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20+ Money Truths for a Wealth Mindset (Your Mum Didn’t Tell You)


Here are my top five money truths for a wealth and success mindset:

  • Earning trumps penny-pinching.
  • Compound interest is a side-show to wealth building.
  • Invest in the business of YOU for unparalleled returns.
  • Skyrocket your income by being useful and helpful.
  • Strategise back from your desired future, not from your starting point.

How much did your mum reveal about the secrets to wealth?

While my mum excelled in many areas, imparting money wisdom wasn’t her forte.

She shared a single, valuable money truth as I embarked on my university journey:

“Master your money, or it will master you.”

It took me years to unravel her words, eventually becoming a money maestro myself.

However, numerous money truths remained unspoken – those vital for fostering a mindset of wealth, growth, and success.

Chances are, your upbringing was similar. What did your parents teach you about money?

You likely picked up some personal finance basics: avoid debt, work hard for your money, and embrace modest desires for a secure life.

But let’s not bad-mouth our parents – they did their best.

Instead, let’s cultivate a wealth and success mindset to achieve more than we ever thought possible.

I give you  21 money truths, distilled from books, life experiences, and the wise words of mentors. These will challenge your preconceptions, intuition, and even your judgment. But when embraced, they’ll propel you towards a life of wealth, growth, and triumph.

Are you ready to build an Empire State of Mind!


Money Truths for Making, Managing and Spending It

#1. Money is for life; life is not for money

Often, we get so focused on money we forget it is just a tool. What I’m saying is that money is important, but its only meaning is to nourish our lives.

Money is pointless when it dominates our lives; we all need something else to give us meaning.

#2. Make money; don’t let money make you


Does money affect your mood? Change your relationships?

It shouldn’t. Learn to approach money and money-making, like a surgeon – with a cool but interested lack of passion.

#3. Money control needs knowledge, standards, and action

You can’t claim to control your money if you don’t:

  • know everything about it (how much you make, what are your income sources, how much you spend, on what you spend, how much you save, where do you invest, etc.);
  • apply standards to form your judgment (for example, deciding that you earn less than you can); and
  • act.

It is the ‘Holy Trinity’ of money management.

#4. Debt is a state of mind as much as a state of being

Being in debt is a clear material thing: you owe money.

Behind this is a very specific mentality that, left unchanged, will keep you in debt.

Change your beliefs about money, change your actions, and watch your debt crumble.

#5. Your bank manager is not your friend

money truths

Photo by Tim Evans on Unsplash


When in money trouble, your bank manager is someone to consult on options, ask for advice, and beg for help.

Remember, the bank manager is not your friend and is unlikely to put your interests first.

Do your homework and stand your ground.

#6. Debt is the bank’s most profitable business

Do you receive credit card offers, adverts for loans and low-interest debt transfers?

I thought so. I get these all the time.

Debt is the core business of banks and very lucrative at that.

Take ownership of your decisions about debt and resist tempting offers like you’d resist Swiss chocolate: with longing and determination.

#7. You get paid to be useful and helpful; the rest is unimportant

Did you think people pay you because you are so good at what you do?

You are wrong if you did.

People already expect you to be good at what you do. They pay you, with a premium, for being useful and helpful.

#8. Frugality is about not wasting

Are you concerned that being frugal would suck the fun out of your life?

Don’t be. Frugality is about not wasting, not restricting, your life.

#9. Making money is easy

Most people think that making money is next to impossible.

Making money is straightforward – think of something you can do and people would pay you to do for them. Here are some ideas about making up to £1000 per month.


#10. Making money is better than saving money

Making money and saving money is the dual highway to wealth.

If I were to say which one is more important, I’d select making money: it has no limits, contributes value, and doesn’t leave us much time to spend.

#11. Compound interest is over-rated

money truths


Personal finance experts keep mentioning compound interest. They also overestimate its importance.

Your labour – time and skills – is your main source of wealth. The next best thing is other people’s labour (you employ people in your business). Compound interest is not even third.

#12. You are your best investment

People ask me where to invest.

Invest in yourself, I tell them.

Learn something new, take a course, or do a degree.

You are the most profitable and safest investment you’d ever make.

Truths about money that go against established wisdom

#13. Increase your cloth, don’t end up with a tight coat

Cut your coat according to your cloth, the old saying goes.

I say learn to increase your cloth.

#14. Making your bread makes sense

money truths

Homemade bread is an example of mindful frugality.

It is cheaper. It is also much tastier than factory-made bread.

Homemade bread is also much healthier because it contains only the four things it should contain.

Investing in a bread-making machine is a great move.

#15. Cleaning your house doesn’t make sense

Having a clean house is always worth it.

The question is whether you clean your house or pay someone else to do it.

You can decide by accounting for your hourly pay, the hourly pay of a cleaner and your dislike of cleaning.

I pay for cleaning.

#16. Plan from where you wish to be, not from where you are

Most of us plan our future by starting where we are now.

You’d get much further in life if you learned to plan from the future. This way, you can break away from your current trajectory and achieve your dreams.

#17. You may not be the best today; keep learning

You will be among the best if you continue learning.

But ‘the ship must move’; don’t allow not being the best today to stop you; focus on tomorrow.

#18. Wealth is like love: it’s best when shared

Share your wealth.

It helps the less fortunate than you and makes you feel good.

Be generous.

#19. Rich people are like you and me; only their virtues and vices are magnified

People don’t change that much when their circumstances change.

A good person is good with or without money.

Knobheads are the same.

#20. Learn to spot opportunities and act on them

Opportunities are many; the problem is, as someone said, opportunities often look like hard work.

Learn to spot opportunities and act on them.

#21. Focus on 5% of the opportunities you identify

Our problem is not that opportunities are scarce; they are too plentiful.

Learn to focus on 5% of the opportunities that come about. Anything more will disperse your effort.

Act on These Money Truths and Unlock Your Wealth Mindset (Now)

To conclude our exploration of the money truths your mum didn’t divulge, let’s reflect on the life-changing benefits of understanding and applying these principles.

Don’t just read and forget these money truths – seize this moment to transform your financial destiny.

Choose one of these money insights and act on it immediately.

It’s time to shatter the limitations of conventional wisdom and create a new narrative for your financial journey. Embrace the money truths that pave the way for success, and let the Empire State of Mind guide you to a future filled with wealth, growth, and achievement.

Which ones do you think you’d practice first?

Photo by Simon Rae on Unsplash

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