Is Money A Tool Or The End Goal

What’s your perspective on money? Do you view it as a tool? Do you know how to use that tool? Is it like a hammer that you use to build a house, murder somebody, or that sits on the shelf and collects dust? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about using money as a tool and what happens when people don't view money as a tool. Topics Discussed: Money Spectrum: Some people go to extremes, but most are in the middle Temptation: What is more important—more money or more time with family? Money is a tool that does not buy happiness but helps you attain happiness 3 Ways to Recognize Money as a Tool: A tool for what? What are you building? Learn to use the tool. Are you using money to build your ideal life? Maintain awareness about the outcome. Are you using money effectively? Key Takeaway: Money should not be the end goal—you can't take it with you Links: The billionaire who refused to pay kidnappers to save his grandson’s life The Man Who Quit Money: An Interview with Daniel Suelo The Young Physicians Complete Guide To Creating A Financial Plan Financial Vitals Check Part 1: Clarify Values 3 Exercises To Help You Clarify Your Values The Key Process Behind Using Money To Live Better Lives with Jennifer Quire How Can You Become More Financially Competent What’s Your Relationship With Money Contact Finance for Physicians Finance for Physicians Full Episode Transcript:   What's up guys? I hope you're having a great day. I was talking with a client the other day and he was sharing what I thought was a really interesting perspective on money. He was talking about teaching his kids about money. He described money like a hammer. You can use a hammer to build a house. You can also use it to murder somebody, or you can just let it sit on the shelf and collect dust. Most people don't exactly view money like a tool, like a hammer, for instance. Maybe they don't even know how to use the tool, like a hammer. If you see somebody swinging a hammer and they've never done it before, it's pretty obvious that they don't know how to use it. What he was sharing is that he wants to make sure that he's teaching his children to view money more like a tool, and help them to learn how to use the tool. I thought that was a fantastic concept to understand and remind ourselves of not only for our children, but really, it's a good reminder for most adults. I thought today, we would talk about that a little bit, talk about using money as a tool, maybe go through what this might look like, and how you can make sure you're continuing to move that direction. Before we get into using money and viewing money as a tool, what happens when you don't view money as a tool? I think that's a good starting point...