The Breakfast Club for 40-Somethings

Prologue

All of our thoughts and actions towards money are influenced by our past; by our parents, our upbringing, our community and peers; even by magazines, media and the world around us. But what if some of the things you ‘know’ about money are the very things holding you back?

After 24 years as a journalist and educator in the financial services industry, and by reflecting on my own unlearning experiences, I have realised that five big lessons around money hold people back from having financial freedom — in whatever form that means for them. These lessons need to be unlearned before people can actually learn how to better use what money they do have to reach their goals.

What’s holding you back?

My top five lessons people need to unlearn about money all revolve around five powerful pillars, as shown in the following figure.

Let’s explore each of these pillars in detail.

Desire

This is a big one in Western society. This pillar is all about the lure of having things that are wants rather than needs. We all do it — from clothes, cars, gadgets and eating out to bags and shoes — I’m talking here about whatever your thing is that you love to spend on.

And when I say this needs to be unlearned, I am not talking about eliminating desire entirely (where is the fun in that?) but rather learning to make decisions around the things that are investments in your happiness, and those ...