It’s no secret that I do a lot of reading in order to write the articles I bring you every week. I’m not any sort of financial professional or money genius. Heck, I’m nervous to do investments. So, I depend on the knowledge of other people in order to learn about all of the things I bring you here. Today was no exception; I was looking through my normal websites and I came across this article while I was reading through stuff today.
Wealth is something that a lot of people in the United States strive for; at the same time, many others are just trying to get by. I’m a sociologist at heart, and you always have to wonder how much psychology plays into financial success; considering that most of our financial system is based on psychology, it’s no wonder that we it likely does.
Did you read the article? There were a few things that stood out to me that I thought were worthy of mentioning here.
“Average people believe you need money to make money. Rich people use other people’s money.” This is something I found interesting. How in the world do you achieve this? I understand loans and such, but sometimes people don’t have the wiggle room to do those sorts of things. And of course, that leads to my next question for the author…
When is the right time to risk? See, my worry with all of the statements about risk is that people in the middle class don’t have room to take risks. I know I don’t. When you already have money, you can take risks. I guess I see that as common sense, but maybe I’m wrong.
“Average people let money stress them out. Rich people find peace of mind in wealth.” This made me cringe inside. Even though it wasn’t likely the intention, it makes it sound like money brings happiness. I know plenty of people who are “well-off” but don’t necessarily have peace of mind. There are a variety of other things that bring peace of mind; wealth can play into it, because then you don’t have to fret as much, but it can’t be the only thing or we end up miserable.
Several of these are mindsets that I, and people I know, have. And I’m certainly not rich. I know that the market is driven by emotion, I know that having money can help me stay healthy because I can afford the health care that I need. Maybe I’m above average? But being above average doesn’t put money in my pocket.
What do you think? Do you think that people in the middle and lower classes are trapped in the mindsets described in the article and that that is what is keeping them from becoming more wealthy? Or do you think that it’s a true lack of resources that prevents all of us from getting a little chunk of the wealth? Share some thoughts in the comments, have a great week, and we’ll see you back here next week!