6 Money Truths Worth Remembering (2024)

FAQs

Why is money not everything? ›

Money isn't everything since it can't buy us the essential things in life: health and love. One of the most important things in life is your relationships. Friends and family are the people who will be there for you through thick and thin, and they are worth more than any amount of money.

“On average, Americans believe it takes approximately an additional $284,000 above feeling wealthy to really be 'worry-free. ' This 'wealth delta' depends greatly on where you are in life, with the difference being highest for those in their 30s and 40s — peaking at nearly $1 million.

“Money is not everything. Make sure you earn a lot before speaking such nonsense.”

Money is important for affording the basic things we need to survive, but research shows that focusing too much on money can lead to more stress, isolate us from people we care about, and even cause depression.

Fewer than half of Americans, 44%, say they can afford to pay a $1,000 emergency expense from their savings, according to Bankrate's survey of more than 1,000 respondents conducted in December. That is up from 43% in 2023, yet level when compared to 2022.

Of course you can retire with $10 million! Thousands of Americans do it every year with far, far less. If you can't retire with $10M, then your problem isn't your money, it's your lifestyle.

So, 7.84 years to save up your first $100,000. Many folks, upon hearing this number, think it might take them almost 80 years (10 times 7.84 years) to get to a million. But, that would be incorrect. And, that's why the first $100K is the hardest (and longest).

In addition to keeping funds in a bank account, you should also keep between $100 and $300 cash in your wallet and about $1,000 in a safe at home for unexpected expenses. Everything starts with your budget. If you don't budget correctly, you don't know how much you need to keep in your bank account.

Why am I overthinking about money? ›

Persistent worry: Money anxiety can bring a constant, often intrusive worry about finances. This might be concerns about having enough in your bank account to pay bills or fears about future financial stability and retirement savings. The worry can affect every decision related to money.

Paying off debt is one thing, and it's a good thing. You do want to remove some of the weight debt places on your shoulders. But, you should also plan for the future with your windfall. That means setting aside some money for an emergency fund and investing the rest.

A great disadvantage of money is that its value does not remain constant which creates instability in the economy. Too much of money reduces its value and causes inflation (i.e., rise in price level) and too little of money raises its value and results in deflation (i.e., fall in price level).

Some people still prefer to use cash, perhaps because they like the tactile nature of physical currency or because it provides confidentiality in transactions. But digital payments, made with the swipe of a card or a few taps on a cellphone, are fast becoming the norm.

“Money isn't everything, but it sure beats whatever's in first place.” Now that's a quote worth thinking about!

Furthermore, it is important to understand that money is not everything. It is just a tool that can help us achieve our goals. It cannot buy us love, good health, or happiness. However, it can provide us with the means to access the resources necessary for these things.

This page is about the saying "Money isn't everything" Possible meaning: There are other important things in this world, not just money. Note: A humorous extension to this saying is: "Money isn't everything, but it's way ahead of whatever is in second place."

Social Justice and Equity: Money alone cannot solve systemic issues such as poverty, inequality, discrimination, and social injustice. Addressing these complex problems requires systemic change, advocacy, education, and collective action to create a more just and equitable society.