The Power of Money

Can financial stress overshadow your holiday joy? As Christmas approaches, join me, Michael Kane as we navigate the festive season's financial and emotional challenges. This episode promises valuable insights into managing holiday expenses and maintaining healthy financial habits. We'll explore how the pressures of gift-giving can affect your financial well-being and consider the impact on parents and families, while also distinguishing the nuances between being rich, wealthy, and well-off. Discover the long-term effects of holiday spending and learn strategies for managing the stress it can cause, ensuring that your celebrations don't lead to a post-holiday financial hangover.

Money holds transformative power, yet it's crucial to remember it's merely a tool amplifying who we are. We'll examine this concept, comparing money to tools that require purpose and control. Through stories of athletes and lottery winners who faced financial pitfalls, we highlight the importance of wise money management and the misconception that wealth is a cure-all. This episode encourages a balanced life where financial success complements personal relationships and emotional health. With heartfelt gratitude for listeners across 25 countries, we celebrate your support and emphasize financial empowerment as we head into a prosperous New Year, with plans for an exciting episode in 2025.

Chapters

• 0:01 Holiday Financial Stress and Money Mindset
• 18:26 The Power of Money
• 30:56 Empowerment for Financial Success

Transcript

Speaker 1: 0:01

Hello there, this is Living your Success. With Michael Caine, that is 24-7. That means forever, every day, all day, all night. Living your Success. Not the podcast, but your success. So how are you doing? Getting inching closer to Christmas next week Wow, very close to Christmas 2024. Looking very, very excited, almost at loss of words, excited.

Speaker 1: 0:39

Another opportunity to be with family and friends, and that's a good thing, right, it's a very good thing. Another excuse, another excuse, do you hear me? Another excuse to be overeat, over drink, over this, over that. And so I have to tell you, this year has been a year of celebrations for me. I just from just wow. A lot of excuses and vacations to you know, know of taking advantage of the opportunities. Um, you know, I'm a foodie, a foodie, foodie. So that you say I'm a foodie? Yes, definitely a foodie. So if you want a foodie with me, that's good.

Speaker 1: 1:39

So what we're going to talk about today, other than overeating and under-exercising and eating the fruits of our labor, Need to eat more fruits. By the way, it's not a health show, but living your success. One day, we're just going to have an episode Talking about health. Health show, but living your success. Yeah, one day we're just gonna have our episode talking about, uh, health. What is it? Healthy, wealthy and wise, that's right. Healthy first, because without your health, what do you have? Nothing, you have nothing, zero. So, and I have to tell myself that too, it's all about someone reminded me today, it's about habit, that's true. It's about creating new habits and I was doing real well then I just whoa kind of snapped. So now it's time to get back, and I know I'm saying that a week before Another holiday, another feast day, but I'm going to Control myself A lot more and I'm promising that to myself. I'm going to actually say no, thank you. See how easy that was. No gracias, okay said it, I'm still here. So, also with Okay said it, I'm still here, all right.

Speaker 1: 3:07

So also with Christmas and these holidays, especially Christmas, it's a season of gift giving. Now, outside of our birthdays and anniversaries and special occasions, it comes once a year, as you know, and although we know, we all know, christmas is on the 25th and it is Christmas, by the way, call it whatever you want, but the 25th is Christmas Day, christmas season Period, and say that with attitude too. Okay, that'll be another podcast, and so, although there's religious aspects to it, you don't have to do that, you don't have to go there. But it's about gift giving and those gifts Cost money. Okay, I know it's earth-shattering, it's what I said was monumental. It takes money to buy these gifts and each year the cost, the expense, is going up and up. After the pandemic, something that costs $20 costs $80 now, literally, or more, and the prices don't seem to be significantly dropping anytime soon.

Speaker 1: 4:35

So that puts pressure, economic pressure, on regular people. What is regular people? I know, non-, non-rich, non-wealthy, everybody else, okay, you're rich, wealthy, rich slash wealthy, because those aren't the same thing, by the way. Rich and another podcast. But and everybody else? That's not now true, you could be well off, which is a third category, meaning you can essentially buy a lot of stuff that most people can't. And you know, just, well off, won't you settle for well off? You will, wouldn't you? Okay, but you could be rich and wealthy, maybe billionaire status one day. Who am I to say what you're going to be? Or me? But it takes money and it puts a lot of pressure and stress on parents, especially with little kids.

Speaker 1: 5:36

Christmas is in so many ways, their little thing, their big thing, and then there's the rest of us Adults. I already have enough choo-choo trains. I do like gifts, but it's not the same as if you were five years old. The the same impact is a different impact. So you have to save and scrimp, or and I know many people and I'm not going to be giving no bad statistics in this podcast about credit card usage but the following year after Christmas, people working four, five, six, eight, nine months, two years, three years, paying off debt originated from December 25th activities. And I'm not going to be laying no guilt trip, no burden, no judgment. I'm just saying that be laying no guilt trip, no burden, no judgment. I'm just saying that people are slaving away for months to years after each December 25th For the purpose of generally, for the purpose of making someone else happy. Now some people want to show off and go that route. Well, it is what it is, but it's the same result.

Speaker 1: 6:53

If you don't have the cash right, slap it on that credit card, and then we're about the beast of burden, to, I guess, borrow the song from the Rolling Stones and Bette Midler Beast of Burden. That debt is on. Loans and credit cards are beast of burdens. And even that is not the sole focus of this podcast. But I'd be remiss in my oratory here if I didn't mention credit card and loans, personal loans, other loans to refinance, to buy a bunch of other stuff, pay stuff off, and so we need to seriously think about money, and more so so the power of money. You know it's a double-edged sword, because if you receive it, money, it's a good, powerful, but if it keeps exiting your person wallet, in your bank accounts, accounts, then it's it's a not so good, a bad, if you will. Power of money.

Speaker 1: 8:12

Let me throw a question, a question, a question out there. This is not to indict anyone, but to to raise awareness, to consciously be intentional. Dr Wayne Dreyer emphasized that, to quote another great man, intentionality. You heard that from other people too. I know I'm going to quote a long list of people who talks about intentionality, but it's so true and that's so important.

Speaker 1: 8:51

When you start to plan for things, especially for December 25 and especially this year, which is going to be next, it's actually next week. So the question especially this year, which is going to be next, it's actually next week. So the question is it the answer to all your problems? Is it Maybe, maybe not. I'm going to be devil's advocate to some extent I'm going to play the fence for a moment, in a non-judgmental way, but to raise awareness.

Speaker 1: 9:39

So all will be well if you had just what? $10,000, $50,000, $10,000, $50,000, $1 million, what is the number that makes all the issues, challenges and problems go away? No-transcript. The worries of the world would just poof, go away if you had that magical number sitting in your bank account or under the pillow, in the mattress, in the ground, in the backyard. Again, moving forward here. Still those questions are there. What will it take to make those problems go away? Still those questions are there. What will it take to make those problems go away? Fat bank account, what does that mean to you? Does it mean you would be a better person? Now I'm going into the psychology of money. Better person, a better worker, better business owner, husband, wife, son, daughter, student, parishioner would make you better than the next person if you had six, seven, eight, nine figures sitting in there.

Speaker 1: 11:14

And have you ever caught yourself saying if only my mother warned me, uh, warned me about, if only she said? You know, that's not going to be a productive argument and usually that argument is with yourself. You're not arguing with anyone else. You're in this battle in your mind and spirit about that dreadful or blessed if only phrase. If only I had more blank money and most people when they phrase this, they're talking about money. Seriously. There's exceptions. Obviously, when you're enlightened there's exceptions.

Speaker 1: 12:03

If I only had more money, my life would mean blank, blank, blank, blank, mean whatever something is. If only I had blank, blank money, we could take that expensive European vacation we only dreamt about for the last 2, 4, 5, 6, 8, 10, 12, 18, 13, 40, 40 years. Okay, if only, if only, if only I had this X number of money, I could fix my body. Whoa Can fix my body. I can have it the way I wish I was born with. Okay, that pertains to men and women Men getting a lot of stuff. I wish I was born with Okay, that pertains to men and women, men getting a lot of stuff and doing stuff too.

Speaker 1: 13:08

If only If I had $50,000, I could, oh, put a down payment On blank, blank, blank and get blank, blank, blank and get blank, blank, blank. If only I had that money, I could buy a big home or my dreams with a white picket fence, a nice, expensive neighborhood so everybody can see me driving in my. If I only had a Lambo money Corvette, mercedes, tesla, aston Martin, on and on and on and on. You can flash that wealth right, the appearance of it at least. The nice jewelry from Tiffany's in the blue box Can buy all that nice diamonds and gemstones. And where money isn't an issue, that nice Rolex costs $150,000 and I can show my besties that I have something they don't have and we can.

Speaker 1: 14:24

So when my mother told me, warned me about doing that, if only game inside your head, I dismissed it saying ah, what do you know, mother, what do? Saying ah, what do you know, mother? What do you know, what do you know? Well, afterwards I realized she knew a lot. So Probably been there, done that. She was down to earth, practical. My father too. They were never to Buy stuff and crap just to impress anyone else. I did learn that from them, but I lost my way with that. I deviated. I allowed myself to get a new habit and change into something that eventually I said why did I do that? Why didn't I stick to the game plan?

Speaker 1: 15:22

When I was 10 years old, 15, I used to save some serious money. I just saved money all the time Money, money, money, money, money. I saved money for this saved money for that $5 here, 50 cents there, and then the ways of the world. Was that earth and fire the way of the world? I uh, lost my mind, okay, but eventually got my mind back.

Speaker 1: 15:51

So I tested my mother's theory on this if only debate and argument, and it's a vicious cycle, it's a curse to be stuck at, if only, and it's okay. You know and let me back off a bit, don't get me wrong the power of money. It's okay to realize, to dream, to want things, to say one day I would like to take a big vacation with family, friends or whoever, or myself, I would like to be able to buy that car of my dreams, and if you buy it in cash, no big deal. You don't want to be a slave For decades to come Because of that, if only conundrum and wishes and false blessings that you're inviting into your world, to your life.

Speaker 1: 16:53

Money is powerful, but guess what, folks? There's one thing I did not say yet. I did not say what money actually is. True, it's a means of exchange. Clearly, you take $20 to the store to buy A loaf of bread. They expect you to have Some currency Legitimately To buy. They expect you to have some currency legitimately to buy that loaf of bread. It's a means of exchange. We stopped exchanging rocks, at least in the United States, so people still exchange. Now they're exchanging Bitcoin and gold and silver in some countries and, of course, course, every country has some degree of their foreign exchange. You know their, their currency system, that they trade with the foreign market, fx market, and so it's okay to dream, it's okay to wish and want for, but you need to check yourself if it's for the right reason.

Speaker 1: 18:00

Am I doing this for the right reason? Just to show off and be Mr and Mrs Fancy Pants? You want to be known as Fancy Pants. It's called Broke Pants when you just do stuff to please people that don't give a dang about you, right, don't do it.

Speaker 1: 18:26

And so money is a tool. It's to be used by us, to be Controlled by us, not the other way around. Money is Should be at your beck and call, not where you're just chasing it To buy a bunch of crap you don't need, instead of saving, investing and spending it on memories. Money is a tool to create memories. How is's that so? Like the vacations you want, the, the? Um, the new car? Smell you buying a car again, not being in debt for the next 20 years to avoid doing something not so smart. Been there, done that and so use that tool just like a hammer. If you're a carpenter, you want to nail something, you get a hammer, a tool. So you want to buy something, save something, invest something, you need money.

Speaker 1: 19:28

So some people are misguided biblically when they talk about money's the root of all evil. No, it, it's not. It's a tool, it's a tool. A hammer and screwdriver is the root of all evil. Now that sounds ridiculous, doesn't it? Kind of stupid there? A hammer is the root of all evil. No, the love of money. You could be indifferent about money. Just say I just needed to buy stuff, I need to save and invest and have a good life, call it a day.

Speaker 1: 20:06

But with this, the power of money, this very huge power foundation of our economic system is. It also amplifies who you really are. So to answer them other questions up front are you a better person, better than you, better worker, employee? All that it amplifies. So if you're a good employee, good husband, good wife, good son, good daughter, you're going to still be a good that Now can you go crazy and lose your mind and turn and change? Of course you can. That's why you have to relegate money as a simple tool and don't change your character. It can change your opportunities, clearly, and access Gives you access. See, money gives you access and opportunities. The lack of it is not going too far. Let's talk about lack about it, lack of it With people that had it Like athletes, they retire.

Speaker 1: 21:16

A whole lot of them, 60, 70 percent, did you just name? The sport broke in 10 years. Don't have the money's gone. The level of wealth has dissipated, poof, poof gone. And it's hard to believe someone with 50 million, 100 million, three, four, 400 million gone. There's people that had a billion dollars and it's gone. Okay, now, if you had another billion or 5 billion, then yeah, it'd be all right. But can you imagine, just gone.

Speaker 1: 21:51

And folks, listen to me, my friends, folks, listen to me, my friends, you want to avoid. You want to avoid going broke, but now you need to accumulate To go broke. You have to even accumulate, you have to have it to go broke. So some of you don't have that problem because you're still trying to earn decent wages and salary, a living, but the folks that have arrived on the earning side of the equation, it's what you keep. Oh, you could brag all day what you earn, but how much you have left. So consider, once you have this riches and wealth, not to squander it. Look at the lottery winners Within five years, boom, money's gone. Guess how many friends and family you have if you won 10, 20, 30 million dollars.

Speaker 1: 22:53

Well, first of all, telling them that was their first mistake. But you got to do what you got to do whatever you want to do. Someone knocking on your door every five minutes hey, man, I got this business idea. Hey, I have to have toe surgery. I need your help. Okay, got to clear up them. Hemorrhoids right, I had to go there, had to go there.

Speaker 1: 23:20

So and people feel guilty. Oh, I mean, you know. So you have to put everything in perspective. So will money? Is it the answer to all your problems? If it's yes, then keep this in mind A lot of rich folks, wealthy folks, famous folks, killing themselves, committing suicide. So if they had 200 million, 800 million, why would they kill themselves? If they were totally happy? Because they have a lot of money? Because, guess what? It's not an answer, it's not a panacea where it's an answer to all the world's, all life's problems.

Speaker 1: 24:12

After you buy 10, 12 houses and 50 cars, go around the world eight times. Do you buy 10, 12 houses and 50 cars? Go around the world eight times? What's left? You know people feel hollow. They don't feel satisfied.

Speaker 1: 24:29

Because if you don't have an affordability problem and you can buy whatever you want, if that is your sole focus money then after you spend a lot of it, get a lot of it. Will it mean as much to you? And you may want to kind of figure this out when I said well, why are these rich people, wealthy people, committing suicide? It's not an answer to everything. People want to be heard, respected, loved, hugged and they want it to be real, not all these fake people around you. Because they know you have money, you're buying them drinks and dinner and airplane tickets wherever you're going, and your entourage All these fake people.

Speaker 1: 25:26

And then you get disappointed so many times. You're lacking something. You have a hole in your heart, hole in your soul. Your spirit is broken. Yeah, you got all that money, but what else do you have? So it's important to put the power of money in its perspective.

Speaker 1: 25:50

Yes, be an accumulator of as much money as possible legally, of course, as much as you can bank so you can live comfortably, but not to sacrifice your soul and not be on a deathbed saying I wish I spent more time with my significant other, a spouse, or your children. You neglected them because you were too busy, focused on all your business stuff, and you missed out on those wonderful memories. You're too busy, focus on all your business stuff and you miss out on those wonderful memories. So, mike, are you saying I need balance? Yeah, I don't think there's. It could be an easy 50-50 balance. I don't, I don't think so. I'm not an expert. But that percentage of work and family or personal time is up to each and one of us. What is okay, what's doable, and each person has to answer that for themselves. But I would just say, and leave you with what makes it where your children know who you are and you have a good relationship with them and your spouse. So where, where's that line? That's a moving target. Now, of course, the assumption is you married the right person, because if you didn't, all hell's gonna break loose and if you didn't, you're gonna be miserable at some point because you didn't live the life you always wanted to. Quoting my book now slaying your dragons living life you always wanted on amazon shameless plug and please, I encourage you to share this podcast.

Speaker 1: 27:54

We don't just talk about money today. We're talking about the power of money, but we talk about those things involving our rise up to success, our Climb to success, and our options are From career to Relationships To investing. It all is in our health To be successful In our health. I've had some challenges over the years, some serious ones, and didn't take care of myself, and a lot of people say they're on deathbed. Wish I took care of myself. Whoop, whoop gone. Don't do that. I'm catching myself too. Oh, don't eat that. Don't do that. That's not good. Okay, don't make it bad stuff A habit and turn it into a false good habit. That's what we do to convince ourselves. We try to turn good into bad and bad into good. Problem with this society now, the state I live in right now especially.

Speaker 1: 29:12

But the power of money needs to be respected because it could do so much good in the world and it does. But look at all these folks donating and you're donating as to your means, donating your time, energy, money to help other people. And that's what it is about not just to fulfill our needs, sometimes selfish needs, but we have a right to spend the money on ourselves the way we want to, good or bad. Some people can't understand that. I do. I don't agree with it, but I respect it and understand that, that. You know, if you want to do something foolish and stupid, if you earned it, hey, as long as you didn't steal my money and do it, but free will.

Speaker 1: 30:05

So we're going to keep up this topic of the power of money, directly and indirectly, in future podcasts On a periodic basis. The power of money dealing with your health. You know, how does you know? Talk about gyms, talk about health equipment, talk about diet and food, regular, organic stuff like that, raised farm raised, pasteurized animals, stuff like that. We'll be talking about stuff like that. And so Money is powerful. Money is powerful and no haters here. You desire as much as humanly possible. Go for it, get it.

Speaker 1: 30:56

I pray and wish all my listeners Wow In 25 countries. Thank you so much. I appreciate all of you for taking the time to listen to me. Be doing something else, but you're listening to michael cain living your success 24 7 program. Yeah, thank you, and I'm not sure where you originated my uh podcast, but I'm on Apple, iheartradio, spotify, amazon Music.

Speaker 1: 31:33

Thank you so much, and a few others, and I wish all of you wealth, health-wise, financially relational-wise, financially relational wise and you too can summon up that power and to be who you desire to be, be who you want to be. This life is finite, so take advantage of each day and be blessed. This life is finite, so Take advantage of each day and be blessed and give back To humanity, give back to. If you hear some noise, that's my little kitty, cat Lua. She's making noise, just woke up. But anyway, that said, I'm going to leave you with the thought of do what you can to improve your financial empowerment.

Speaker 1: 32:48

I like the word empower, because empower means you let someone off and they just make things happen. So I want to pray for your empowerment. Financially speaking. What does that mean? Where you're not pinching pennies, counting pennies, wondering where your next meal is going to come from, where you're going to live, what vehicle you're going to drive, when you be able to go on that wonderful vacation or buy a wonderful gift for those around you, to do things for yourself. So I want you to be empowered Absolutely to do things for yourself. So I want you to be empowered absolutely. And so we'll talk about empowerment. By definition, success equals empowerment, and success means different people, so don't get pigeonholed with other people's definition of success. Yours could be more restricted or more expandable than the average person or or your circle. So don't be ashamed at what you're doing, what your certain empowerment level is now, and keep working on you, and I appreciate you Keep listening to this podcast.

Speaker 1: 34:10

This podcast I don't want to say podcast podcast is about empowerment. It's about enhancing who we are as people, enhancing our spirits, our bodies, minds, our intelligence. So, live Me, your Success is for everyday people. That's why you don't hear me interviewing people that are just, you know, to elevate their situation. But in the future I'm going to do selected interviews and segments.

Speaker 1: 34:55

But my focus is to be a motivator and coach and to help people be resilient. So when they get knocked down, here's 20 reasons to get back up and here's your empowerment to get back up and not give up and not quit. So that's my focus is to help people, and hopefully as many people as I can. So please share the good news, and so I I do my best to come up with well, what am I trying to say, what's my perspective, and enhance this, you know, to get you from point A to point B, to point C, to point D. So that is my focus and goal.

Speaker 1: 35:55

And so to give you the tools and and and the weaponry the economic weaponry, okay, not physical, but to make a difference for yourself, your life and your family, and so, and so you could say at the end of this life well, all is done, all is well, good and faithful servant. So, that said, thank you again, and I wish you a very Merry Christmas and Happy Holidays and a Happy New Year. I'll do another podcast, another one, probably one more, at least for the beginning of 2025. But that's it. This is Living your Success 24-7 with Michael Caine. Adios amigos.