Money is a tool
What is money for? Is money your purpose? I learned a valuable lesson from a 91-year-old actor who sold his house to fund a movie that flopped.
Recently, I came across a video of an interview with an old Chinese actor (游本昌). There was a section where he talked about money. It was a brief clip and in the video where he asked:
“What is money for? Is money your purpose?”
He talked about his philosophical take on what should be the purpose of money and how we should relate to money so that it does not control our lives.
It moved me, and I wanted to explore and share my thoughts on the idea of money and its purpose in our lives. Following my article on the Chinese art of creating wealth, I thought it was appropriate to explore this idea a little further.
Here’s the interview if you are interested:
My take on money
I have to admit that for years; I often worry about money, particularly not having enough of it. Growing up in a poor family, the feeling of want is constant. Although over the last 50 years, I saw Singapore go from third world to first world; the memories etched in my subconscious haunts me often. I suspect many of my peers may also feel the same about the lack of money.
This mindset is a setback in my approach to money. The sense of wanting, of not having enough, constantly worries me even as the conditions of our lives improve. I once heard that poverty is a mindset that we will remain poor as long as we believe we are, no matter how much money we have.
I have a wealthy Chinese friend who observed that shopping malls and supermarkets in suburbs with lower socio-economic status (SES) are usually the most profitable because the people living there are always needy. They buy more stuff, have more (used) cars, and have more debts. Big businesses and banks know that, and panders to this demographic constantly.
That was quite a revelation for me.
Am I needy? Do I constantly feel that I do not have enough? I hope to find out.
Money is a tool
钱是手段
Money is a tool
Money is a means to an end. A tool no different from any tool. It has to be used. The accumulation of money means nothing unless it can help you achieve your goals.
Money is a medium of exchange, a unit of account, and a store of value. This enables us to save and accumulate wealth. In its practical form, it allows us to overcome the limitations of the barter system and enables efficient transactions.
But from a psychological perspective, money is a lot more than that. It can become a tyrant, a controller of everything you do. Unless brought under control and put in its proper place, money can become a terrible master.
Master or slave?
站在钱上面, 你就是才主.
跪在钱下面, 你就是才奴
“If you stand above money, you are its master.
If you kneel below money, you are its slave.”
The pursuit of wealth and financial success can become a driving force for individuals and organisations, a motivator leading people to engage in productive activities, make financial decisions, and take risks.
It can also become a problem when we put money above all else. It leads to greed and the neglect of other important aspects of life, such as relationships, personal growth, and well-being.
So what is our goal as far as the accumulation of money is concerned? What do we want to do with the money once we have it? Without a purpose, pursuing wealth and financial success becomes a self-defeating process of enslavement. We will work for money and not the other way around.
“Money is a means, not an end in itself. It is a tool to be used
wisely and for the greater good.” - Warren Buffett.
A Chinese perspective on money
Being Chinese, I am interested in the cultural perspective on the treatment of money, and how this is shaped by the philosophical traditions and norms of the past.
The emphasis of savings, investment, and the avoidance of extravagance as good practices suggest that money is not just for keeping. Although preserving and passing on wealth to future generations is an important responsibility, there is also a cultural expectation that the wealthy should use their resources ethically.
Confucian Influences
Confucius teaches that the use of wealth should align with the broader goals of maintaining social stability and promoting the well-being of the community. He talks about the virtuous use of money and the need to fulfil one’s social responsibilities to the greater good. That the true purpose of wealth is to ease poverty, support the needy, and create a harmonious social order.
Within this framework, wealth and its distribution are tied to relationships and obligations within society. Those with wealth are expected to fulfil their duties to their family, community, and the state, using their resources to support and protect those under their care.
Daoist Perspectives
Daoism teaches the importance of living in harmony with the natural order and detachment from material possessions. Laozi believed that the true source of wealth lies within one’s inner spiritual cultivation, not in the accumulation of external possessions.
Daoists encourage individuals to embrace a simple life, focusing on the natural flow of life rather than the relentless pursuit of material things. Daoism views wealth and its use as part of the natural order, which should be in harmony with the rhythms and cycles of the natural world.
Living under the Dao (the Way) and using resources in a sustainable and balanced manner, without disrupting the natural equilibrium, is the key aim of the Daoist perspective.
Buddhist Perspective
In Buddhist traditions, the relationship between money and karma is an important consideration. Like Daoism, Buddhism emphasises the importance of non-attachment to material wealth. The goal is to avoid being controlled by the desire for the accumulation of wealth.
“The love of money is the root of all evil. It is not money itself that is the problem, but the attachment to it and the desire for more.” - The Buddha.
Buddhists believe that the way one gains and uses money can have karmic consequences, positive or negative, depending on the intentions and actions involved. Using money virtuously, such as engaging in ethical business practices, supporting charitable causes, and avoiding harming others, is the foundation for a Buddhist approach.
Another Buddhist principle is the practice of giving (Dāna). When done with the right intention and without attachment, is a means of accumulating positive karma and contribute to one’s spiritual development.
All three traditions view money as a means, and not an end. The goal is to use wealth and resources in a way that promotes the well-being of oneself and others, and contributes to spiritual growth and enlightenment.
By incorporating these philosophies, we can expand our understanding of money beyond economics. The emphasis on the karmic implications of how money is gained and used, the importance of generosity and non-attachment, and the view of wealth as a means rather than an end offer a valuable complement to the contemporary view of money.
“Wealth and status are not to be pursued for their own sake, but to serve the people and promote social harmony.” “The wise ruler uses wealth and resources to benefit the common people, not to indulge in personal extravagance.” - Xunzi.
Lessons from an Iraqi food vlogger
I will end this article with a lesson I learned from an Iraqi food vlogger in China.
Ahmed Mohammed Jaber is an Iraqi who creates videos in Mandarin about food in different parts of China. Escaping the war in Iraq, he moved to Syria and eventually to China some 10 years ago. He worked as an actor and subsequently started his food vlog. He is also known affectionately as Lao Wang (老王).
In one of his videos, he spoke passionately about what he learned when he came to China. That as soon as he earns money, he will do his best to use it, even giving it away. He said that his Chinese friends, who were generous with him when he first arrived, explained that only by giving it out, can you expect money to return in many folds. To earn wealth, give wealth.
Lao Wang’s approach towards money and purpose is to use it as a tool. There is no need to become overly concerned with hoarding it. Use it, whenever you have it, to achieve your goals, whatever they may be.
“The purpose of money is not to make more money, but to make the world a better place.” - Muhammad Yunus, Nobel Peace Prize laureate.
So is it alright to accumulate wealth, to want to have more? I think it is important to remember that the goal is to use it eventually, not just to have it. Use money to build relationships, to improve your life, acquire assets, and help others.
Money is a tool. Stand above it and be its master.
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