The Three Biggest Money Myths

Are we being fooled about money? In this short article, Tom talks about the three biggest money myths we are often led to believe, and why it’s dangerous to believe them.

1. You must have a lot of money to be a good money manager: FALSE.

10022013-moneybagsHow did the great money managers develop their skills? They all started small. Skill and amount differs like a pianist and a piano. Some say, “Just let me win the lottery and I’ll show you how good I am at managing money.” Dream on. Jesus said, “He who is faithful with little is also faithful with much,” (Luke 16:10). The skill of money management is more important and valuable than the money itself. God says in Proverbs 8:11, “Wisdom is better than jewels and all that you desire cannot compare with her.” Let me go on to say that good money skills usually attracts more money, but not always. The key is to focus on skill development, not on quantity.

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Gold is like Yogurt

Recently, I read an article in the Financial Post saying that some States in America (15 to be specific) are aggressively looking at establishing their own local currencies based on a gold standard. The Colorado Honest Money Act, the Vermont Dollars bill, and the Georgia Constitutional Tender Act among others exemplify the deep frustration with the massive printing of U.S. dollars during the past four years. Quoting from the Post: “Once the domain of crackpots and wingnuts, a growing number of Americans believe returning to the gold standard or bringing gold coins back into circulation, is the only way to restore sanity to the fiscal system that is out of control.” In Utah, a law went into effect in May making gold and silver coins legal tender and exempting the exchange of coins from income or sales tax liability.” Imagine that, the establishment of new local currencies. It makes me remember the Master’s words: “A kingdom divided against itself cannot stand,” Mark 3:24.

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