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.
Why do people still think America is wealthy. Usa has soooo much debt to foreign countries, so why would not the People be in debt. They also have to pay to be operated on, picked up by an ambulance and thousand to go to the Er. To buy life needed medicine they are preyed upon by big drug buisnesses. Not to mention college is a mega industry that drain your money to give you a job. So they keep you in debt forever. Some Jobs pay little to nothing, and depends on tips from costumers. Yet they still think they are a weathy country. Movie moguls, business industry and drug companies are wealthy. Usa is not.
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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.
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.”
Here’s mine: “The world is too much with us, late and soon. Getting and spending, we lay waste our powers.” William Wordsworth
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.
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.
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.
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.
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.
Mark, Curious about why you added the ‘even if you are a woman’ phrase?
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.
I thoroughly enjoy your blog and I understand where you are coming from but I too experienced a time in my life where No 3 simply was not true because I had to stretch very little money and eat cheap unhealthy foods (i.e. plain pasta) every last week of the month. Once I started earning real money, I lived very comfortably and wished I could transfer some of that income to my earlier years.
On No 1, I can only imagine that with the health insurance situation in the US being what it is many a health scare (or even just a pregnancy) can make for financial-related stress…
On a (self-reflection) side note, while reading your blog I have more recently realized that your view represents a male perspective (duh) that differs from many/most female ones. Made me appreciate your weekend reads even more!
Thank you for such a great article & everyone’s perspective on it! We can all learn from each other. I thinks we all have to get back to basics by living a modest & generous life, if we can. By paying all your living expenses first, housing & its related expenses, food, medical, hobbies & what you enjoy doing. Some people get lost with this inflated, devalued life style of owning crapp which they don’t need & spend a fortune on. On the other hand it is life changing with your generouosity to give, sponsoring monthly disadvantage children, Christian organizations & non profit organizations in your community. By the way I read many years ago that Jim Carrey while growing with his family living in Ontario, Canada was homeless for a while living in their car when his dad, an accountant was between jobs.
We sometimes let money define who we are, especially in a consumerist society. When I was young and stressing about money and material achievement someone wise said to me ‘Always remember – you are not your job, your house or your car’. It has been invaluable advice.
A question for all of us is this: “How much is enough?”
For too many people including super-rich people there is no such thing as enough.
So we have extreme inequality, lack of affordable housing, and hunger in a wealthy nation.
God must be weeping
Although I have read these quotes before, today they were very timely and were the answer to a dilemma. Thank you for that.
I, too, am retired, and fell into the mindset that I lived on a fixed/limited income and believed I would not be able to take care of my needs. What changed for me? Minimalism! It was the spark that sent me back to my accounting skills and paying rabid attention to my finances and where the leaks were. I went back to basics with a spread sheet and with pen in hand listed every item I had spent $ on. Quite the revelation. I also learned-during quarantine- that when I ordered my groceries online for delivery-free of charge- I stopped buying on impulse-saved gas-and found that my arts and crafts improved with less choices and clutter. There has been so much more that I have learned and everyday I discover another benefit. (PS: I am 82) Who says an oldie can’t learn new tricks! LOL
Thanks so much for commenting and stating your age! I’m 73 & still learning. There are formulas to help with spending & saving & too many people don’t know about them & even if they know, as I do,, it is difficult to follow.
Priceless ! Thank you so much ! I am 57 & a widow for 11 yrs. It has been a struggle until … I took to pencil & paper & stopped to evaluate the reality of my own surroundings. Have a great day.
MD Seeber
A thought provoking quote from the actor Jim Carrey: “I think everybody should get rich and famous and do everything they ever dreamed of so they can see that it’s not the answer.” There’s nothing wrong with having money, especially to provide security for yourself and your family. But isn’t it revealing that many lottery winners end up unhappy. And look at all the divorced, addicted, unhappy celebrities. Make enough to live comfortably, and then focus on your passions and helping others. That’s my view.
So true and agree 100%!
I know money doesn’t buy happiness because you can be rich and miserable. The more you have—- I think you lose touch—- you don’t clean your own house anymore—- etc etc etc People who have less are often very grateful/appreciative for what they do have. Money does buy some security though… if you are wise with it. It’s a deep subject with many scenarios ?
I do not agree with point 3. I am retired and I know that what I get every month is not enough to face old age handicap ; of course I hope I will die soon enough not to face it but one never knows. So I know what would be enough for me : to be able to pay accomodation an medical care for those who suffer from alzheimer disease.
Can’t you understand this is stressful ? I know my daughters too are much worried about it.
I absolutely agree with you! Good luck!
Hello Camille. I noticed that your posting occurred in the early morning hours. I understand the stress and worry that is created from medical needs. My heart goes out to you and your daughters.
I too am up at night. I am learning that in our personal spending situation the points given are what we have needed. Each one resonates with our family choices and resulting living situation. And I know what I want to do to change that. However, medical needs are not one of the things that we can change. Alzheimer disease is with our family too. I do not know the medical care system in France but is it possible to get assistance to supplement your fixed income? I hope that it is. While this sentiment does not pay the bills it is given with love and hope from those who care and understand the stress that this gives.
I agree with some of the points here, but they seem to be from the perspective that the desire for more money is to own more possessions. They do not address the desire for more security from the perspective of knowing you can pay the rent or bills every month, and having extra cash to do that class you’ve always wanted to do, travel, experiences, etc without needing to think can I afford to do that.
Hmm, thanks for the comment. But these views on money are not limited to wanting it to own more possessions. They are more from the standpoint of just wanting more of it.
Another common quote I hear/read is: “money is the root of all evil”. Unfortunately, that’s a complete misquote of the passage from where it comes: “For the love of money is a root of all sorts of evil . . .” – 1 Timothy 6:10a. Money in itself is not good or evil, it’s simply a medium of exchange by which we acquire other goods and services. However, to love money is to invite all sorts of problems into your life. Nothing wrong with being wealthy, as long as it’s not the all-consuming goal in life. Thanks for the great quotes!
I only allude to my thoughts briefly on the impact of money’s influence on us. But I do think it is incorrect to think that money has no impact on us whatsoever. In and of itself, money is not good or evil. But that it is not the same as saying it has no negative effects on us. I do not subscribe to the thinking that “money only reveals who we are.” Money does change us – and not just the love of money that changes us – but the very possession of it can negatively impact who we are and I don’t think we talk enough about that.
I think money has only one true power. It buys stuff. It’s affect on you is it makes you more of what you already are. If you are an addict, what do you think will be done with a winning lottery ticket? And if you give generously to others, what would happen to the proceeds of that same lottery ticket? If you are worried about the future, money will never make you feel safe enough (security). I believe EVERY point you made is absolutely true. I have watched people destroy their greatest earthly possession, their children, over money. It’s a nasty trap indeed and the rich are almost always the most unhappy of people. We won’t learn.
And we still do this
Respectfully, I agree with LeeAnn on this. I think money for the most part just enhances what a person already is. If a person is already a jerk, then they’ll be a rich jerk if they hit the lottery or make it big somehow. It may seem like somebody is changed by their money, but I think the addition of money to their life just exposes the character within that may not have been very visible before.
Studies tell a different story.