Top five money truths for a wealth, growth, and success mindset:

  • Making money is much better than saving.
  • Compound interest is overrated.
  • Invest in yourself because this is the best investment you’d ever make.
  • You get paid to contribute value by being useful and helpful.
  • Plan from where you want to be, not from where you are.

How much did your mum tell you about money?

Because my mum had many strengths but sharing money truths was not one of them.

She shared only one truth about money with me, and at the time, I didn’t even realise how valuable it is.

I was leaving home to go to university. My mum looked at me and said:

“Learn to control money or money will control you.”

Profound, right?

It took me decades to work out what my mum meant and longer to learn to control my money and become a money master.

There were still too many truths about money my mum left out; mainly the ones that are the cornerstones of a wealth, growth, and success mindset.

I bet your mum didn’t do much better. What did your parents teach you about money?

I’d imagine you learned some basics of personal finance at home. You probably learned that debt is a very bad place to be; that you should work hard for your money and that modest wants and aspirations are the way to secure life.

My intention here is not to diss your mum. What I want for you is to develop, and affirm, a wealth and success mindset that will help you get what you want in life; not what you may now believe, mistakenly, that you deserve.

I give you 21 money truths gleaned from books, life, experience, and lyrics.

Some truths about money go against what you’ve learned, against your intuition and even against your judgment. They all, when applied, will help you develop the mindset needed for building wealth and leading a life of growth and achievement.

Welcome to the Empire State of Mind!


Money truths to help you make, and manage, money

#1. Money is for life; life is not for money

Often, we get so focused on money we forget it is just a tool. What I’m saying is that money is important, but its only meaning is to nourish our lives.

Money is pointless when it dominates our lives; we all need something else to give us meaning.

#2. Make money; don’t let money make you


Does money affect your mood? Change your relationships?

It shouldn’t. Learn to approach money and money-making, like a surgeon – with cool but interested lack of passion.

#3. Money control comes from knowledge, standards, and action

You can’t claim to control your money if you don’t:

  • know everything about it (how much you make, what are your income sources, how much you spend, on what you spend, how much you save, where do you invest, etc.);
  • apply standards to form your judgment (for example, deciding that you earn less than you can); and
  • act.

It is the ‘Holy Trinity’ of money management.

#4. Debt is a state of mind as much as a state of being

Being in debt is a clear material thing: you owe money.

Behind this is a very specific mentality that left unchanged will keep you in debt.

Change your beliefs about money, change your actions, and watch your debt crumble.

#5. Your bank manager is not your friend

money truths

Photo by Tim Evans on Unsplash

When in money trouble, your bank manager is someone to consult on options, ask for advice, and beg for help.

Remember the bank manager is not your friend, and he is unlikely to put your interests first.

Do your homework and stand your ground.

#6. Debt is the most profitable business of a bank

Do you receive credit card offers, adverts for loans and low-interest debt transfers?

I thought so. I get these all the time.

Debt is the core business of banks; and very lucrative at that.

Take ownership of your decisions about debt and resist tempting offers like you’d resist Swiss chocolate: with longing and determination.

#7. You get paid to be useful and helpful; the rest is unimportant

Did you think that people pay you because you are so good at what you do?

You are wrong if you did.

People already expect you to be good at what you do. They pay you, with premium, for being useful and helpful.

#8. Frugality is about not wasting

Are you concerned that being frugal would suck the fun out of your life?

Don’t be. Frugality is about not wasting, not about restricting your life.

#9. Making money is easy

Most people think that making money is next to impossible.

Making money is straight forward – think of something you can do, and people would pay you to do for them. Here are some ideas about making up to £1000 per month.


#10. Making money is better than saving money

Making money and saving money is the dual highway to wealth.

If I were to say which one is more important, I’d select making money: it has no limits, contributes value, and doesn’t leave us much time to spend.

#11. Compound interest is over-rated

money truths

Personal finance experts keep mentioning compound interest. They also overestimate its importance.

Your labour – time and skills – is your main source of wealth. Next best thing is other people’s labour (you employ people in your business). Compound interest is not even third.

#12. You are your best investment

People ask me where to invest.

Invest in yourself, I tell them.

Learn something new, take a course, or do a degree.

You are the most profitable and safest investment you’d ever make.

Truths about money that go against established wisdom

#13. Increase your cloth; don’t end up with a tight coat

Cut your coat according to your cloth, the old saying goes.

I say learn to increase your cloth.

#14. Making your bread makes sense

money truths

Homemade bread is an example of mindful frugality.

It is cheaper. It is also much tastier than factory-made bread.

Homemade bread is also much healthier because it contains only the four things it should contain.

Investing in a bread-making machine is a great move.

#15. Cleaning your house doesn’t make sense

Having a clean house is always worth it.

Question is whether you clean your house yourself or you pay someone else to do it for you.

You can decide that by accounting for your hourly pay, the hourly pay of a cleaner and your dislike of cleaning.

I pay for cleaning.

#16. Plan from where you wish to be, not from where you are

Most of us plan our future starting where we are now.

You’d get much further in life if you learn to plan from the future. This way, you can break away from your current trajectory and achieve your dreams.

#17. You may not be the best today; keep learning

You will be among the best if you continue learning.

But ‘the ship must move’; don’t allow not being the best today stop you; focus on tomorrow.

#18. Wealth is like love: it’s best when shared

Share your wealth.

It helps the less fortunate than you and feel good.

Be generous.

#19. Rich people are like you and me; only their virtues and vices are magnified

People don’t change that much when their circumstances change.

A good person is good with or without money.

Knobheads are the same.

#20. Learn to spot opportunities; then act on them

Opportunities are many; the problem is, as someone said, opportunities often look like hard work.

Learn to spot opportunities and act on them.

#21. Focus on 5% of the opportunities your spot

Our problem is not that opportunities are scarce; it is that opportunities are far too plentiful.

Learn to focus on 5% of the opportunities that come about. Anything more will disperse your effort.

Final thoughts: now you know these truths about money

These money truths are the core of a wealth, growth and success mindset that you can develop and practice.

Making these truths about money a second nature will take time and effort, I won’t deceive you. Still, it is worth it because your beliefs shape your actions and your actions are your destiny.

These are also part of the money wisdom that will bring a sense of balance and contentment in your life.

Which ones do you think you’d practice first?

Photo by Simon Rae on Unsplash