Moment 75 - What You Think You Know About Money Is Wrong: Mo Gowdat

The Diary Of A CEO with Steven Bartlett

FlightStory

Society & Culture, Education, Business

4.5 • 17.9K Ratings

🗓️ 16 September 2022

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

In these ‘Moment’ episodes of my podcast, I’ll be selecting my favourite moments from previous episodes of The Diary Of A CEO. In this moment Mo Gawdat lays out a philosophy for how to admit when you’re wrong, and the right way to go about setting priorities in your life. As Mo powerfully says, ‘50% of what I know is wrong’, and this is true for everyone. Coming to life from this position of humbleness is the only way we can truly get our head straight on what our life is and where it’s taking us. There are things that you need, like food and human interaction, and there are things that you want, like status or expensive possessions. Interrogating the insecurity in our wants and why we really want them is the best way to be at peace with ourselves, and to cut out toxic habits from our life. Because as Mo never tires of pointing out, it’s not how much money we have, but what amount of money we’re happy with, that counts. Listen to the full episode here - https://g2ul0.app.link/4GuqQfBYltb Mo: https://www.solveforhappy.com https://www.instagram.com/mo_gawdat/?hl=en Watch the Episodes On Youtube - https://www.youtube.com/c/TheDiaryOfACEO/videos Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You asked me a question about money.
0:06.1	And then you said, you know, what does money mean to me?
0:09.0	And then when I asked you, you said you think you've come to land that you think money
0:11.9	is one of your illusions.
0:14.0	What did you mean by that?
0:15.6	Money is an illusion at every, every level.
0:19.6	Money doesn't exist.
0:20.6	You and I know that.
0:21.6	Anyone who understands fraction or reserve and how money is printed and generated, money
0:26.5	does not even exist, you walk into a bank and you ask for a £50,000 loan for a car and
0:32.0	they literally write the numbers 50000 in a spreadsheet and, pff, money comes out of nowhere.
0:38.7	That money never existed before you borrowed it.
0:41.4	And will only exist when you work your backside off to pay it back.
0:45.6	And interestingly, that illusion was created to make our lives easier and then it ended
0:52.8	up making our life a lot more difficult.
0:56.2	Now why?
0:58.6	Because most of us are so chasing the revenue side of money without a full understanding
1:04.8	of the cost side of money.
1:07.6	Let me try to explain.
1:09.4	For you to get a job in London that pays you £100,000, just for simplification of the
1:17.7	mathematics, you have to live in London which costs you £70,000.
1:23.9	For example, I don't know London very well.
	...

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