“Money would solve all my problems.” This is Money Worship and it is the second money script.
This is the complete opposite of Money Avoidance, last week’s topic. Money worshippers use money to chase happiness. They think that more money will solve all of their problems, and that money brings happiness and power. Sadly, the mission to acquire more money and wealth is never ending. Worshippers usually end up with a lot of stuff and they think that something better is forthcoming.
Real Life Example of Money Worship
One of my clients, a male, late 30s, lived by this mantra. He was so infatuated with money that his favorite song was, “C.R.E.A.M., Cash Rules Everything Around Me” by Wu-Tang Clan. My client was so obsessed that he told me that he loved “the smell” of money. This is money worship.
I worked with him to save more money, invest, and establish an emergency savings fund. Over the past year, he experienced a lot of adversity. He lost his job, and then contracted covid. My client was thankful that I encouraged him to have an emergency fund because New York City is an expensive place. He had the time and money to find a great, new job in the best city in the world.
Furthermore, emergency funds must be extremely safe investments, such as a money market fund. Moreover, here’s an old school rule: don’t have online access to your emergency fund. If it is a true emergency you will go to the bank to get the money, but if you have online access to the funds you will be tempted to spend them.
Finally, beliefs about money worship can be unlearned. Having a trusted accountability partner with a different perspective can help you. We can have a relaxed chat if you suspect a belief is holding you back. Do you think that you suffer from Money Worship?