You’re walking on the sidewalk, and you find a penny.
What is the first thing you think about?
My grandfather was a significant role model in my life. I took for granted all of the incredible wisdom he imparted to me as a child. The funny thing is he didn’t follow a curriculum. He didn’t have a plan.
He just wanted to spend time with me.
That wisdom was just transferred over by pure osmosis.
Life lessons were discussed by default as subject matter presented itself by happenstance.
I remember stepping over a penny on a sidewalk while walking with him. He abruptly stopped me and asked, “Didn’t you see that penny? Pick it up!”. I was about thirteen at the time. I remember the feeling of embarrassment coming over me as I leaned over to pick it up. I cared about what others thought of me and visualized passersby judging me as I fumbled to scrape it off the ground with my finger nail.
In his wisdom, my grandfather saw the look on my face as I stood back up and explained that if I was willing to walk by a penny on the street and not appreciate its value, how could I possibly appreciate the value of one dollar, 10 dollars, or 100 dollars.
It might seem like a small and insignificant amount, but how you instinctively react to this situation can reveal much about your money mindset.
I’ve proposed a similar situation to people over the years.
When I used a penny as the amount of money found, I often heard people say they would leave it where it was. In other words, a penny had zero value to them. It was rare to hear someone say they would pick it up.
So the question changed over time, and I raised the amount to $5.00. The responses have given me an interesting glimpse into how people perceive and handle money.
For some, the first thought that crossed their mind was how to spend that $5.00 as quickly as possible. Whether grabbing a coffee, buying a snack, or contributing to an impulse buy, these individuals tend to view found money as a small windfall meant to be spent immediately.
After all, it’s extra.
The nominal amount of money is the reason most have justified the answer. Saying, “It’s just $5.00”.
On the opposite end are those who instantly consider saving or preserving the $5.00. They see this as an opportunity to add a small amount to their savings.
While these responses aren’t necessarily definitive indicators of an individual’s overall financial health, they offer insight into their mindset about money.
If you’re being honest with yourself, the immediate answer that comes to your mind may give you insight into how you think about money.
What’s that saying again?
It’s not about how much you make. It’s about how much you keep.