Universal Lies They Told Everybody About Money

5 min read

I have been doing a lot of meditations lately, you know, thinking about life generally, and in the course of these meditations, I came to the conclusion that life is like a big market square.

In a market square, there’s a lot of buying and selling, you see people coming and going and not even stopping to look at you, you see sellers shouting at the top of their voices to attract people to their wares, you see some buyers haggling over the prices of goods and services with the sellers, and lots and lots of other adventures that take place in the market. 

However, one thing stands out! One thing that is common to both the seller and the buyer – One thing that UNIFIES everybody in the market, and by extension, life, and you know what that is? Money! Hmm…

Money is the legal tender that brings the customer and the seller together. The dictionary simply defines it as “a generally accepted means of exchange and measure of value”. Everybody loves money, everyone needs money. 

We all have individual reasons why we work for money but the basic is to afford the life and comfort pleasing to us. Now here’s where it gets interesting; in our various fields of learning, we were told some facts about money – that the love of money is the root of all evil, that it separates the rich from the poor and many other interesting stuff like that. Even in business and marriage we were told how to spend and manage money, and so on and so forth. A lot of back and forth about money, if you’d ask me.

So in this short article, I have what I call THE SEVEN (7) UNIVERSAL LIES THEY TOLD EVERYBODY ABOUT MONEY Hmm…interesting topic right? Well, without further ado, let’s dig in!! So what are the seven universal lies they told you and I about money? 

1. I can open up a bank account and save my money there

Really? Now we do hear this a lot, and even learnt it in our elementary schools that we save money and other jewelries in the bank where thieves cannot break in and steal. True! But motives matter a lot too. I have discovered lately that a lot of people open a savings account which is the commonest bank account you can open, and tend to keep far too much money there.

Now here’s the interesting part of it all: money loses its value every day. That’s the general truth. Inflation is on the increase daily. I don’t know much about other currencies but I can say of the Naira that it is currently losing its value in the market today. Okay take for instance, a bag of beans sold today for say thirty thousand naira is quite expensive to how much it was sold two to three years ago, same with other products and services. 

You might decide to save three thousand naira in the bank to buy a particular type of shoe, but withdraw the money in the next couple of months and you’d discover that the price of that shoe has shot up astronomically. So how do you curb this? Build your wealth! Rather than put all your money in a savings account which will not yield any interest, why not put more in an investment fund? That way it could yield returns in the best possible way. 

2. Investing your money is dangerous and risky

Talking about investment funds, you must have heard this line before that one should be careful how they invest their money because of the popular Ponzi schemes going on in town today. People are scared of trusting an investment platform with their money because more often than not, they have been victims of Ponzi schemes. 

But here is the thing, choosing not to invest your money is a risk in itself. Life is full of risks already. Why not meet a financial advisor then to counsel you and guide you on the best platform to invest, and the advantages that accrue from it. 

3. Withdrawing from your savings account with the hope of paying back

Now this is generally common with people that open a savings account. In the time of challenges and needs, they pick up their ATM cards, go to the bank and withdraw some of their savings with the hope of refunding the money soon. 

Quite funny! I have been a victim of this conundrum before so I know how it feels, but do you know the truth here? I don’t get to refund that money again! It’s gone…like poof! The whole savings I withdrew has disappeared into thin air. 

So I’ve come to the understanding that I have issues with my spending so how do I cut it? Well, I’ve had to sacrifice some needs and wants and in turn spend less on them. Also, I had to look for a quick plan on how to refund the money in my account before it all disappears.

4. I don’t have to start investing now?

Hello?? That’s not true! A lot of people believe they are still young, proactive, full of strength and all, and so can work till their old age and really should not invest. Permit me to tell you this, we are all humans and at one point in life, this our mortal body would ask of its due.

If you keep working as a horse all your years, you will break down sooner than later. What happens when old age comes and you’re no longer as active as you were before? Come on, you must have a plan- an investment plan for that matter so that when you’re old and weary, you will never regret you expended your youth on nothing! 

5. I don’t have to build a passive income; my active income is just fine

You can’t really depend on salary jobs these days. There’s an uncertainty that lies with it; what if the company folds up one day?

What if you get sacked? Definitely working daily as an employee to sustain a livelihood is fine, but as much as you can, find another legitimate means of earning money from home without having to go through too much stress. When one fails, you could fall back on the other 

6. Only the affluent can build their wealth.

That’s totally not true. Everyone can build their wealth from scratch. As you work and earn, you should save up for the rainy day. Wealth creation is not exclusive to the rich alone. 

7. Work hard to make money.

No! I say “work smart to make money”. While working hard is good, you need to also create other multiple streams of income. You must find a way to make money even while you sleep. 

BONUS! – GO TO SCHOOL, GET A JOB AND YOU’LL BE FINANCIALLY SECURE

That does not even make sense. It’s just like telling someone to go to school for 20 years, work for 40 years and enjoy the money for 20 years (that’s if you have 80 years life span). It does not make sense.

This lie has been existing since the industrial age. If you want to be rich, you need to think beyond this conventional thought pattern. Schools don’t teach any useful thing about money. It teaches you to work for rich people not to be rich yourself. Yes, education is important… but you need more than the conventional education to be rich.. you need Money EDUCTAION. YOU NEED FINANCIAL EDUCTAION IF YOU WANT TO BE RICH..

So there you have it, friends! I just shared these secrets with you, so you can all learn and utilize them. Hope you learnt something new? Let me know

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