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5 Money Beliefs for Better Financial Wellbeing

Understanding your money beliefs can help you determine how they are helping or hurting your efforts and then make the necessary mindset shifts for better financial outcomes.

Money beliefs inform our financial habits and impact our behaviors. These beliefs either cause distress or lead to success.

As I continued my financial wellness journey, I discovered five money beliefs that profoundly impacted my financial decision-making. After addressing these limiting beliefs, I made great strides in creating and living my dream life.

I shared these lessons in greater detail in my first book, You Only Live Once: The Roadmap to Financial Wellness and a Purposeful Life.

1. Money is a tool

Money is not the end goal. Your purpose in life isn’t to accumulate a stash of cash.

I emphasize that money is a tool that helps you serve your purpose. When you understand and accept money as a tool, you begin to use it to build your dream life. You must acquire the skill to use the tool, and that is done through lessons, reading, and learning from experts.

Think of money as a hammer. It can help you build or tear down a wall. So, money can help build or break your dreams. Money as a tool cannot control you; therefore, you must learn to control – use – money.

2. Money is not evil

Some beliefs equate money to being good or evil. I grew up believing money was a necessary evil. It supported financial behaviors that made me spend money instead of saving it.

I used to think: If money is evil, why would I want to hold on to it? It would be immoral. If money is evil, what kind of people have lots of money? Bad people.

I didn’t want to be an immoral, bad person, so I didn’t prioritize growing money. It sounds wild to have this belief, but behavior is supported by research into money scripts by financial psychologists.

Here is the truth: money is neither good nor evil.

Money is a tool, and how you use money says a lot more about your values. Think of money as a magnifying glass. It will magnify your values and beliefs.

3. Money equates to wealth

I want to focus on material wealth. Wealth is about how much you’ve saved, not how much you’ve spent.

I once believed spending equated to wealth. You cannot make yourself wealthy by spending mindlessly. Again, it is about how much money you have, not how much you can spend. You build wealth by saving money, investing it, and allowing it to work for you.

Wealth is measured by how much you own is of value. It’s about the size of your asset that’s measured by your net worth.

4. Money can buy happiness

Happiness isn’t a destination but a result of choices. When you’re using your money well and working towards your vision for life, the result is feelings of happiness.

Because money affords you the necessities of life: food, shelter, medicine, and clothing, money is an opportunity to realize dreams. When you believe money can buy happiness, you’re a bit more mindful of how you spend it.

You even want to make more money to use as a tool to achieve life goals – things that matter and add value in your life.

Keep in mind: Overconsumption and mindless consumption cannot buy happiness. You end up with more stuff and potentially more debt.

Read more about how money can buy happiness by spending on wellness. Get a copy of Happy Money Happy Life.

5. Money can be created

Another money belief concerns our time. Most of us exchange our time for a paycheck. We value money more than our time, and many spend money on things that don’t matter.

I used to believe money was made by exchanging more hours at work. That all changed when I finally realized I could make money with money.

When you believe money can be created, not “worked for,” you find ways to make more money without allocating more time.

For instance, saving money early gives you the benefit of compound interest, where you earn interest on interest. You also begin to invest in the stock market, take advantage of employer retirement plans, and make money off your talents through side hustles.


Understanding your money beliefs can help you determine how they are helping or hurting your efforts and then make the necessary mindset shifts for better financial outcomes.

Jason Vitug

Jason Vitug is a bestselling author, entrepreneur, and founder of and His purpose to help others live their best lives through experiential and purposeful living. Jason is also a certified yoga teacher and breathwork specialist and has traveled to over 40 countries.

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