8 Wrong Beliefs About Money (Episode 8)

Updated: February 4, 2022

Listen to Episode 8:

Summary of Episode 8:

If you believe that having too much money will cause bad things to happen to you, then subconsciously, you’ll avoid becoming rich. (2:10)

We want to be happy. And if you believe that money cannot buy happiness… subconsciously, you won’t make financial success as a goal and priority in your life. (3:30)

Research Links:

Having lots of money is a big responsibility. But that’s what I’d like to call a good problem. (5:30)

Our own character is responsible for the people we attract in our life. If you think that the only reason why people would want to be friends with you is because you’re rich, then those types will exactly be the one you’ll have. (6:25)

Focus on what you can control, which is how you spend your money, the sources of income that you have, the investing strategies that you can do. (7:35)

We don’t have control over the global and national economy, but we do have control over our personal economy. (8:50)

Personal finance is not rocket science. (9:40)

Even if you don’t have business capital, basta meron kang magandang business idea and you are able to develop a sound business plan, you can always find a seed investor or a venture capitalist to build your business. (11:25)

Question of the Week:
If you had an extra P5,000 right now – how would you use it to make someone happy?

Episode 8 Hashtags: #The80Percent #MoneyMindset

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  1. On point and very timely as we are experiencing growing pains from our business and a crisis on the home front simultaneously. Oh well, I guess we will have to redouble our efforts to practice patience and find solutions. What would I do with P5000 fun money today? I would plan an intimate gathering of those who were with us through the worst of times, especially when Beautiful Bride & I suffered two weeks with the Covid in September 2021. These folks are simple, humble people, faithful and loyal friends. I would spread their favorite foods on a table, pour some sparkling wine and toast our friendship. We have already rewarded the family in several other ways, this P5K meal would only be a small amount of icing on the cake. It would certainly take much more than one dinner to properly say thank you – Salamat to them.

  2. My husband follows your podcasts and listens toyou. He sent me this podcast and told me this applied to our current difficulties. Sorry but I don’t buy it. My goal of financial success is driven by my desire to give my family wht they need. And no, my priority is not financial success. There is more to life than money. I agree that money can buy things that can give you pleasure but never mistake pleasure for happiness. My husband once said, he gets me new clothes, bags, and staff because he loves seeing me happy, even if it is fleeting. See, real happiness is not fleeting. Money may afford to buy you a bit of time if you are dying, but it won’t buy you an eternity. If happiness for you is something temporary, you may need to recheck your definition of happiness. I guess, it really depends. Happiness is subjective anyway. So if your happiness is dependent on things that money can buy, that’s your happiness. It is not mine. It will never be mine. My happiness is seeing my kids, my mom happy. Our happiness is based on simple and achievable things.

  3. @Mrs. W
    My belief on the relationship of money and happiness is based on research done by scientists. And their biggest discovery is that money can buy happiness when you don’t spend it on yourself.

    When you said, “There is more to life than money. I agree that money can buy things that can give you pleasure but never mistake pleasure for happiness.”

    You are coming from a place of using money to buy things for yourself.

    Here’s a video that presents my perspective: https://www.youtube.com/watch?v=Rqj7besaGg4

    But more importantly, I also believe that happiness is fleeting, and that’s okay and that’s what makes it special. Again, this is based on what psychology has discovered when they studied the human experience.

    Here’s a good article on this: https://www.psychologytoday.com/us/blog/mindfulness-wellbeing/201603/why-is-happiness-fleeting

    Lastly, you said that happiness is seeing your kids happy (among other simple and achievable things).

    For me, that’s exactly where money comes in… money will give me the resources to provide the necessities for my kids — to give them what they need to live a comfortable and happy life. Because again, money can buy happiness if we spend it on other people.

    I wish your family strength in the current difficulties you’re facing and send my regards and gratitude to your husband.

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