Magazine article Success

What Solves Your Money Problems ... and What Doesn't

Magazine article Success

What Solves Your Money Problems ... and What Doesn't

Article excerpt

Learning at an early age that we all have money problems--no matter how rich or how poor we are-is an important lesson. Many people believe that if they had a lot of money, their money problems would be over. Little do they know, having lots of money just causes even more money problems.

One of my favorite commercials is for a financial services company and starts with rap star MC Hammer dancing with a beautiful woman, with a Bentley and a Ferrari and a grossly oversized mansion behind him. In the background, high-end specialty goods are being moved into the mansion. MC Hammer's one hit, You Can't Touch This, is playing. Then the screen goes black and displays the words, "15 minutes later." The next scene is MC Hammer sitting on a curb in front of the same ridiculous mansion, his head in his hands, next to a sign that reads "FORECLOSED." The announcer says, "Life comes at you fast. We're here to help."

The world is full of similar people, lottery winners who win millions and then are deeply in debt a few years later, or the young professional athlete who lives in a mansion and then lives under a bridge once his playing days are over, or the young rock star who is a multimillionaire in his 20s and looking for a job in his 30s.

Money alone won't solve your money problems. That's why giving poor people money doesn't solve their money problems.

[ILLUSTRATION OMITTED]

Hard work won't solve money problems.

The world is filled with hardworking people who have no money to show for it; hardworking people who earn money, yet grow deeper in debt, needing to work even harder for even more money. …

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