Is money a problem to be solved?

Interesting things happen when you put different aphorisms next to each other.

Here are three in a row:

Good things take time. Time is money. Money makes the world go round.

Infer what you will, but by the end of this one, the title question should be answered.

Today:

• If money is your goal, read this

• What even is money?

• This gift from my YouTube algo will save us both time

If you make it to the end, I have an ask that will only take a minute of your time. A penny for my thoughts, if you will. Let us play.

STORY

It’s all about the money

Photo by Jason Pofahl on Unsplash

I’d never looked up the lyrics to Abba’s timeless 70’s hit, “Money, Money, Money” until today. It's one of those that you hear as a kid and then just shows up through life. There's some financial advice in there if you look for it, but for now, I’ll draw your attention to this part of the chorus:

All the things I could do
If I had a little money
It's a rich man's world
It's a rich man's world

Many people have a money goal. This is because having a big number alone as a goal allows you to not need to think about the details. After all, you can throw money at most problems to solve them, right?

Wrong.

In last week’s piece discussing goals I said:

True financial success lies not in amassing more money than you know what to do with, but in using money to amplify purpose and joy in the life you have.

For many of us, money is a goal. And rightly so, because we live in a capitalist world and capital is at its core. The most common form of capital we know is money.

Money makes the world go round. It’s the rule of the game you find yourself in when you’re born and must play whether you like it or not. It’s a rich man’s world.

I dare say when thinking about investments and life in general, having a money goal is an okay start, but it’s basic. And what’s the point of getting it if you don’t understand it. Get it?

It's one thing to have a goal like something to acquire - a car, a house, a horse even. But you’re going to have to learn about those things, otherwise you’re in for a series of surprises in what your goal will eventually cost you. Like maintenance as an example.

Approaching your goals with the mind of an investor will grant you the opportunity to live a more interesting and meaningful life.

—Investing for life, pt. 4

So if money is among your goals, learn more about it and see what changes. Otherwise, you may be busy building “…a decent portfolio of diversified assets…”, but setting yourself up for failure.

You may be diligent and set aside the cash every month, and budget, and make sacrifices to get to that magic number…and how anticlimactic it will be when you get there and not know what to do with it.

So, is money in itself a goal?

---

EXPLAINER

Let’s talk about cents, baby!

Step two of six in this list about clarity around goals reads:

Estimate the financial resources needed (see how clear you are on this)

In short, how much money will I need to pursue/ achieve this goal? Let’s make it clearer with a definition that we will build on later.

Most of us kinda know what money is. After all, we use it every day. We even write timeless songs about not having it.

The word money derives from the Latin word moneta with the meaning "coin" via French monnaie.

💡Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. -Wikipedia

Money in coin form possessed intrinsic value as a commodity. Hence different metals were used as coins because their value could be agreed upon and coins played the part well. Presently, we use electronic and paper money. It is highly likely that we will see the end of paper money in the next decade as we continue to innovate.

With more innovation, we use increasingly complex terms in relation to money. Understanding what money is, is the only way you can maintain a level of control over your future. Money is everywhere and it does run the world. Making sense of it is not a waste of time.

---

CURIOUS

It’s about time

We’ve talked money. But we all know the one that goes, ‘Time is money’. So let’s talk time.

I opened last week’s Story saying:

A goal is something you aim at. An intention. A desired state.

A goal is a problem to be solved.

I came across an insightful video last week. Sharing is caring. I believe you will find some valuable perspective in it even if all the ideas are familiar.

If you don’t have much time right now, here are some spoilers from just the first 5 minutes:

1. The average person will live 30,000 days. If you’re 30 years old, you have spent 11,000 non-refundable days.

2. New experiences get your brain to pay attention, making time expand. We often overestimate what we can do in a day but underestimate what we can do in a year.

3. Knowing what NOT to do is more valuable than knowing what to do. Small daily investments in the right priorities multiply over time.

4. Giving time makes you feel that you have more of it.

5. Every new skill you gain is like a lottery ticket for future opportunities. Money follows knowledge.

As far as goals go, I think these alone are worth a thoughtful pause.

Here’s what I’ll say:

Money can’t buy you time, but knowledge can.

Enjoy investing some time watching this & let me know which idea struck a chord or blew your mind.🤯

The rich invest in time, the poor invest in money.

–Warren Buffet

Time to say goodbye

I'm big on learning and it is a major motivator behind this newsletter.

Every time I write for you, I write to teach, but also to learn.

If you learned anything new in this one, I ask that you share the newsletter with someone else who might.

In the end, our greatest teacher, Time, will be the one to tell us which problems were worth solving when it eventually runs out. Life is time. Time is our most valued possession.

Solve for time and you will solve for money. Solve for time by learning. Good things take time.

AG

👉 If you enjoyed this edition of Unstructured Notes, click the ❤️ button so more people can discover it & feel free to share it with friends!