Society and the media like to frame the rich as people with low morality. Wealthy people are stereotyped as ‘greedy’, ‘avaricious’, and ‘exploitative of the poor’. Many low and middle-income earners don’t like the fact that the rich get richer. They speak of the wealthy with a snark, implying that they only gain wealth through corrupt means.
I believe that these views about wealthy people are flawed, and here’s why.
There is no correlation or causation between wealth and character
People need to stop putting morality on money. It’s nothing more than an object. It’s just pieces of paper and metal. Contrary to how the media likes to portray rich people, not all of them are assholes. For example, Elon Musk, the richest man in the world, uses his wealth for charitable causes and space innovation, adding immense value to society overall. I’m not saying that if you are wealthy, you are a virtuous person, either. On the flip side, if you are poor, you aren’t automatically a good person.
In other words, your level of wealth has nothing to do with your character.
Money and character are two mutually exclusive things. Let’s stop measuring morality based on wealth.
How money is accumulated and used is a reflection of one’s character
The amount of money a person has is not a reflection of their morality, but rather how they use it and gain it. Money is often an amplifier of one’s character. For example, a selfless person would have more power to positively influence others if they had the money. On the flip side, heaps of money is likely to make a corrupt person even more corrupt.
I respect people who use money to add value to themselves and the lives of others. Whereas, those who acquire money by exploiting others or through unethical means, can be seen as bad. You need to have a look at how they an individual uses their money, what they do to get it, and their morality to determine their character. This also means that the desire to gain wealth doesn’t necessarily come from a negative place like greed.
Why striving for wealth isn’t bad, as long as it’s for the right reasons
One of my goals is to attain financial independence and wealth early on. Money isn’t the only priority for me, but it sits quite high on the list after my relationships and career development. Whenever I tell people I love learning about money and wealth accumulation, they often advise that “there’s no point in working towards material wealth, because money doesn’t buy happiness”. There is some truth to this advice as there’s so much more to life than money. Chasing money for the sake of having lots of it, and doing so in a way where you compromise morality, won’t make you a happy nor an admirable person.
However, this advice is often given with the implicit message that money is not needed to survive. This is false. It’s impossible to practically survive without money. You need money to put food on the table, clothe yourself, and be sheltered. Whether you like it or not, that’s just how the modern world works.
Growing up in a low-income family, I’ve experienced the limitations that a lack of money imposes. I hated the fact that my parents couldn’t sleep at night because they were worried about the bills. I hated the fact that money often controlled what we could and couldn’t do. Whilst I’m extremely grateful for the privileges I do have, the scarcity of money has hindered us from living our ideal lifestyle in some ways.
My determination to gain financial wealth is motivated by having a life where my family and I are not restricted by money, and we can spend more time and energy doing things we enjoy. I want to be wealthy to the point where my loved ones and I don’t need to worry about money, so we can concentrate our efforts on fulfilling our higher, non-material priorities. I'm going to get there by working hard, and there’s nothing evil about that. So let’s scrap the belief that ‘money is the root of all evil’.
Key Takeaway
That’s why I don’t automatically label a person who prioritizes wealth accumulation as ‘greedy’. Some people are motivated to obtain money for the wrong reasons. For many others, it’s because they want something positive, and money is a tool that will help them get it.
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