The CommonWealth Initiative™ is a Chicago-based financial planning and consulting firm specializing in budgeting, money management, and financial services. Our services are confidential, forward-thinking and affordable, with the purpose to promote financial “well-being” for the “common-good”.
CWIMONEY, Financial Planning, Financial Planner, Free Consultation, Estate Planning, Estate Planner, Business Consulting, Business Consultant, CWI, CWI University, Money, Chicago Money,
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Growing up, it was common to hear the saying, “for the love of money is the root of all evil.” I would often question why the love of something essential to our survival throughout life, money, could be perceived as evil.  We need money to do just about everything today.  I later realized that this condition of thinking might subconsciously foster an unhealthy relationship with money if not addressed.  Without a solid financial education, one begins to understand why we have excessive use of credit cards, payday loans, bankruptcy, foreclosure, and reckless spending.  What is the root of all evil, monetarily speaking?  Is it the love of money?  Or could it be the fear of money, specifically, the lack of understanding of money management principles and how to use money effectively?  While loving money over people or God may breed evil, a lack of knowledge in managing money properly, intentionally, or not, could be detrimental to our livelihood.

Let’s be honest; most of us, at some point or another, have categorized some of our purchases and spending as “financially irresponsible,” but the truth is that we were not taught how to manage money effectively.  Financial education is not taught in most U.S. public school systems.  Moreover, we may not have learned about personal finance if we grew up in a household where money was not openly discussed or if our parents were not taught to manage their money well – nor were their parents, our grandparents, able to possess these essential skills.  The inevitable result is that we unconsciously pass on a lack of knowledge of money management from generation to generation.  We end up with an age that is busy “Turning up,” essentially spending money when we have so many opportunities to “Wealth Up,” whereby we purchase and acquire assets.

Financially speaking, we are not entirely to blame.  We are not responsible for what we were not taught about money; however, we must take responsibility for our financial condition now.  The great news is that the first step to financial freedom starts with us facing our fears of managing our finances.

Once we push past the fear and decide to take charge of our finances, gaining knowledge is the next step, which is of equal importance.  Study the basics: what is money, how do I create and maintain a budget, and how should I manage my finances.    The knowledge and information we learn can develop into plans – when executed, that make healthy habits of effective money management, such as setting goals, budgeting, or working with a financial coach.  These habits can lead to positive economic changes for generations to come.

This article compliments Brian D. Johnson and CWIMoney.com.
2012 Copyrighted material.  Revised 2023. All rights reserved.

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