Writing the Shadow: The Shadow in money

In the Greek myth, King Midas was a wealthy ruler who loved gold above all else. His palace was adorned with golden sculptures and furniture, and he took immense pleasure in his riches. Yet, despite his vast wealth, he yearned for more.

After doing a favour for Dionysus, the god of wine and revelry, Midas was granted a single wish. Intoxicated by greed, he wished that everything he touched would turn to gold — and it was so.

At first, it was a lot of fun.

Midas turned everything else in his palace to gold, even the trees and stones of his estate. After a morning of turning things to gold, he fancied a spot of lunch.

But when he tried to eat, the food and drink turned to gold in his mouth. He became thirsty and hungry — and increasingly desperate.

As he sat in despair on his golden throne, his beloved young daughter ran to comfort him. For a moment, he forgot his wish — and as she wrapped her arms around him and kissed his cheek, she turned into a golden statue, frozen in precious metal.

King Midas cried out to the gods to forgive him, to reverse the wish.

He renounced his greed and gave away all his wealth, and his daughter was returned to life.

The moral of the story: Wealth and greed are bad.

In Charles Dickens’s A Christmas Carol, Ebenezer Scrooge is described as a “squeezing, wrenching, grasping, scraping, clutching, covetous, old sinner.” He’s wealthy but does not share, considering Christmas spending to be frivolous and giving to charity to be worthless. He’s saved by a confrontation with his lonely future and becomes a generous man and benefactor of the poor.

Wealth is good if you share it with others.

The gospel of Matthew, chapter 25: 14-30, tells the parable of the bags of gold, in which a rich man goes on a journey and entrusts his servants with varying amounts of gold. On his return, the servants who multiplied the gold through their efforts and investments are rewarded, while the one who merely returned the gold with no interest is punished:

“For whoever has will be given more, and they will have an abundance. Whoever does not have, even what they have will be taken from them.”

Making money is good, making more money is even better. If you can’t make any money, you don’t deserve to have any.

Within the same gospel, in Matthew 19:24, Jesus encounters a wealthy man and tells him to sell all his possessions and give the money to the poor, which the man is unable to do. Jesus says,

“It is easier for a camel to go through the eye of a needle than for someone who is rich to enter the kingdom of God.”

Wealth is bad. Give it all away and you’ll go to heaven.

With all these contradictory messages, no wonder we’re so conflicted about money!

How do you think and feel about money?

While money is mostly tied to our work, it’s far more than just a transactional object for most people. It’s loaded with complex symbolism and judgment handed down by family, religion, and culture.

You are likely to find elements of Shadow by examining your attitudes around money.

Consider which of the following statements resonate with you or write your own.

•   Money stresses me out. I don’t want to talk about it or think about it.

•   Some people hoard money, so there is inequality. Rich people are bad and we should take away their wealth and give it to the poor.

•   I can never make enough money to pay the bills, or to give my family what I want to provide.

•   Money doesn’t grow on trees.

•   It’s wasteful to spend money as you might need it later, so I’m frugal and don’t spend money unless absolutely necessary.

•   It is better and more ethical to be poor than to be rich.

•   I want more money. I read books and watch TV shows about rich people because I want to live like that. Sometimes I spend too much on things for a glimpse of what that might be like.

•   I buy lottery tickets and dream of winning all that money.

•   I’m jealous of people who have money. I want more of it and I resent those who have it.

•   I’m no good with money. I don’t like to look at my bank statement or credit card statement. I live off my overdraft and I’m in debt. I will never earn enough to get out of debt and start saving, so I don’t think too much about it.

•   I don’t know enough about money. Talking about it makes me feel stupid, so I just ignore it. People like me aren’t educated about money.

•   I need to make more money. If I can make lots of money, then people will look up to me. If I make lots of money, I will be secure, nothing can touch me, I will be safe.

•   I never want to be poor. I would be ashamed to be poor. I will never go on benefits. My net worth is my self worth.

•   Money is good. We have the best standard of living in history because of the increase in wealth over time. Even the richest kings of history didn’t have what many middle-class people have today in terms of access to food, water, technology, healthcare, education, and more.

•   The richest people give the most money to the poor through taxation and charity, as well as through building companies that employ people and invent new things. The very richest give away much of their fortunes. They provide far more benefit to the world than the poor.

•   I love money. Money loves me. Money comes easily and quickly to me. I attract money in multiple streams of income. It flows to me in so many ways. I spend money. I invest money. I give money. I’m happy and grateful for all that I receive.

The Shadow around money for authors in particular

Many writers and other creatives have issues around money and wealth. How often have you heard the following, and which do you agree with?

•   You can’t make money with your writing. You’ll be a poor author in a garret, a starving artist.

•   You can’t write ‘good quality’ books and make money.

•   If you make money writing, you’re a hack, you’re selling out. You are less worthy than someone who writes only for the Muse. Your books are commercial, not artistic.

•   If you spend money on marketing, then your books are clearly not good enough to sell on their own.

•   My agent / publisher / accountant / partner deals with the money side. I like to focus on the creative side of things.

My money story

Note: This is not financial or investment advice. Please talk to a professional about your situation.

I’ve had money issues over the years — haven’t we all! But I have been through a (long) process to bring money out of my Shadow and into the light. There will always be more to discover, but hopefully my money story will help you, or at least give you an opportunity to reflect.

Like most people, I didn’t grow up with a lot of money. My parents started out as teachers, but later my mum — who I lived with, along with my brother — became a change management consultant, moving to the USA and earning a lot more. I’m grateful that she moved into business because her example changed the way I saw money and provided some valuable lessons.

(1) You can change your circumstances by learning more and then applying that to leverage opportunity into a new job or career

Mum taught English at a school in Bristol when we moved back from Malawi, Africa, in the mid ’80s but I remember how stressful it was for her, and how little money she made. She wanted a better future for us all, so she took a year out to do a master’s degree in management.

In the same way, when I wanted to change careers and leave consulting to become an author, I spent time and money learning about the writing craft and the business of publishing. I still invest a considerable chunk on continuous learning, as this industry changes all the time.

(2) You might have to downsize in order to leap forward

The year my mum did her degree, we lived in the attic of another family’s house; we ate a lot of one-pot casserole and our treat was having a Yorkie bar on the walk back from the museum.

We wore hand-me-down clothes, and I remember one day at school when another girl said I was wearing her dress. I denied it, of course, but there in back of the dress was her name tag. I still remember her name and I can still feel that flush of shame and embarrassment. I was determined to never feel like that again. But what I didn’t realize at the time was that I was also learning the power of downsizing.

Mum got her degree and then a new job in management in Bristol. She bought a house, and we settled for a few years. I had lots of different jobs as a teenager. My favourite was working in the delicatessen because we got a free lunch made from delicious produce. After I finished A-levels, I went to the University of Oxford, and my mum and brother moved to the USA for further opportunities.

I’ve downsized multiple times over the years, taking a step back in order to take a step forward. The biggest was in 2010 when I decided to leave consulting. Jonathan and I sold our three-bedroom house and investments in Brisbane, Australia, and rented a one-bedroom flat in London, so we could be debt-free and live on less while I built up a new career. It was a decade before we bought another house.

(3) Comparison can be deadly: there will always be people with more money than you

Oxford was an education in many ways and relevant to this chapter is how much I didn’t know about things people with money took for granted.

I learned about formal hall and wine pairings, and how to make a perfect gin and tonic. I ate smoked salmon for the first time. I learned how to fit in with people who had a lot more money than I did, and I definitely wanted to have money of my own to play with.

(4) Income is not wealth

You can earn lots but have nothing to show for it after years of working. I learned this in my first few years of IT consulting after university. I earned a great salary and then went contracting, earning even more money at a daily rate.

I had a wonderful time. I traveled, ate and drank and generally made merry, but I always had to go back to the day job when the money ran out. I couldn’t work out how I could ever stop this cycle.

Then I read Rich Dad, Poor Dad by Robert Kiyosaki, a book I still recommend, especially if you’re from a family that values academic over financial education. I learned how to escape the rat race by building and/or accumulating assets that pay even when you’re not working. It was a revelation!

The ‘poor dad’ in the book is a university professor. He knows so much about so many things, but he ends up poor as he did not educate himself about money. The ‘rich dad’ has little formal education, but he knows about money and wealth because he learned about it, as we can do at any stage in our lives.

(5) Not all investments suit every person, so find the right one for you

Once I discovered the world of investing, I read all the books and did courses and in-person events. I joined communities and I up-skilled big time.

Of course, I made mistakes and learned lots along the way.

I tried property investing and renovated a couple of houses for rental (with more practical partners and skilled contractors). But while I could see that property investing might work for some people, I did not care enough about the details to make it work for me, and it was certainly not passive income.

I tried other things.

My first husband was a boat skipper and scuba diving instructor, so we started a charter. With the variable costs of fuel, the vagaries of New Zealand weather — and our divorce — it didn’t last long!

From all these experiments, I learned I wanted to run a business, but it needed to be online and not based on a physical location, physical premises, or other people.

That was 2006, around the time that blogging started taking off and it became possible to make a living online. I could see the potential and a year later, the iPhone and the Amazon Kindle launched, which became the basis of my business as an author.

(6) Boring, automatic saving and investing works best

Between 2007 and 2011, I contracted in Australia, where they have compulsory superannuation contributions, meaning you have to save and invest a percentage of your salary or self-employed income.

I’d never done that before, because I didn’t understand it. I’d ploughed all my excess income into property or the business instead. But in Australia I didn’t notice the money going out because it was automatic. I chose a particular fund and it auto-invested every month. The pot grew pretty fast since I didn’t touch it, and years later, it’s still growing.

I discovered the power of compound interest and time in the market, both of which are super boring. This type of investing is not a get rich quick scheme. It’s a slow process of automatically putting money into boring investments and doing that month in, month out, year in, year out, automatically for decades while you get on with your life.

I still do this. I earn money as an author entrepreneur and I put a percentage of that into boring investments automatically every month. I also have a small amount which is for fun and higher risk investments, but mostly I’m a conservative, risk-averse investor planning ahead for the future.

This is not financial advice, so I’m not giving any specifics. I have a list of recommended money books at www.TheCreativePenn.com/moneybooks if you want to learn more.

Learning from the Shadow

When I look back, my Shadow side around money eventually drove me to learn more and resulted in a better outcome (so far!).

I was ashamed of being poor when I had to wear hand-me-down clothes at school. That drove a fear of not having any money, which partially explains my workaholism. I was embarrassed at Oxford because I didn’t know how to behave in certain settings, and I wanted to be like the rich people I saw there.

I spent too much money in my early years as a consultant because I wanted to experience a “rich” life and didn’t understand saving and investing would lead to better things in the future.

I invested too much in the wrong things because I didn’t know myself well enough and I was trying to get rich quick so I could leave my job and ‘be happy.’

But eventually, I discovered that I could grow my net worth with boring, long-term investments while doing a job I loved as an author entrepreneur.

My only regret is that I didn’t discover this earlier and put a percentage of my income into investments as soon as I started work. It took several decades to get started, but at least I did (eventually) start.

My money story isn’t over yet, and I keep learning new things, but hopefully my experience will help you reflect on your own and avoid the issue if it’s still in Shadow. 

Questions:

•   Which of the statements about money in this chapter resonate with you?

•   Which of these statements and words trigger you or make you angry or upset? 

•   What are your memories around money?

•   What are your fears about money?

•   What words do you use about money and rich people? Are those words you would like to use about yourself if you were in that situation?

•   What does your family say about money? How are those attitudes reflected in your behaviour around money?

•   What does your culture say about money? (Friends, education, religion, media?)

•   What is your money story? Reflect upon how things have changed over time and what lessons you have learned so far.

•   Are you financially educated? If not, why not? Why haven’t you spent time learning about money? How might this impact your future?

•   How do you push money away? How do you reject it?

•   How could money be a good thing for you and your author career?

•   How can you change your attitude towards money to be more positive and achieve your financial goals?

Resources:

•   List of books about money, both practical aspects of making and investing money as well as money mindset — www.TheCreativePenn.com/moneybooks

•   Business for Authors: How to be an Author Entrepreneur — Joanna Penn

•   How to Make a Living with Your Writing: Turn Your Words Into Multiple Streams of Income — Joanna Penn