The Money Shortage Myth
by Jim Stovall
Experts tell us that the number one cause of divorce, domestic abuse, suicide, and stress in our society today stems from money shortages. As a blind person myself who started my business and financial life with less than nothing, I understand this dynamic; however, as a long-term chronic condition, I do not believe in the concept of a money shortage. Money is not a cause. It’s a result.
If the electricity is cut off at your house, you might instantly believe you have a light shortage, but in reality, the light is the result and the electricity or lack thereof is the cause. Many people who believe they are the victims of a money shortage would be shocked to discover they are predominantly the cause of the money shortage. While I don’t believe people have money shortages, I do believe they experience shortages of ideas, motivation, persistence, creativity, and vision.
As someone who has worked in the financial services and financial planning industries for over a quarter of a century, I have met many people who were broke when they graduated from college and began their careers. It is not unusual to experience a tight budget when you are first starting out; but ironically, the majority of these people are experiencing a lifetime money shortage even though today many of them are earning six-figure incomes and beyond. We can always outspend our income and create a money shortage. One need look no further than the United States Federal Government to see this phenomenon in action.
Most of the problems that individuals, couples, and families suffer through that are labeled as a money shortage could have been avoided with a few hundred or a few thousand dollars. As a multimillionaire today, I certainly can vividly remember when the lack of a few hundred or a few thousand dollars created a crisis in my life, but I see so many people today who can’t afford to replace the worn-out tires on their BMW, Lexus, or Mercedes. I was shocked to learn in a recent national study that most significant home repairs on million-dollar houses have to be financed.
We create money shortages in the same way that the federal government does. We spend all we have and all we can borrow. Using this formula, you can double your income today or multiply it by ten, and in a very short period of time, you will be experiencing a money shortage.
The positive side of realizing that we are our own worst enemy financially is that we come to understand that we are in control. Taking control is the first step to solving any problem. The next time you feel like you and your family are experiencing a money shortage, examine the numbers closely, and you will likely discover you have a control shortage.
As you go through your day today, control your money before it takes control of you.
Today’s the day!
Jim Stovall is the president of Narrative Television Network, as well as a published author of many books including The Ultimate Gift. He is also a columnist and motivational speaker. He may be reached at 5840 South Memorial Drive, Suite 312, Tulsa, OK74145-9082; by email atJim@JimStovall.com; on Twitter at www.twitter.com/stovallauthor; or on Facebook atwww.facebook.com/jimstovallauthor.