I’ve noticed that a lot of people I know have an obsession with money. I see it in two forms: buy material things or hoard. I understand we need money to survive. But what about this need to accumulate wealth?
I ask this because I have fallen (note past tense, thankfully) into this camp before. I have hoarded money. I avoid spending to “save for a rainy day”. But when is that rainy day? Is it death? Is it if I’m paralyzed? I mean seriously, at that point, who cares about comfort…I’m paralyzed.
I’m sure there are numerous psychological studies on this. Maybe people came from a poor background and feel a need for financial security. What is it about money that makes us comfortable? Is it just another “thing” that gives us security? Do some people find comfort in relationships or something other than money, maybe love (friendly or deeper)? Does everyone have a dependence on something for some reason, and for some people, it just happens to be money?
A friend of mine won’t turn the air conditioner on in his car because he feels like it costs money. He says it uses too much gas. So if people are hot, they have to roll down the windows. I do the math in my head. Spend $30 to fill up a tank. Let’s just say you did that every week, so your cost was about $1500 a year. What if you had to fill up ONE MORE TIME? You’d spend $1530. So the $30 ANNUALLY wasn’t worth the additional comfort of having a cool car when it’s hot as hell outside? I don’t get it. Then again, maybe my brain is just wired to do cost/benefit analysis for even the most trivial things.
Maybe we’re irrational because of what money represents (e.g. Power, Status, etc…). And it’s so strange too because it’s usually the people who have a lot of money that care so much about it. Of course people without money want to make more, but they’re doing it at the subsistence level to eat, stay warm, and have shelter. People with money who do things like keep the AC off in the car easily have enough to afford it. So what is it that makes someone want to save that $.60 per week? What causes this?
Deeper questions and I’m sure there’s no right answer. I also feel this represents a minority of the population, but a minority that I find often in the business world.
#1 by Raymond Pirouz on June 18, 2009 - 11:01 am
Excellent question. I don’t pretend to have an *answer* but 2 key words that come to mind in relation to your question are:
1. Fear
2. Freedom
Fear is that which propels people to want to hoard. Fear of the unknown. Fear of that some future day or event based on a past experience or warning handed down by previous generations. Living in fear is an unhealthy state of being.
Freedom is that which people assume money brings. The freedom to do as one wishes…the freedom to take prudent risks or to live a lavish lifestyle (of course, that is relative based on the amount hoarded).
While fear is deep seeded and harder to overcome, the concept of freedom associated w/money is a false belief that can more easily be abandoned when considering the fact that the more money one accumulates, the more burdened one actually becomes with having to properly manage it (hence leading to more fear).
It’s a complicated issue, but I think you’re on the right path by asking the right questions.
- Raymond
#2 by Raymond Pirouz on June 18, 2009 - 3:06 pm
I thought on it some more and have a third key word for you:
3. Control
You’ve seen those infomercials, “take control of your future.” It is falsely assumed that money is the key to control, whereas control is a state of mind. This begs the question, “What is money?” to which we’d have to answer, “an agreed upon symbol of *value* for the purpose of some future *exchange*.” That’s it…it’s energy entrapped to be expended at some later date. That energy can be volatile if not understood or managed properly, and can surely become a burden as it piles up and advertises itself (because trapped energy wants to be free [like the Ring of Power] and it is unhappy lying dormant).
So if we’re under some false understanding that we have control of the elements (in this case a volatile, suspended energy force) we are only fooling ourselves.
I think we have to define what it means for us to be and feel free and in control outside the discussion around money. If we can answer that question, we can have a much more healthy understanding of money, and overcome our fears and live more fulfilled lives.
My 2 cents (adjusted for inflation).
#3 by HallyZ on June 24, 2009 - 5:44 pm
Well, I’d say that money is not to be hoarded, but to be used to further your dreams. Work not for your money, but for your dreams. OK, I’ll plug my web site here too: http://www.yourmoneyanddebt.com. Check out the …and Debt page, where I kind of philosophize about money and how we become slaves to spending it.