Episode #40 - The Psychology of Money & Value

In this episode Juan and Kyrin discuss 'Money, Money, Money ...... Mooneeeeyy'. In particular they try to stay away from closely related terms of wealth or finance, and zero in on why we use money as a concept of value and they psychological aspects of our interactions with it. As usual at the beginning, there are the Mere Mortal Moments of 'Upon reaching homeostasis we tend to complain, not realising how far we have come and things have changed' & 'What you do is what you will become and/or what you will achieve'.

The first part of the conversation revolves around defining 'money' and the difference between hard money and fiat money. They then each go through their own stories of how they behaved psychologically with it and how that has changed over time (in brief, going from a more scarcity mindset closer to one of abundance). Finally ending with an assertion of the importance of budgeting as well as some other psychological ways of viewing your own relationship to it.

As mentioned in the video, find below a link to Ray Dalio's 30 minute video on the economic system (a truly great watch):