Money Is A Great Servant, But A Bad Master
Francis Bacon
I came across this quote I hadn't heard before and quite like it, as it sums up how I see money very succinctly - it is a tool to use, not an endgoal.
Yet, it is very easy to be consumed by the attainment of the tool - filling up the toolbox but not necessarily having much to work on. By doing this, the goal of life becomes building a great work shed, but not using it to produce anything of any real value, as money by itself is valueless, with the only value it holds being what can be accomplished by using it.
Of course, this is easier to say if someone has enough money - because if that is not the case, the attainment of it precedes the usage of it, unless like many people - they go into debt. And I think this is the other part the quote brought to mind, where when we make having money to spend our master, like a drug addict, we will get our hit at any cost - which is why debt is currently what makes the world go around.
Yeah, it isn't love.
I wonder if we stepped back and could objectively consider our lives, what would the hierarchy reveal - are we slave, or master in our relationship with money?
I think that most of us, have a pretty unhealthy relationship with money overall, despite what we might believe of ourselves. At least on average, most of us are in debt, we want more money but are unwilling to do what is required to get it, we are jealous of those who have more, we think that those who have more likely did something immoral to have it, while we will bend our own ethics to get more for ourselves.
Feel free to argue this :)
But, argue as you might, I am yet to meet anyone who has a healthy relationship with money, including those who go out of their way to actively avoid having it. The reason is that even when they think it doesn't affect them, they still hold negative attitudes of those who do have it, chase it or waste it.
But it is natural for us to have challenges dealing with money, as while it is a tool like a hammer, it is also far more versatile than a hammer and can be used in many ways, to do many things. And, because we have a society where the need for money is so ingrained into just about everything that is important to us (including loving relationships), like it or not, we have to deal with it.
Very, very, very few people are so far off the grid, they have no need for money of any kind at all and pretty much everyone has things on their "wish list" that are outside of their budget. Even if you are the richest person in the world, there is always something larger to buy.
But, perhaps we can learn to have a healthier relationship with money in general and learn to live with it in somewhat harmony. By the nature of how supply and demand works, we will always be chasing something, but I think that when we own part of and benefit from economic activity, instead of being just a consumer, we start to take some responsibility of our part in the relationship. Instead of being a slave to the master, we can at least perhaps become even partners, where we find an equilibrium point where we can feel the thrill of the chase, but temper it with the stability of investment.
I think that over the last few years I have been able to start changing my understanding of money and turning from master into a servant, but this is not concept alone. In order to actually learn, the knowledge has to be applied and behaviors need to change. Carrying a strong scarcity mindset from my past, this has been a challenge as it doesn't feel like "me" in some way - but, that raises the question of who we are when we are constantly becoming someone else, and therefore can wait for another post.
I don't know about you, but I feel that discussing these kinds of topics over the years has played a vital role in the evolution of my understanding of many things and I think I am better off for it. Hopefully, you are too.
Taraz
[ Gen1: Hive ]
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I'm starting to think most people born with a blue collar have inherited a poor relationship with money, from their parents. I know there are a few things I've had to unlearn.
Hmmm, I like the part were we said we could be partners. It actually got me think how that would work..Can a balance really be achieved??.. because as far as we know we always get greedy, and always want to overwork money but then when we underwork it, it is of no use.
I believe money has to be used , where we can strike a balance is to use it rightly, in the right venture..it's like having an agreement.. money tells you "hey, if you promise to use me in the right way, the way I truely deserve I'll always come back to you".. my...that's sounds quite dreamy but sure makes sense...
Money money money, man, man man.. both starts with an "M"..I'm willing to also grow and learn the best attitude that comes with having money. ..I might even decide to buy myself a place for free speech..hehe
This is the challenge, as we are greedy and competitive by nature - so balance means also not wanting more than others.
It does make sense, doesn't it? Treat me well, I'll treat you well. This is why we tend not to have good relationships with money, we take it for granted and abuse when we have it, beg for it when we don't.
Free, within the limitations I define :D
Yeah, but that's hard, we're competitive in nature as humans and it keeps us going a lot of times.
Exactly, it really is a sad story isn't it? .. I guess we humans treat money as we treat ourselves. When we eventually have that mutual respect.. building a long standing relationship is very possible.
😂😂😂😂 Exactly
This is the crux of it, right? Our biology is working against us, and we apply it to concepts like money.
Yeahh right...we can't change who we are but we can as well affect what we do.
It was great sharing knowledge with you..do have a great evening ❤️❤️
I certainly think that over time my relationship has evolved with money and what it does for my life and my family's life. We just this evening were talking about a family member that completely blew through over 1 million dollars she got in a divorce and now she's penniless and ruined relationships with friends and family alike over poor decisions. It's very sad honestly and we haven't the slightest clue how the hell she wasted so much money. It makes us really appreciate the things we do and success we've had on many fronts in our lives. I think seeing those things, as sad as it is to hear, really bring things into perspective on what's important in life and how we can make money be a useful tool but not a complete master of our lives.
I think it's certainly about balancing the incoming versus outgoing money. If you can manage to get a way to have even a little bit more incoming than outgoing, keep that compounding and eventually you can get to a better place with the relationship we have with money. Not easy!
It is crazy how some people use money and when it comes "easy" (it might not have been easy), how they treat others. They do provide a good learning experience.
This is the trick and it has to be done consistently. Too many people live by the "exception" because you know, it is just this month that I will treat myself to something special.
Money is a hard topic to approach but I do agree with you. Money is a great tool to help you achieve your goals but just having money won't make you happy. I am fine with just making enough to retire and live life without many issues. I don't need all the extra work and I would rather have my own freedom.
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A comfortable retirement would be enough - but what does that require to do now? The future isn't looking very rosy at the moment.
Yea the future isn't looking that great. I think I saw the person who pushed the idea of 4% in the FIRE movement say that it doesn't work anymore due to the price increases.
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greed is part of human nature and we make some choices based on it but i try to live my life freely as I don't have any worries as family
Even without children, I think we carry some responsibilities that "tie us" down a bit - some more or less than others of course :)
agree I don't have much to worry but do worry a little and it has to do with my job and family
Does it drive your family and friends nuts too? XD
And you understand why or can at least think through this given how much you've written about identity? :D
Conversations and discussions are definitely great for exanding understanding when that's what they are. I am almost certainly sure you've both been as well as encountered people who are more interested in proving how right they are than listening to why other people think the way they do x_x
I figure it's statistically unlikely to be just me XD
Yes it drives them silly also :)'
Yeah I understand - but it is still hard to let go!
Money have a vital role to play in solving financial issues which is definitely important to have because I can't imagine myself living in this life without financial means, it will make life look so miserable but at the same time it is not all problem money can solve especially having happiness in a home, it can't buy it.
It doesn't solve every problem, but not having it can definitely amplify the problems that exist.
I know a few people, who spend very little money (for example €10 EUR per month), but I do not know no one, who would not spend no money at all. Of course there could still be people, who live without having and spending money, but I do not know none of them.
Yep, I have never met any. One "self-sufficient commune" in Finland was happily telling people how they live without work by providing for themselves - and taking government payments...
I know that I definitely fall into that category. There are so many times I can think back where money was controlling me. Even more so when that money is tied to debt. Once you get that out of the way you still aren't free, but it is definitely easier.
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In what way are we controlled? That we work to pay bills and tax?
Pretty much. When that becomes all you care about or all you are able to care about to survive then yes, that is pretty controlling.
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Ive been there and its not a great place where youre paying off just the credit card interest. So theres a lot companies are saying is good like student loans and free money that ends up getting you in the end. Wish i knew what i know now.
You and me both!
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There are so many lessons to learn in this life - just as many to unlearn too.
Interesting take. Money being a medium of trade or else we end up like socialist Romania where money had no value because you couldnt use it to buy what you wanted. As Vee from Youtube said "you can print money but you cant print stuff". And money now looses value over all so theres not much insentive to save. Products are designed to break, shoes dont last a month with be before going squeaky. I do disagree that we all have an unhealthy relationship. Its value on your labour, you earned it and work hard increases your standard of living. If younthwn waste what you earned then id say thats unhealthy. The virtue is Temperance, a balance of work and play.
Maybe working 80 hours only to spend it on gambling is a good example of unhealthy. So working 17 hours but investing it all is the other end of the horse shoe. So the healthy medium is optimal. 60 hours to invest and spend it on practical things and time with your family id reckon be the ideal.
I think we are heading that way with most fiat currencies - they are inflating the supply so much, we will need wheelbarrows to pay for stuff - the only problem is, the wages aren't giving us wheelbarrows full.
Even when we earned the money (I earn mine), the way we think about it can be unhealthy, we waste it and devalue our work, or covet it and make our work fruitless.
Looking at work as an investment, not just a way to get money is a better way to look at it - most just see it as a means to an end, with the end being money. A hard life to live.
Perhaps this is by design. Investing in being self employed i think meets that mark. Using the time at work to learn transferable skills, a trade, study when all your tasks are complete. Not having to bring your work home with you when youre off the clock. The more I think about it the more I believe Im grasping what the article is talking about
I have never been jealous of rich people. I don't know if immoral, but they could have had luck or did the right thing at the right time. We call it "he/she run his mind so now rich"
I wonder if you were surrounded daily by people much richer than yourself and they flaunted what they had, would you become envious, bitter?
My cousin. Conversely, he is jealous of me because I have got what I have now from scracth. He, on the other hand, lived off his father's money.
It is important for a person to know his wishes and make it a main goal. There are people who only know how to collect money, and if you ask them what you will do with it, they tell you : what is important is to collect money to solve life's problems.
I read about a guy named Dick Proenneke, a scientist who decided to live alone in the wilderness to realize his dream, he quit his job in the city to go to Alaska, knowing that what he is going to learn, money can't buy it.
Sorry for the length
I wonder though, if learning is similar to money. People collect information they think is invaluable - but unless applied to improve something, it is valueless too.
For sure the relationship with money is a tricky one and we might lose focus on what is really important in our quest to gather more and more. For me, money through crypto is like a way of gaining financial freedom and being able to control the way I spend my time and the things that I do in life. Still, I think that earning money gives us a purpose for paying our dues to humanity and contributing to creating something instead of passing by like flies in this world.
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Perhaps what gives us purpose should earn us money? Well, in a perfect world perhaps :)
Humans want never satisfy, and yes these money sentiments if not controlled, can be a master of us, a real bad one.
I think our greed keeps us evolving ourselves - a strange improvement process.
Yea, good sought of improvement 😁
People wants money more and more, for that the corruption is increasing day by day.
Lots of corruption out there!
😎