Let’s talk about respecting money

[Thought Art]

What does respecting money mean to you? 
 

In the past I was very foolish with money. I didn’t really respect it, I sort of hated it in a sense. I was sort of a pie in the sky hippy at times. When I had money, I spent it on things I needed for my life purpose like courses, books, gear, etc

i also spent a lot of weed when I was in my early 20’s.

For example one time I wasted money on expensive pillows and bedsheets because I had a vision of the importance of sleep and the quality of your sleeping supplies (which I stand by… but I spent too much honestly). 
 

I’ve had opportunities looking back to save like 70% of my income and I didn’t do that. 
 

Honestly in the past my careless, disrespectful, foolish, reckless spending makes me ashamed of myself. I mean, I never really earned that much money before and when I had it I always had something I wanted. 
 

Sometimes I even get hit by waves of shame about how I treated money in the past. 
 

This year I have been reading lots of books on finance and about a year ago I graduated from college as an accountant. I realized that my lack of financial intelligence, understanding, systems and behaviour really fucked me in my life purpose. 
 

I love that I work with money everyday and I love reading about wealth, personal finance and financial psychology because I realize now how foundational it is. 
 

I even took a finance class when I was in highschool, but unfortunately I didn’t apply what I learned because of these unconscious limiting beliefs I had around money, and honesty even my ability to succeed in life. Looking back this was very foolish. 

I have learned a lot this year about the importance of being skillful with your money and respecting it deeply. My goal now is to really value HAVING money and not the things it can buy you. 
 

I still have so many courses I want to buy online, and things for my house, and a motorcycle and etc etc…. But, what I really want now… is a fat bag of gold coins. 
 

I am wondering what your journey with money has been like, and if you ha e grown at all what has been your process and where are you now?

I’ll make a list of the books I’ve been reading here shortly as others may find them interesting. 
 

I love myself and because of this I am taking hard looks at all the areas of my life. I have been foolish, reckless, ignorant and too stoned at times to really  respect myself as God, and as a powerful creator of my life. 
 

All my foolish mistakes of the past will be alchemized into pure Gold of my future self.

Edited October 25, 2022 by Thought Art

[Thought Art]

I used to value time alone to write songs, journal and write poetry more than anything 

[aurum]

@Thought Art

Sounds like you've been on a serious journey.

I've had a strange relationship with money because growing up money was essentially handled for me. My parents were successful small business people. I was privileged like that.

The upside is that I wasn't too badly infected with scarcity, fear-based consciousness around this topic growing up. I had a sense of security many people do not. Which meant from a young age I've had the luxury to consider deeper questions in life about happiness, purpose, spirituality, etc. My parents were also able to afford me a good education and pay for college, which has had practical benefits for my own career.

In essence, my foundation was set. My childhood was top tier in that sense.

The downside is that I also didn't really learn how to treat this topic of money all that seriously. I've had to learn as an adult how to make it a priority and work through some my well-intended but ultimately misguided ideas. It's a constant balancing act of idealism and pragmatism, purpose and paying your bills, spirituality and survival.

Edited October 25, 2022 by aurum

[King Merk]

What’s your number one book recommendation for improving your relationship to money?

I’ve struggled with money in the past and still do to some degree.

Similar story for me. I had opportunities to save money but spent it all on weed, tattoos, eating out, Amazon, etc.

Now I have a monthly budget and am much stricter with my finances but there’s definitely still room to grow.

[Thought Art]

2 hours ago, Twentyfirst said:

 

all the people who say to respect money are all the people who never have any

 

? Explain?

[Thought Art]

@King Merk I really liked two books in particular.

1. It’s Not About the Money (Great book for learning more about the different types of financial behavioural archetypes and why you spend how you do. Really about psychology of money which matters). 

2. The Richest Man in Babylon ( a collection of short stories with key principles for financial wisdom)

Bonus: “The Psychology of Money”

I also bought personal finance for dummies, debt free living, and personal finance for millennials for my respective country.

Edited October 26, 2022 by Thought Art

[Hello from Russia]

I feel like 99% advice on finance in popular culture is garbage and straight up dumb. Save money to have money, what? 

I think the real solution to money problem is not that a person is a poor saver but more like a person is a shitty creator. If you don't contribute much to society with your work, you won't have money, it's simple as that. It's more creativity problem than anything else

I wouldn't waste time contemplating what made you buy these expensive bedsheets. You bought them because they were great and you saw a big value from them. This is it. It's only natural, there is 0 neurosis.

The real question is how can you can position yourself in such a manner where you buying decent eco bed stuff for yourself has no negative effect on your survival at all

[Thought Art]

3 hours ago, Twentyfirst said:

no one making serious coin (without breaking their back) actually believes that money is real and therefore they dont respect it 

Yeah? So how do they build wealth? 
 

Money may not be ‘real’ but notice how it rules everything around you.

Edited October 27, 2022 by Thought Art

[Thought Art]

3 hours ago, Hello from Russia said:

I feel like 99% advice on finance in popular culture is garbage and straight up dumb. Save money to have money, what? 

I think the real solution to money problem is not that a person is a poor saver but more like a person is a shitty creator. If you don't contribute much to society with your work, you won't have money, it's simple as that. It's more creativity problem than anything else

I wouldn't waste time contemplating what made you buy these expensive bedsheets. You bought them because they were great and you saw a big value from them. This is it. It's only natural, there is 0 neurosis.

The real question is how can you can position yourself in such a manner where you buying decent eco bed stuff for yourself has no negative effect on your survival at all

Thanks for your feedback. Makes me feel a bit better. 
 

However, I was reading about some extremely wealthy people with huge cash flows. They didn’t respect their money and spent it carelessly. Then they went from millionaire to ruin because they didn’t respect their money nor the principles of wealth building. 
 

Being a powerful creator matters. But, I’m learning from reading all these books developing a healthy financial psychology, practice and behaviour is really important to getting wealthy and staying wealthy. 

[Kshantivadin]

15 hours ago, KH2 said:

Money have zero value. It would actually be a huge mistake to be frugal with money this day and age. That's literaly the most retarded thing you can do this day and age. Imagine trying save some worthless fucking numbers on a screen, penny after penny, while other people spend as much as they like, enjoying their life to the fullest - and to add some salt to the injury, institutions responsible for these artificial numbers on a screen and worthless pieces of paper, can make unlimited ammount of them, and actually buy valuable assets with them. While you work for tiny slivers of it, like a good little boy. Talk about the fucking humiliation.

Frugal people are the worst. Being frugal and just purely saving with no expectation of significant returns, is basically akin to admitting that you posses no real money making skills, and you have zero knowledge about how to invest and multiply your portfolio - and that you are satisfied with that situation. Just putting away sliver of sliver of currency with imaginary value.

Instead of saving, learn how to MAKE, and INVEST. Proper investing is not the same as saving or being frugal.

Like, money in the past used to ACTUALLY have REAL value - they were valued by GOLD STANDARD. Total ammount of money any country possesed, ACTUALLY DEPENDED EXACTLY ON HOW RICH THE COUNTRY WAS. Today, it depends on nothing. It's a complete illusion.

huge shadow regarding finances - u got work to do 

[Thought Art]

@Twentyfirst Do you live in a city? Buy food? Pay rent? Heat your home? Rely on police, fire fighters, doctors, etc?

@KH2 Doesn’t matter how much you make if you don’t save you’ll never be wealthy. 

[Thought Art]

@KH2 I know the difference between saving and investing. You should be doing both. Saving is still foundational. 

[Thought Art]

31 minutes ago, KH2 said:

Learn the difference between saving and investing.

Just hoarding money and not using them for anything, will never get you wealthy.

Problem is, you're looking at this from an point of view of "bullshit spender" like yeah, given that you used to spend your money on weed, parties etc. then just holding onto money would definitely be an improvement. It wouldn't be a big improvement though.

I didn’t spent TONNES on weed. And I don’t party often and if I do I Dont spend much. But, I still think the amount I spent was a waste. 
 

The point was more overall that: I didn’t have solid financial psychology, plans, habits. Nothing wrong with spending money on weed or parties if you enjoy it. But, that should come from a % of your income where that’s been healthily allocated.
 

Holding onto money is a huge improvement. If you spend it all, you have no money. In fact, if your not saving at all it’s the simplest and biggest thing you can do to start building wealth. Saving and investing at least 10% of your income is foundational. Living off 70% of your income I think is a good rule. All this is relative.
 

Your income doesn’t matter if your spending matches it.

I don’t really get your angle in this. 

If you don’t save, what do you have to invest? 
 

If you don’t save, how can you buy new courses or take advantage of business opportunities?

With your income you need to save money. You also need to invest. Money you spend drains your wealth. By saving money, developing healthy assets, and not spending… you develop wealth.

 

You could make a million dollars but if you spend it all. You’re not wealthy.

You can have a million dollars in investments. But, will you get a return on it? Will you lose your money? Maybe.

Savings is a great thing to have. Simply having 15,000-100,000 dollars you have saved that you don’t touch us extremely valuable. More than anything you may buy with it. With this money you have yourself a solid castle wall that can handle many storms, raging armies, etc.

You want to build a wall of Babylon for your finances so your castle never gets conquered. Peace of mind for the rest of your life.

Edited October 27, 2022 by Thought Art

[Thought Art]

@KH2 You aren’t seeing the nuances I’m pointing at and cherry picking.

I never said don’t take risks in the markets

and I never said don’t spend to enjoy your life…

if you spend and invest without saving… that’s far more dangerous.

Having savings is really important. If you can’t see that I can’t help you.  

Obviously you can enjoy your life, spend money and invest. I’m not talking about saving 100% of your income..

Build a system of finance that helps you sleep at night. Do you.

It’s annoying when I say thing and you cherry pick and then straw man or gaslightz

and if there’s a global power outage it doesn’t matter who you are I guess or how much you invest so it’s a moot point and highly unlikely. If your gonna play offs then save.

Saving is the one thing you have complete control over. 

Edited October 27, 2022 by Thought Art

[Thought Art]

@KH2 Yeah that’s true. Money and personal finance isn’t one size fits all.

Having money saved, at whoever savings rate and at whatever level of liquidity has value for me. It’s only going to be 10% of my income.

[Thought Art]

24 minutes ago, Twentyfirst said:

haha listen, money isn't real. not even a little bit

you either get it or you dont 

Yeah? Do you eat? Or is food not real?

Edited October 27, 2022 by Thought Art

[Thought Art]

@Twentyfirst thx

[Breakingthewall]

money is sacred, it is a matter of honor. is: I change my work for your work. As humans, we alone are worth less than a worm. without the work of others we are dead in two days. That is why money must be earned by contributing, not being a speculative shit. When I ask a guy for a coffee in a bar, I'm performing a sacred ceremony

Edited October 31, 2022 by Breakingthewall

[Thought Art]

@Breakingthewall I like that

[Wilhelm44]

@Thought Art

They key is to let go of viewing money as something outside of yourself.