This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

5 Reasons You May Be 'Scared' of Money

NEW YORK ( TheStreet) -- In the holiday season, when Ebenezer Scrooge looms over the landscape, terms such as "miser" and "skinflint" may creep into consumer conversations, fairly or unfairly -- negative terms linked to money, wealth and generosity (or the lack of it).

But there really isn't a term to describe someone who "loves" money, and that's a shame, according to one wealth creation expert, because if Americans embraced a more positive view of money, they could wind up with more of it.

That's the thinking of Noah St. John, author of The Book of Afformations: Discovering the Missing Piece to Abundant Health, Wealth, Love and Happiness.

St. John says there is a huge stigma around money, and that gathering wealth is looked upon as bad thing across much of consumer culture. If you adopt that view, though, you could be damaging your own lifelong financial prospects.

"Your relationship with money is like your relationships with people, and if you treat money badly, it won't stick around," he says. "When you speak, think and act positively toward money, you will attract more of it in your life."

To turn a potentially toxic view of money around and build a better relationship with cash in your life, St. John advises looking for some "warning signs" that can alert you that your partnership with money is "on the rocks."

You link money with trouble. People who fret about what they don't have and what might happen in a financial crisis are missing the boat, wealth-wise. Instead of worrying about money, St. John advises taking a positive view, asking yourself "Why did everything work out better than I expected?"

You worry when things go too well. St. John says that if you "worry about success," it's really a likely irrational concern that success isn't sustainable, leading to another irrational thought that you'll be living eventually in a van down by the river. The reality: You don't need permission to succeed, from you or anyone else.

You don't have enough savings. "If you don't have a savings account to fall back on at all, you're effectively telling yourself that you won't have any savings, which will tend to make it true," St. John says. "This also probably means you are not paying yourself, which means that you may be living on the edge financially." He advises to start paying yourself first -- and to start believing it's OK to pay yourself first.

You're too "miserly" to yourself, but not too others. Lots of people like to spend money on others, not on themselves. "If this is you, you might start to feel resentment, which can lead to stress, burnout and loss of motivation," St. John says. "Remind yourself that money is not the end itself, but a means to an end to live a healthy, happy life."

You hang out with people who "fail" with money. If you align yourself with dreamers, whiners or complainers, you may wind up just like them. "Numerous studies have shown that your income is the average of your five closest friends," he adds. "Are the people you associate with lifting you up or dragging you down? If you're the smartest person in the room, you need to find a new room."

St. John's larger point is this: Consumers with a healthy view of money make more of it and sustain those moneymaking skills over the long term.

That doesn't mean they keep it at all costs, or don't share it with others . It just means Americans who "get" money are way ahead of Americans who don't -- in more ways than one.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,004.98 -24.57 -1.21%
NASDAQ 4,644.4370 -37.06 -0.79%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs