W11 Reflection: Entrepreneurial Journal

My attitude on money has evolved over the years. As a child, I loved money because of the stuff that I could buy with it. I would spend money as quickly as I earned it. I spent without regret because I felt like money would always come. My parents didn’t really teach me about money. Today, I view money with a scarcity mindset. This has affected the way I live because I often worry about not having enough money if misfortunate events transpired, such as the loss of my business, becoming permanently disabled, etc. This can negatively affect the way you live. When you are in scarcity mode, you let your mind fog with worry. It reminds me of the parable of the talents, where one buried his talent out of fear of losing it. This is not a healthy mindset.

I am actively working towards steering away from this mentality. I am trying to change how I view money. I now recognize that money is simply an indicator of how much value that someone is putting into the world. People pay money for things that they value and they don’t pay for things that they don’t value. Money is also an indicator of how much you have evolved as a person. People who have earned more money are in most cases those who have experienced a lot of personal and professional growth. 

In “Attitude on Money” by Stephen W. Gibson, there were some Rules to Prosper that stood out to me most at this time in my life:

Rule 4: Take advantage of chances for learning.

I need to continue educating myself in as many things as possible, constantly expanding my knowledge. The more education I receive, the more opportunities will arise.

Rule 5: Learn the laws upon which the blessings of wealth are predicated.

By having faith in the Lord and ensuring that I am following commandments and the laws of God, then will I be qualified to receive promised blessings, including wealth and prosperity.

Rule 6: Do not send away the naked, the hungry, the thirsty, or the sick, or those who are held captive.

I should be looking at money similarly to the way Jon Huntsman did. He looked at it not about how much he could buy with it but rather how many people he could help. He thought about all the ways that he could contribute to the world with money. I wish to adopt his mindset. He said “It is the moral obligation of any person of wealth or business worthy of its name to return to the community some of what they have been given. We are but temporary trustees of our fortunes, no matter the size.”

I believe you should love your money in the sense of being grateful for what you have no matter the stage you’re at in life. You’ve worked hard for it, so you deserve to spend and enjoy it. Money is often viewed as a taboo topic. As Stephen W. Gibson said, we shouldn’t fear money. It’s neither good nor evil. It is what it is and a lot can can be done with it. What’s most important is the filter that we use to view money. If you have pure intentions and continue to put God first, there’s no reason to fear money. I believe the Lord wants us to live an abundant life.