There are many conversations that can be had on the topic of money—probably the two most common are “how to make more” and “how to spend less.” Neither are unimportant.
But there is more to money than simple 1’s and 0’s. There is also the effect it has on our lives and psyche—both positively and negatively. As well as how it impacts the way we live.
According to the Things That Matter Survey, 69% of Americans say their desire for acquiring more money influences their daily decisions.
How we think about money matters.
With that in mind, I thought it would be helpful (both personally and corporately) to sit down and write out the seven quotes about money that changed my view of it—or, at least, the seven quotes that have been the most impactful over the last ten years of my life.
Here they are:
7 Quotes that Forever Changed My View of Money
1. 90% of Americans experience financial-related stress. —Source
This statistic, without a doubt, was the first one to send me into deeper thinking about the topic of money.
I remember thinking immediately, “America is the wealthiest nation in the history of the world. And yet, 90% of us are still stressed about money? How can this be?”
Certainly, just like in every society, there are some who do not have enough. But that number is not 90%—it’s not even close to 90%. So why are 9 out of every 10 people, in the wealthiest country in the world, stressed about money?
It’s not because they don’t have enough. There must be other reasons—probably because we keep looking to money to provide something it is never able to provide.
2. “Too many people spend money they haven’t earned to buy things they don’t want to impress people they don’t like.” —Will Rogers
If you’ve been reading about minimalism or the intentional pursuit of owning less for any period of time, you have likely seen this quote. It was one of the earliest mind-shifting realizations that I read as my family began owning less.
The connection between consumer debt and/or not being able to get ahead financially is closely tied to our spending habits. And Will Rogers drives home that connection quite succinctly with this powerful thought.
3. “You say, ‘If I had a little more, I should be very satisfied.’ You make a mistake. If you are not content with what you have, you would not be satisfied if it were doubled.” —Charles Spurgeon
I first read this quote early in my journey to minimalism and immediately applied it to physical possessions. Our life’s discontent is evidenced in our excess possessions. Why else would we continue to purchase and accumulate physical possessions that we do not need unless trying to satisfy some level of discontent in our lives believing that next purchase will bring happiness, comfort, or luxury to our lives?
I could recognize that Spurgeon was right. If I was not content with the physical possessions that I owned (which were already well-above most people in the world), why would I think owning more would somehow result in contentment?
Quickly I began to recognize this thought could equally be applied to money. Is there a magic number where we suddenly become content because we have enough money? I certainly haven’t found that to be the case as I look at my own life and the lives of others.
4. “Money won’t make you happy, but everyone wants to find out for themselves.” —Zig Ziglar
There is a similar quote by Jim Carrey that I occasionally post on social media that goes like this, “I wish everyone could get rich and famous so they can see that’s not the answer.”
The quote is immediately met by a thousand similar-sounding replies that go like this, “That’s sure easy for Jim Carrey to say. He’s worth $200 million.”
Of course, the only people who could tell us that money isn’t the answer is someone who has achieved money. And the only people who can tell us that money won’t make you happy are people who have acquired money. But, just like Zig Ziglar said, “Everybody wants to find out for themselves.”
Wise is the man or woman who can recognize money won’t make you happy before wasting their entire lives trying to earn it.
5. 87% of millionaires admit they do not feel wealthy. —Source
This is an updated version of a stat/quote that was first included in a survey done of the ultra-wealthy in The Atlantic called Secret Fears of the Super-Rich. (I’ve always appreciated the analysis and commentary included in that survey as it speaks of some of the drawbacks of wealth in a person’s life.)
But that one stat, more than anything else included in the study, changed my view of money.
Whenever people tell me they need more money to be happy or feel secure, I ask them for the specific number that will allow them to feel secure. Nobody knows what that number is. Everyone just assumes it is more than they have.
A word of warning here: If you think there is a number out there of income or net worth that will make you finally feel secure in your finances, you will never achieve it. At the very least, it’s well above $1 million. Most millionaires are still looking for it.
6. “Those who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge people into ruin and destruction.” —Paul the Apostle
Nobody admits to loving money…. everybody just wants more of it.
If I were to ask a roomful of people, “How many of you love money?” Very few hands would go up. We all know what the love of money results in…
But if I were to ask, “How many of you want to be rich?” Almost every hand in the room would go up.
“Why not,” we think to ourselves, “obviously I’d like to be rich.”
The problem is that this desire affects our daily decisions more than we realize. We begin sacrificing pursuits of greater meaning and significance because of our desire to be rich—never seeing a problem with it.
But traps are subtle… and we don’t often realize we’ve fallen into one until it is too late.
7. “Money often costs too much.” ― Ralph Waldo Emerson
In the end, this quote from Ralph Waldo Emerson begins to summarize many of my thoughts on money these days.
Is money evil in itself? No. But our desire for it often costs us more than we think. And its negative effects on our lives, when we do obtain it, are often understated and overlooked.
Now, this is not to say that we shouldn’t be working hard to provide for our families—certainly that is the case. Nor does it mean we turn down honest compensation.
But too often, our desire to accumulate money costs us more than we think. Especially when it never returns the personal benefits we think it will.
You can never have enough of what won’t satisfy.
Keeping money in its proper place in our affections is a daily and lifelong struggle.
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Brooklyn Odalisque says
Maybe nine out of ten people are stressed about money, because it is only the top 10% of the population’s earnings have kept up with the cost of living. David Leonhardt had a great graph in the New York Times a while back. The top .1 percent’s money has gone stratospheric, the top 1 percent has not done mush worse, the next nine percent have kept up. The bottom ninety percent have fallen by the wayside. So nine out of ten people is absolutely true, in the richest country on earth. Tax the rich. Provide day care, healthcare, sick leave, and support for families. It doesn’t have to be this way. We, us, our government creates this picture.
Don says
Great, Josh! Two other quotes I live by: “The more things you own, the more things own you.” Meaning paying to maintain, repair, store…
Another is, ” There are two ways to increase income; Work more (harder and longer days)
OR spend less. The choice is yours and either will increase your financial wealth.”
Kathy Ewing says
Here’s mine: “The world is too much with us, late and soon. Getting and spending, we lay waste our powers.” William Wordsworth
Sandra says
I recently inherited some money and it is enabling me to buy a house outright so I have no rent/mortgage after I retire.
I think it is very easy for the rich and super-rich to say money doesn’t make them happy. They can have a swim in their swimming pool or book a massage or holiday to lift their spirits. I don’t desire to be a millionaire or dream about it but I certainly appreciate the opportunities it brings when it comes into my life. The inheritance also meant I don’t need to hunt for the next promotion to keep up with inflation because we have the security of a house to live in.
Dave Rosaciña says
I understand that the respondents mentioned in this article focus mainly on Americans and the beliefs of tycoons; however, my point is that just like everybody else, money at some point makes you happy. For instance, rewarding yourself whenever you’re feeling burnout or it’s a bad day or avoiding the toxicity of life. To cap it all, I believe that money indeed can’t buy love.
patrea curry says
im 67, no amount of money has ever made me happy because ive always had to earn it myself, no one ever gave me any money i havent earned ever.
Andrew Ellis says
Well each of these quotes are very close to accessing & applying Stoic ideas from Seneca and Marcus Aurelius’. And from such books by Professor Irvine. So good.
Mark says
If I have learned one thing about money is that you have to learn and be educated about it, even if you are a woman. Take my words for it. I am glad someone has it all together. Love your posts & keep them coming Josh.
Cheeky Rooster says
Mark, Curious about why you added the ‘even if you are a woman’ phrase?
Linda Kiebish says
My guess, and I could be way off here as I am not Mark, is that some women still grow up believing they will trade being taken care of by parents, to being taken care of by a husband. They don’t pursue a career or learn how to support themselves financially. Then life happens – they either don’t marry, their spouse suffers severe health issues or even dies. And they have no clue how to manage any of it.