What is money?

Today's Business Lessons

What is money?  

BUSINESS MATTERS (BEYOND THE BOTTOM LINE) 

By Francis J. Kong (The Philippine Star) 

Updated October 13, 2012 

I had a wonderful time sharing ideas about gender differences and affair-proofing the marriage in the recently-concluded executive couples’ retreat sponsored by Christ’s Commission Fellowship. More than 150 couples attended – many of them, high-powered business executives from different industries.

Edric Mendoza of ANC’s “On the Money” also invited me to do a little “talk show” during the conference. The subject matter of course was money. We shared ideas on how married couples can effectively manage together their money. We had so much fun during that talk show, I thought I’d share some of those ideas here so we can all learn from them.

Let’s begin by defining what money is. What is money anyway?

We need to know and understand that money is just an idea. The physical piece of paper we call money, when swallowed, won’t be able to satisfy hunger. Money is an idea that represents a medium of exchange. We exchange that idea with something tangible like products and services.

The basis of that exchange isn’t the size of the bill. A one hundred peso bill is exactly the same size as a one thousand peso bill and other Philippine peso bills for that matter. The basis for the exchange is the value of the money. And the value of the money is determined by its price. 

What‘s the difference between price and value?

Price is what was paid. Value is what was experienced. “So how do I get more money?”, some or most would ask. This question can also be framed as “How do I increase the price of my money (paycheck) and increase its value? The idea is to increase the value of what you can offer (to your company/client). The greater the value you have, the greater the price you can command, the more money you can have.

If you found it hard to follow that, I don’t blame you. I can almost put rhythm to the words enough to rap it!

Now let’s go back to marriage.

Is your marriage important to you? When I ask this in my seminars, most of my participants would either say yes or nod their head in response. When you say that your marriage is important to you, this means that your relationship with your spouse carries value. The moment you put greater importance on making money than on your marriage, you actually increase the price of the former (making money). You increase the value of your paycheck, but your marriage gets devaluated in the process.

 “Yeah, but I’m doing this for the sake of our marriage,” one may reason out. “I provide her with all of her needs, don’t I?”

Sure. But the question is, are you able to provide for what she wants? Like spending time with her and the kids, listening to her story of how her day went and… things that money cannot buy? You may be surprised to know that while you’re able to make your spouse happy by meeting all of her needs, you may not be giving her the things that she truly wants.

You may have acquired more money, but maybe at a greater price – at the price of your marriage. In that case, if the price was your marriage, your money gets devaluated.

Many wealthy business people look at themselves in the mirror after so many years of neglecting their spouse and kids, and ask the saddest of questions: “What’s the meaning to all of these?” He or she is actually saying, “Where is the value of the price I’ve paid for?”

What price are you paying to increase the value of your money or paycheck? What is costing your success?

There are many things of value that money cannot buy. Most of these, if not all, concern the soul.

Money is just an idea. Make that idea work for you in the right way.