In a couple of weeks, I am speaking at a conference for those who work in a healing and helping profession. Think: holistic doctors, nurses, therapists, wellness coaches and experts, spiritual teachers, etc.
This is an audience of people who are frequently the recipients of an unfortunate message about money when it comes to their work. People who are far too often told that it is an act of service to accept lower pay or endure financial hardship as they do the work they do.
It’s as if serving others and financial success are mutually exclusive.
This is such a damaging myth.
And one that is deeply ingrained in the psyche of many. Because there is a persistent belief that helping others requires sacrificing one’s own financial wellbeing.
The cultural, societal, and historical context for this belief has deep roots.
Historically, helping others has often been associated with altruism and self-sacrifice, especially in religious and charitable contexts.
Many religious traditions promote selflessness and service as virtues, often with the implication that financial reward or personal gain should not be a motivating factor. In some cases, wealth is viewed as incompatible with spiritual or moral purity, leading to a belief that truly “good” work must come at a personal cost.
Need a non-religious example? Look no further than a number of non-profit organizations.
Many of these operate on limited budgets, and their employees are often expected to accept lower salaries because the organization’s work is considered noble or socially important. This has created a culture in which financial success is seen as secondary to —or even in conflict with—the mission of serving others.
Or, consider teachers and educators who work in public education systems. They are often underpaid, work long hours, and expected to use their own resources to support their classrooms.
And, according to the most recent stat I was able to find, 83.9% of all licensed social workers are women, while 16.1% are men. We can likely attribute this disparity to the social expectations placed on women to be nurturers or caregivers. What often comes with this belief is that (a) a women’s work, specifically, and (b) a social worker’s work should be done out of love or duty, not for financial reward.
Then, there’s the longstanding cultural notion that pursuing wealth is somehow at odds with being a “good” or moral person. The presumption is that people who prioritize helping others shouldn’t also seek financial gain. Otherwise, it will be perceived as being greedy or self-serving.
This type of moral framing often creates an internal conflict for those in the healing or helping professions, who may feel guilty about asking for fair compensation. And, it certainly has a negative effect on their financial wellbeing.
But here’s the thing:
Those who work in a healing and helping profession are not the only ones dealing with this myth.
You’ve likely heard of the “starving artist” trope, right? They, too, are often told they shouldn’t expect to make a living from their art. As if their passion for their craft will pay their bills and finance their future.
Or, what about the entrepreneurs or founders of mission-driven businesses. Some of them often struggle with the notion that purpose and profit can co-exist.
Sadly, what these examples reveal is how pervasive, across a variety of professions and scenarios, is the myth that says serving others and having financial success are mutually exclusive.
There Isn’t a Shortage
But, it’s not the only one.
In reality, there are several damaging myths about money that can negatively impact people’s financial health and wellbeing.
They may even be impacting yours.
Here are a few:
More money is all you need
Having more money can certainly alleviate cash-flow challenges and financial stress in the short-term. However, if you don’t address the underlying issue, the relief will only be temporary.
Debt is always bad
The blanket advice to avoid debt is common financial wisdom. Yet, I am pretty vocal about the fact that I don’t believe all debt is bad.
Especially when avoiding it can limit opportunities for growth. Yes, I’m thinking of entrepreneurs who can often access debt financing more easily than equity options when it comes to launching and growing their business.
When it comes to debt, the key is to know what makes a debt “bad” or “good,” and to have a plan for how you’ll get out of it.
Work harder if you want to earn more
While hard work is important and sometimes necessary – especially when you’re working on a deadline – the belief that working harder or working longer hours is the only way to earn more and create wealth is unhealthy. Unchecked, working harder can lead to burnout, frustration, and disillusionment.
You shouldn’t enjoy your money
This myth shows up a lot with people who’ve grown up financially insecure. It can lead to extreme frugality, causing people to feel guilty for spending money on anything that isn’t related to saving or investing.
And while saving and investing are important, so too is spending money on experiences and items that will bring you joy and fulfillment.
Money is evil and capitalism is bad
Both of these promote the idea that the pursuit of financial success—whether through money itself or the capitalist system that generates it—is inherently immoral or harmful.
Thus, tying money to negative connotations, which can lead to people feeling guilty about wanting (more) money, (more) financial security, or (more) wealth.
Or, to negative views about those who want these things.
Sure, capitalism has its flaws and can be critiqued for issues like inequality and injustice. But labeling money as evil or capitalism as bad overlooks the good that money can do.
Most important, at least in my opinion, is that it diminishes the agency and power each person has on how money can be used to create generational freedom, security, and positive change.
Money isn’t one-dimensional; capitalism isn’t either. So, neither is good nor bad; wanting it (or more of it) doesn’t make one evil or greedy. The way you earn it and how you use it is what defines its impact.
Any of These Yours?
Do any of the myths mentioned above make you go, “oooh, that’s me!” If so, what would be possible if you released it?
Or, if you’ve realized that you once subscribed to one, but don’t any longer, how did you reframe this belief?
The thing about subscribing to any negative money myth, whether unwittingly or wittingly, is that it shapes how you make choices regarding how money intersects with:
- how you work;
- key relationships in your life (and business);
- your goals and how you go about achieving them.
It also shapes your relationship with money and casts a spotlight on what aspects of it need improvement.
That’s why identifying what money myths you need to acknowledge and release is an important way of taking control of your money and how it impacts your financial health and wellbeing.
