3 Ways To Develop A Healthy Relationship With Money

Did you know the philosophy you have about money can affect how you relate with it? I have heard of people who think money never comes to stay. Such people live for today and never plan for tomorrow. When they get money,  they spend it immediately. Other people, on the other hand, think there will never be enough money. Such people tend to be hoarders with their money. I strongly believe that there is a middle ground between these two extremes and that we can cultivate it.

Below I share three simple rules. I believe if you always keep them in mind it will greatly improve the relationship you will have with money.

#1. It is a good thing to have Money

You need to always keep in mind that having money is a good thing. This is because money is a medium of exchange. It allows us to get the products and services we need to live a fulfilled life.

I have heard people misquote this verse in the bible and say money is evil.

\”For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs\” 1 Timothy 6:10

However, as you see from the verse what Paul was warning us about is the love of money… It is true that when you do not have a good relationship with money where you view it simply as a medium of exchange it can lead to all sorts of things. Loving too much money can cause you to overwork and miss out of having a healthy relationship with those you love. Too much love for money can lead to discontentment where you feel you need more of it in order to be fulfilled. The love of money can also make you a hoarder of it instead of being generous not just to yourself but to others as well.

So the first rule to developing a healthy relationship with money is to be certain that having money is a good thing.

#2. Money is the reward you get for bringing value to the world

After you have come to the understanding that money is a medium of exchange, the next thing is to learn how to attract it. In his book, Thou Shall Prosper: Ten Commandments for Making Money, Rabbi Daniel Lapin says \”when you operate your own business affairs honestly and honorably and you have a product or service that people need or want then you are making the world a better place\”. To him, \”money is something you create with the value you bring to the world. Wealth is measured by the value you bring to the world\”. 

This reminds me also of what Jim Rohn also said: \” we get paid for the value we bring to the marketplace\”. 

From these observations, it appears safe to conclude that our work is cut out for us. We need to do the work and discover how we can add value to the world in order to be rewarded with money. We need to constantly ask the question what is it that people want that I am able to provide them with?

The second rule to developing a healthy relationship with money is to look at it as a reward for the value you bring to the world. When you view money like this, it will enable you to embrace it as payment for what you have offered to the world. Suddenly you will not want to spend your earnings recklessly. You will also want to be generous with your reward to those in need and yourself as well.

#3. Always pay yourself first

So you are now at the point where you view money as a medium of exchange and know it is your reward for the value you bring to the world. The final rule for you to create a healthy relationship with money is to learn how to pay yourself first.

I first encountered this rule when I read the book The Richest Man In Babylon. If you have never read or listened to this book, I highly recommend it. It will change the way you handle money and help you learn how to earn it and keep it. You can download a FREE version HERE. 

One of the many takeaways for me in this book was this quote \”I found the road to wealth when I decided that a part of all I earned was mine to keep\”. All factors being constant, in order to accumulate wealth, you have to be intentional with how you handle what you make. The best way to do this is to always pay yourself first and this is through saving. The book urges us to keep at least 10% of all our earnings before we begin making payments to other people. I find that the best way to do this is through budgeting. I have shared about 5 ways budgeting helps us live a fulfilled life.

Finally,

Growing up, you may have been introduced to different myths about money. The work will always be yours to do to dispell these myths and develop a healthy relationship with money. You need to come to the realization that money is a good thing. Similarly, it is the reward you get for bringing value to the world. Further that the only way you can build wealth is to always pay yourself first. When you always keep these simple but I believe effective rules in mind, your relationship with money will improve. The result of this will be that you will learn how to attract and handle money.

What do you think about these three rules? Do you believe they will improve your relationship with money? Please share in the comments section below.