The Wall Street Effect: Top 10 Ways Money is Making Us Dishonest

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After the recent Wall Street fiasco, there are a lot of speculations regarding how far a person can go to earn money. The many scandals that have surrounded Wall Street for the past few days have raised major questions regarding the role of money in making people adopt immoral practices. It has often been observed that need for money often leads to a culture that is focused on short-term benefits, and is self-centered and aggressive.

© Mike Hodges

There are several ways in which money can make us dishonest in our life, not only to others but to ourselves as well:

1.           It Makes You Greedy

Some money always makes you want to earn more money. The need to have more money can never be satisfied. People always think earning a little more can solve all their problems but they seldom try to control their expenses. Use a debt to income ratio calculator and other tools to determine how much to spend.

Money has the tendency to make people greedy and in their greed to earn more money they often revert to unethical practices, not caring about what will happen to them if they are caught.

2.           Dishonest Money Is Easier to Earn

It is easier to earn money being dishonest than earning it honestly in today’s world. For people who are willing to go the wrong way, there are too many rewards. But it should be remembered that the reason why it is easier to earn dishonest money is because you are often taking what is others.

3.           You Want To Earn Fast Money

For some people, having everything in a short time is a dream come true. Since dishonest money rolls in fast, people often revert to it so that they can establish themselves quickly. However, it is only a short-term profit which you will definitely lose some day and there will be consequences to be dealt with when the time comes.

4.           Money Brings Power

With money comes power, and for some people the lure of this power makes them hungry to earn as much money as possible in a short time. People who have money think that they have the power to control everything and everyone, and therefore they are not afraid of doing wrong.

5.           It Can Make You Lie

The drive to earn money can often make you lie. You lie to your clients about your products, sugar coat facts and tell them things that don’t exist. Often you even start lying to your family and close friends about your means of earnings.

6.           You Become Dishonest With Your Family

It is not only the lies that make you dishonest with your family. You stop giving them time, you start putting forward a bad example for them and you put them in the danger of paying for your wrong doings. Going dishonest to earn money can have very deep impacts on your family life, especially on your children.

7.           It Makes You Self-Centered

Money often makes people self-centered and they start focusing on their own needs and achievements rather than caring about people who will be affected by their choices. This selfishness makes it easier for people to turn dishonest without caring about what would happen to others.

8.           You Become Secretive

When you are earning the money in a dishonest manner, you start hiding things from everyone; your family, friends and colleagues. This is not a matter of choice but a matter of necessity. You cannot share your dishonesty with others. While you can earn more money this way, you will just end up isolating yourself from everyone around you.

9.           You Often Adopt Bad Habits

Too much money can easily make you adopt bad habits. When you have the spending power, you start throwing away your money on things that are not good. Drugs, betting and other immoral activities that are not otherwise affordable can become a part of your life once you have money to spend on them.

10.     It Can Make You Materialistic

Money can increase the desire for material things in people, often making materialism an obsession. Sometimes, you are willing to go to any lengths when you want something and you use your money to get it, even if it is through unethical means.

Earning a good living for yourself and your family is important but it is not worth becoming dishonest. You can reap the benefits in the short-term but it will not work out for you always. With a little financial planning, you can easily live a modest and better life keeping your honesty intact.

A debt to income ratio calculator can help give you a better understanding of how your money coming in matches against your existing debt.

Even more important, you will be setting up a wrong example for your kids, teaching them to go to any lengths for earning money. While money is great, it is not the most important thing in life. Your morals, values and peace of mind cannot be regained once compromised, no matter how much you regret it.

Angelina is a financial adviser and writes several blogs about personal finance management. She believes that rising personal debt is one of the major problems people face today. According to her, A debt to income ratio calculator can help give you a better understanding of how your money coming in matches against your existing debt, helping you plan your expenses accordingly.

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