10 Misconceptions Your Boss Has about Money

From childhood, we are made to learn the importance of money and how indispensable she is. This is carried too far into adulthood as people struggle to make ends meet by working round the clock to get this money. With time, experiences of life coupled with wisdom have proven that there is more to life than just struggling to get money. Here are some misconceptions that my boss has about money:

1. The quest for material things. My boss believes that a boss’ status of wealth is reflected through material possessions. So she goes all the way to get money to satisfy her quest by buying expensive clothes and cars at the detriment of the employees and their welfare.
2. People’s money should be used to take care of visitors. My boss has this notion that it is the money that someone offers that should be spent on that individual. This is born out of selfishness. It is a misconception because givers never lack. Hoarding money does not make anyone rich.
3. That money can buy security is a misconception. With money you can get all the security personnel and equipment but there is a limit to which these can go as experience has shown that money cannot buy security.
4. Another wrong misconception my boss has about money is that salary will be increased with more income and business growth. A boss who cannot pay his/her staff sufficiently at the start of a business will not increase the pay when things become better.
5. Money will take away anxiety. This is all wrong. Those that do not have enough might worry about the lack of money but the truth is as a boss, the more money you have, the more concerns, needs and demands.
6. Money brings satisfaction and contentment. Satisfaction and contentment are hinged on attitude and personal world view than on money. As a boss, if you are not contented and satisfied with what you have now, you won’t with more money.
7. Hire to fire to keep more money is another misconception. My boss and others in similar positions believe that they can fire any employee who misbehaves and hire another one with less salary payment. It’s all wrong because why you get the money; you betray your trust and lose respect and confidence from others.
8. Keeping some percentages of employees’ salary every month. This will eventually become a problem when your employee turn out to be faithful and you have to pay back because you would have ended up saving their money for them which will be too heavy for you to pay.
9. Giving out money to seek favour. Some people think money can buy favour. Experience has shown that you cannot please people no matter how you try.
10. Another misconception my boss has about money is increasing personal savings without salary increment. Some in similar positions go as far as paying different salaries to different employees depending on their negotiating power. Money got from deceit and craftiness cannot actually be successfully saved for future benefits.
    

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A Selection of Misconceptions about Money Quotes

“There’s a misconception that money automatically brings you happiness. It doesn’t. Only shit loads of money brings you happiness.” ~ Ricky Gervais

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“There’s nothing like an incentive to motivate people. And if you really want to drive them, make it a cash incentive.”
~ “The Merits Of Incentive Prizes For Driving Innovation” on Forbes by Peter H. Diamandis and Jeremy Howard

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Misconception About Money

I find this topic to be quite fascinating, Randy.. I discovered the same thing (although I don’t understand it to the same degree as the most predominant leaders) and it goes along with what you said.

The poverty mentality is alllll about the money.

Think about it – when you’re working your 40 hours a week (usually more) what are you doing 95% of your waking moments?
Tryna make some money.

Why can’t you spend more than 3 or 4 hours a week as a family?
oh… you’re tryna make some money.

Why do you go to work every day for 40+ years?
Oh. I see.

It’s the poverty mentality that is allll about the money – and for some reason the poor think that anyone making more than them (especially passively) is alllll about the money.

But here’s the lowdown on a poverty mentality:

You have to work very hard for money.
There is a limited amount of money.
Save some money for a rainy day.
People with more than enough money are selfish.
You need money to make money.
My job ‘Pays the Bills’.
When is pay day anyway?

Here is what the wealthy think:
I create new opportunities for others.
I love coming up with new solutions every day!
Who can I serve?
I can’t wait to learn new leadership skills!
What can I give to society that will give it greater value?

And it’s here, where as you said, Randy… that you think very little about money – and when you do, it’s with the opposite mindset of those without.

Thanks so much! ~ Paul Klaszus Feb 28, 2010  

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Another Misconception of Money

“Millionaires drive fancy cars, wear fancy clothes, and live in fancy houses.

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Not according to the folks who did a bunch of research and wrote The Millionaire Next Door.

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 According to their studies, the average American millionaire drives an unexciting American car, lives in the same nondescript house they’ve owned for years, and avoids designer labels. That’s how they became millionaires.”

~ Stacy Johnson

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