In life, we all have different views about money—how we make it, spend it, and save it. These views are often shaped by our upbringing and the financial beliefs we were taught as children. These “money stories” play a big role in shaping our career choices and work habits. So, how does our relationship with money affect the way we work? Let’s dive in.
What Are Money Stories?
Money stories are the beliefs and attitudes about money that we develop growing up. These beliefs come from our families, our culture, and the environment around us. For example:
- If your family struggled with money, you might grow up thinking money is hard to come by.
- If you were raised in a wealthy family, you might believe money is easy to earn.
- Cultural factors, like those in India, can also play a role—where saving money and avoiding debt is often highly valued.
Common money stories include:
- “Money is hard to get.”
- “You should save every penny.”
- “Rich people are lucky; I’ll never be one of them.”
These beliefs can guide how we make choices at work, how we negotiate, and what career paths we follow.
How Your Financial Upbringing Shapes Work Habits
Growing Up with Limited Money
- People who grow up in families with less money often develop a mindset of “money is scarce.” This belief can make them afraid to take financial risks.
- For example, in India, someone from a family where money was tight might choose a stable government job over a startup role, because it feels safer. They may avoid taking career risks or asking for a raise, fearing that opportunities might disappear.
Growing Up with More Money
- On the other hand, people raised in wealthier families may see money as more abundant and might be more willing to take risks.
- For example, in cities like Mumbai or Bangalore, children of well-off families may be encouraged to start their own business or take on jobs in creative fields, where income can be unpredictable.
Cultural Impact
- In India, family pressure often plays a major role in career decisions. Many people are raised to believe that jobs in engineering, medicine, or government services are the most secure and prestigious. These cultural beliefs about money can limit career options or make people feel stuck in a job they don’t enjoy.
How Money Beliefs Affect Career Choices
Risk Aversion vs. Risk Taking
- Someone with the belief “money is scarce” might avoid pursuing a new career path or business venture because they fear failure. They might prefer a stable job with a fixed salary, even if it doesn’t make them happy.
- On the other hand, someone who believes “money is abundant” might be more willing to take the risk of quitting a job to start their own business, believing they can always find another opportunity.
Saving vs. Spending Mindset
- If you were taught that “saving is the key to financial success,” you might prioritize job security over passion or creativity.
- For example, someone from a family that focused on saving might choose a job with a good salary but little excitement, rather than exploring a career in the arts, which may have a lower starting pay but more creative freedom.
What Does Success Mean?
- People raised with a “money is everything” mindset might define success by their salary, job title, or owning material things.
- Someone who grew up with more spiritual or family-based values, as seen in many parts of India, might instead define success by work-life balance or helping others.
How Money Stories Impact Work Habits
Negotiating Pay
- People with money stories based on scarcity might hesitate to negotiate for higher pay or better benefits because they feel they don’t deserve it.
- On the other hand, someone who believes they can earn money easily might feel more confident asking for a raise or negotiating a better job offer.
Workaholism vs. Work-Life Balance
- If you were taught that you must work long hours to be successful, you might become a workaholic, sacrificing personal time for work.
- In contrast, someone with a balanced view of money might prioritize their health, relationships, and hobbies, seeking jobs that offer flexibility and time off.
Teamwork and Leadership
- Money stories can also shape how we work with others. Someone who believes “money is scarce” might be very focused on personal success and recognition, while someone with a “team is important” mindset might be more collaborative and generous with credit.
- In a team setting, a person who believes in shared success may be more likely to share rewards and motivate others.
How to Change Your Money Story
If you’ve realized that your money story is holding you back, don’t worry! You can rewrite it and start making different choices. Here’s how:
1. Recognize Your Money Story
- Take a moment to think about your childhood. What did your family teach you about money? Did your parents struggle with finances? Were they wealthy?
- Reflect on how these stories might be influencing your decisions today.
2. Challenge Limiting Beliefs
- If you’ve been raised with the belief that money is scarce, start changing that mindset. Instead of thinking “I’ll never be rich,” try thinking “I can increase my income by learning new skills and taking on new opportunities.”
3. Build a Healthy Money Mindset
- Educate yourself about personal finance. The more you understand about saving, investing, and managing money, the less anxiety you’ll have about it.
- Seek mentorship or advice from people who have a healthy relationship with money.
Real-Life Examples of Money Stories in Action
The Saver Who Took the Leap
- Meet Riya, who grew up in a family where saving money was a top priority. She chose a steady corporate job in finance, even though her passion was in fashion. After a few years, she realized she was unhappy. She decided to save for a year and then quit her job to start her own fashion brand. Today, her business is thriving.
The Risk-Taker Who Started a Business
- Ankit was raised in a family that encouraged him to take risks. After finishing his degree in computer science, he didn’t want to settle for a traditional job. He used his savings to start a tech company. Despite initial challenges, his startup became successful and now provides jobs to dozens of people.
What Employers Can Do
Employers can help employees by acknowledging the different money stories they bring to work. Here’s how:
- Encourage Open Conversations: Have workshops or discussions on financial literacy, salary transparency, and career development.
- Offer Support: Provide mentorship to employees who may have limiting beliefs about money or their career potential.
- Recognize Diverse Views: Understand that employees’ financial backgrounds can affect their career decisions and offer personalized support.
Conclusion
Your money story plays a big role in your career choices and work habits. By understanding how your financial beliefs shape your professional life, you can start to make better, more informed decisions. Whether you’re just starting your career or looking to make a change, recognizing and rewriting your money story can help you achieve the financial and career success you deserve.
In India, where career decisions are often influenced by family values and financial pressures, it’s important to recognize the impact of these stories. Take charge of your money narrative today, and unlock new opportunities for growth and happiness at work.