Never cry over anything that can't cry over you

what one formerly did 'for the sake of God' one now does for the sake of money.”

Nietzsche

do you remember the other day in

Singapore you're talking about what

young people do wrong what do you think

they could do right

it comes down to to a number of things

and they are all connected but probably

one of the most important things I think

it's actually the way people view money

right and the way that there's two

there's two main problems with most

people in the way that they view money

the first major problem but I've picked

up on over the years is people not

really understanding the function of my

why it exists and if you don't

understand why money exists and it's

real function you tend to have no

respect for it and the second thing is

actually to do with emotion towards my

so having some sort of emotional barrier

towards money itself so you know with

the first one for example like the for

the function of Mike and the purpose of

why it actually exists you know we're

always told these messages where like

for example money is the root of all

evil money doesn't make you happy the

more money you have the more problems

you're going to have but I just want you

to think about it for a second because

it's pretty damn obvious okay but people

always miss this point just imagine a

world that didn't have any money in it

at all

money obviously has a function and you

know in your own time you can go and

look at this online because it's pretty

well-known amongst people who understand

the function of money so look look up

the double coincidence of wants the

double coincidence of wants is really

important to understanding the function

of money because without money we say

II live in a barter economy and

everything that we're used to consuming

in the world now has come about because

of the function of money I know it makes

society work it's it's something that if

you if you understand why it exists to

solve the need of the double coincidence

of once you respect it more and people

don't get this so look up the double

coincidence of wants and look up the

alternatives so the the the the barter

economy you know that's the alternative

and you know we're led to believe a lot

of the time that wanting money is a bad

thing and people blur the lines between

wanting to do better for yourself and

your family and that type of greed and

the greed of harming or abusing other

people and money is the medium through

that sit so one in my mind is a positive

greed in that you want to do better for

yourself and you want to do better for

your family in my mind there's nothing

wrong with that the other type of greed

obviously is not good it's it's a

negative greed where you're harming

other people to become wealthy and you

don't have to do that you know if you

just understand the function of money

firstly and respect it you'll realize

that money isn't the root of all evil

it's greed that's the root of all evil

in a negative sense when you're harming

other people money has a function and

there's a positive greed so again

imagine your life or the world without a

money in it everything that you consume

everything that you experience these

days is a fun

of the monetary system that's built up

over hundreds of years and we've come

from the bottle economy to be where we

are today without it society literally

would not function so understand it and

respect it that's the first thing and

understand the difference between

positive and negative greet and do the

right things and what you've also got to

understand as well is money itself in

enterprise for example there's only two

inputs to enterprise capital and labor

and what you've got to understand is

that money itself is a commodity and

labor is a commodity as well and they

both have prices so capital has a price

and labor has a price

so for capital the price is interest and

for labor it's the price that Labour is

willing to work for so there's a labor

market and in any enterprise there's

just two inputs capital and labor and

capital markets are absolutely necessary

society would not function without

capital markets because capital is a

commodity and has a price and it needs

to be transacted and it allocates

resources as optimally as possible

because there's demand and supply for

capital and demand and supply for labor

and when labor wants too much of the

share of enterprise and capital gets to

less capital leaves it goes away and

that's not good for labor long term so

when you understand the function of

money and capital markets you understand

that it's absolutely necessary for them

to exist because in all circumstances in

history when capital has been locked out

of the market and left there's been

widespread depression

money makes society work and the a small

problem is that the you know these days

it's a very it's very popular to have

this view of the world this view of

money that this the system is broken and

doesn't work well it does because there

is no better alternative it's not

perfect but there's no better

alternative and just because for example

you know someone was born with no

capital doesn't mean the system is wrong

or unfair they just need to understand

the role of money and understand its

function so all of these messages that

we get about money so money is the root

of all evil no it's not Greta's money

doesn't make you happy well people that

I know and myself have with money who

have done quite well for themselves we

know that you think that we're not

stupid you know these guys aren't stupid

and they absolutely know it doesn't make

them happy they're generally speaking

exactly the same as they were when they

were young and had no money

very very exactly the same type of

people but they're just a little bit

older and a little bit wiser and you

know the other sayings so the more money

you have the more problems you have well

it's just not the case the more money

you only have problems if you don't

manage your money properly so if you

manage it well then you're gonna you're

gonna do okay

you're good you're actually probably

gonna be more comfortable more relaxed

have more freedom more choices and

probably help it helps you become

happier it doesn't make you happy it

just helps you become happier so all

these messages that people get told you

know constantly growing up this creates

the second problem as well

so first of all not understanding the

function of

but secondly also having emotional

barriers to money it's it's this is the

second problem and actually they I can

just go off and I'll I'll come back in a

second to illustrate the point okay

alright alright I'll be back I'll be

back in a second wait there I can go and

get get something and to illustrate the

point more accurately okay I'll show you

probably mean okay so $20 on the table

okay look at it again look at it is this

magic trick so when you look at the $20

yeah what do you think of it it's a

couple of drinks or a meal or a soon I

took him whatever okay yeah but that's

what it can buy you sure but what do you

actually think of it yeah so okay okay

so not much right right okay now let's

move on

what about a hundred dollars sure

you know again I think about that in

terms of what I can buy with it and that

okay a night out or going to a nice

restaurant yeah whatever so yeah it's

like a night out maybe with a few other

people like you sure go to a nice

restaurant have a few drinks take your

family out of whatever right well what

do you think of it I mean it's a decent

amount of money if I lost it I'd be a

bit annoyed sort of thing okay let's

make let's make the stakes higher okay

so here's a thousand dollars what do you

think of that say it's become a decent

amount of money okay yes what's your

white a lot what can you buy with a

thousand dollars good bye appliances you

know things that people typically buy

with it yeah phones TVs games consoles

well yeah exactly

okay let's take this to a slightly

higher level five thousand dollars what

do you think of the five thousand bucks

well it's I mean that is a lot of money

by any objective standards that's like

once somebody's monthly or even salary

for two months sure quite a few people

so what do you think of it again it's

you know it's a considerable amount of

money for a lot of people now I could

put any amount of money down on our

table fill I could put ten thousand

hundred thousand a million but let's go

back to the beginning

let's take off the 5100 and go back to

the 20 the next question is this what do

you think the $20 note thinks of you

nothing it's just money it's just a

piece of paper of course you can't think

it's a piece of paper with 20 written on

it it's a commodity it doesn't think

it's a commodity that's used to transact

for goods and services to satisfy wants

and needs that's all it is okay the

problem with it with most people what

they don't understand is that all the

problems with money exists with them not

with the money the money doesn't think

anything of you so whether it's $20 $100

thousand dollars $5,000 $10,000 a

hundred thousand dollars a million

dollars it doesn't matter because a

million dollars or a hundred thousand

dollars or ten thousand dollars is just

a whole bunch of 20s that think nothing

of you so there's no difference except a

monetary value so this is that this is

the second major problem it's having

emotional barriers because the more

money I put down on the table the more

you think of it because you think

automatically what it can buy you to

satisfy the wants and needs right the

key is to be indifferent

so going right back to the beginning

understanding the function of money is

very important in order to respect my

but at the same time you also have to

reduce to zero your emotional barriers

and you have to be indifferent now this

brings up another interesting point how

can you actually be respectful of money

but at the same time being different

it's kind of contradictory yeah okay but

in this context it's not contradictory

and I'll tell you why because respect in

this context is simply having awareness

so it's having awareness of what money

actually is and being indifferent to

money when you look at it when you see

more and more and more of it and that's

the key so being aware and understanding

money where it comes from so if you can

actually manage to understand it

properly and understand its function and

be aware and be respectful to it but at

the same time being different that's the

key to actually starting on the road to

becoming successful because money will

come to you you will respect it but you

also know at the same time what it can

accomplish as well and if that makes

sense to you

yeah then you've got through that

barrier anyway we have a dinner booked

at a restaurant so where we should hit

the road I'm quite hungry okay