Latest / Success Story with Scott Clary / Lessons - Why Money Matters | Rob Moore - Entrepreneur, Investor, Mentor & Best-Selling Author

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Lessons - Why Money Matters | Rob Moore - Entrepreneur, Investor, Mentor & Best-Selling Author · Success Story with Scott Clary

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  In this lesson's episode, uncover the profound connection between money, mindset, and emotions.
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  Learn why money is simply a tool and how mastering your emotions can transform your financial decisions.
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  Discover the key differences between broke and wealthy mindsets and explore how self-awareness and
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  emotional control are pivotal for achieving financial success.
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  I want to ask a couple of mindset questions because you have a couple of points that you speak
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  about often, I thought are really interesting. So, two, two takeaways from mindset.
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  And you can choose which one you want to go into first, but I want to cover both.
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  So, relationship with money and then mindset of a broke person versus successful or rich person.
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  I think that both of those are interesting and you have opinions on those.
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  So, I'd like to go into those and just to talk about your experience with relationship with money
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  as a mindset as an entrepreneur. Wow, you know, I could speak for a week on this straight.
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  So, money is simply a tool created by man to create a universal fair exchange.
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  To increase the speed and reduce the friction of interpersonal transactions.
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  That's what money is. But the Bible says that the love of money is the root of all evil.
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  So, many people who have religious beliefs
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  are indoctrinated with a negative mindset around money. And some religions lending money and
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  charging interest is a sin if you like. It's even nothing illegal. It's certainly immoral in some
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  religions and cultures. So, the Bible, I can't say the Bible was wrong because I don't know the
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  context in which it was written. But what I can say is the love of money being the root of all evil,
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  that is wrong. That is wrong. What is evil is humanity because money isn't conscious and money
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  doesn't have emotion. So, money can't be evil. They imagine someone committed murder with a hammer.
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  You wouldn't try the hammer for murder and put the hammer on trial in front of a judge and jury.
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  Because the hammer is a tool and we all know that the hammer is a tool and none of us debate it.
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  We don't go that hammer is evil. And when we put a hammer, get a hammer and it nails in a piece of
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  word. We don't go this hammer is virtuous. It's a hammer. But money is no different to a hammer. A hammer
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  is a great tool of leverage that humanity created. Money is a great tool of leverage that humanity
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  created. Money is one of the greatest inventions that humanity has created because it universalized
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  value and it removed friction for exchange. And it allowed us to trade from little villages to
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  globally. It's a brilliant invention. But money never murdered anyone. Money was never greedy.
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  Money was never powerful. Money was never evil. It was human beings. Now, some people will say,
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  oh, but money made them that way. No, it didn't. Money can't. Money doesn't change you. It makes
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  you more of who you already are. So all money can do is exaggerate your traits. If you took a
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  billion and gave it to a philanthropist, they're giving that money away. If you took a billion and
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  gave it to a drug lord or you gave it to, you know, find a war, a gambler and addict, then that's
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  where it's going. So the love of money is not the root of all evil. Money is a tool that can be
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  used for evil and good based on the values of the individual. So if you want to get really good at
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  making money, you separate emotions and money. Just like you're not emotional about a hammer,
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  you just know what it does and you use it well for what it does. Because you can turn a hammer
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  around the other way and you can pull a nail out. So you can use a hammer in a few different ways.
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  And money is the same. It's a brilliant tool. It's a brilliant tool. I can store value from
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  something I bought or sold. That energy can be stored in money. And then I can buy or sell
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  something to you across the world and transfer that energy from me to you. So when you know that
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  money is a moral, a emotional and a conscious and it's a great tool for universal exchange,
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  and you learn how to use the tool really well just like nunchucks. You can use how to learn how
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  to use nunchucks really well or not. Then you transcend all emotional and moral and judgment around
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  money and you just use the tool well. And if you want to change the world, get really good at
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  making money and then do good things with that money. Is that the now, how does that dovetail?
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  Maybe it doesn't correct me if I'm wrong. But how does that relate to mindset? Is that the
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  difference between a poor person's mindset and a successful person's mindset? It's the
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  relationship, the healthy relationship with money as a tool versus something that is something
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  that is evil and people have too much of it and you can't, you shouldn't base your whole life
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  on pursuing it. Is that the difference? Yeah, so a few definitions to clarify. So if you are developing
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  world poor or you have never had your education because you have lack of resources, then you don't
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  have the same equal opportunity as someone who's just broke whereby they're raised in America or
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  England or Australia and they've got access to the internet and libraries and podcasts, but
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  they're still broke. So let's go on broke rather than poor because poor isn't your fault because
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  you could have been born into it, no, no, no, no, different. But most people who we talk to are
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  probably, if they haven't got any money, they're probably broke over poor. So the mindset of broke
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  is quite complicated, but to simplify it, it is allowing your emotions to control your spending
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  and not having a knowledge and wisdom of how you leverage money and value properly.
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  So a broke person will always spend more than they earn, but a fundamental law of money if you
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  want to appreciate it is to never spend more than you earn. A broke person will buy depreciating
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  liabilities with money. A wealthy person will invest in appreciating assets with money.
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  A broke person will use money to alleviate their volatile emotions. They feel really good,
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  they celebrate. Oh, I've had a really good month. We're going to go on holiday. They feel
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  really bad. They spend emotionally, spend a load of money to try and make themselves feel better,
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  whereas wealthy people can separate the emotions and they can go, right, this is the budget,
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  this is the forecast, this is the investment, this is the saving, these are the projections and they
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  can remove emotions away from money. So in a way, I would say a more profound conversation to have
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  around money. It's not the mindset of money. It's the emotions of money. And what emotions are,
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  they're a level deeper than mindset because mindset is what you think. Emotions is what you feel,
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  but I think most people feel before they think. IE, they're triggered. I think when you're triggered,
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  you feel before you think. And so I think impulsiveness is to be triggered, triggered by society,
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  triggered by media, triggered by how our parents raised us, triggered by how we perceive
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  corporations and billionaires, et cetera. We become triggered. We're hijacked with emotion and
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  then we make a decision. And we don't, it's not mindset. Mindset is a thought process to understand
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  why we're triggered. Why did I hate rich people? Because I was broken, I hated myself.
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  I wanted to be rich and I'd sold myself out. And that was embarrassing to admit. But it was
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  easier to hate the very person that I wanted to be because it may be more comfortable in my own
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  misery. But that's a very difficult thing to be self aware about and to admit. The reason I'm
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  triggered by this person is because it's a mirror and picks a scab of all the disowned parts of
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  myself. That's a fucking hard thing to admit. But that is, that's not just mindset mastery. That's
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  emotional mastery and that's mastery of your upbringing and your background and not blaming
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  your parents and all these things. So, you know, if you want to make it simple, the difference
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  between the broken, the rich is they're able to control their emotions around money and make more
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  balanced financial decisions in an untriggered, neutral emotional state. Whereas broke people are
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  always spending emotionally. That would be actually the binary thing. If you were to put a
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  gun to my head, Rob, I need one. The transcends them all. The difference between the broken,
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  that's it. And I don't think anyone tells you that because everyone's using the work mindset.
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  But if you upset me and trigger me, I'm not thinking straight. I'm just riddled with anger and
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  emotion and shame and vengeance and all these other bubbly and that's when you're the least clear.
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  Links in the description to watch the full episode. See you in the next one.