Episode 1110: Money and Trust (Not the One You Are Thinking of)

[00:00:00] Scott Maderer: Thanks for joining me on episode 1,110 of the inspired stewardship podcast. I'm Doug Norgen

[00:00:08] Doug and Carol: and I'm Carol thinner. And we're the authors of brazing your money savvy family for next generation financial independence. And we challenge you to really focus on becoming money. One way to

[00:00:18] Scott Maderer: be inspired to do that is to listen to this, the inspired stewardship podcast with my friend, Scott.

[00:00:24] we don't manage our money for the future because the only time we can affect the future is in the present. You can't change your future self. You can only change your present self. And instead, what we often do is we think I can misbehave now and I'll clean it up later. My future self will take care of the

[00:00:44] problem.

[00:00:45] Scott Maderer: Welcome and thank you for joining us on the inspired stewardship podcast. If you truly desire to become the person who God wants you to be, then you must learn to use your time, your talent and your treasures for your [00:01:00] true calling in the inspired stewardship podcast. We'll learn to invest in yourself, invest in others and develop your influence so that.

[00:01:10] Can impact the work

[00:01:12] in today's episode about developing your influence through stewarding your treasures. I talk with you about how trust affects money. I share why the value of money is all about trust. And I also talk about why trust affects our abilities to manage our money for the. As we talk about stewarding your treasures.

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[00:01:57] This week, we've been talking [00:02:00] about trust and today I wanted to talk a little bit about trust and how it affects money. The truth is at the end of the day. Trust is the basis for the value of money. Not just because if somebody hands you a dollar bill or a Euro or whatever it is, you have to trust that it's not counterfeit.

[00:02:23] You have to trust that it's real. But if you think about it, the value exchange is based on trust. If you think about a world without money, if you take something of value and you give it to someone else, and perhaps you expect something back, they might give you an IOU or a note that says later this year all deliver something of value to you and you have to trust that person will actually follow through on that IOU.

[00:02:51] When you start doing that and making it much more complex and adding in many more people that at the end of the day, that complication. Is [00:03:00] taken care of by instead all agreeing that we trust that money has a particular value. And when we do that, then we can take that money as an exchange. And then we can use that money later to get the things that we need at a later time.

[00:03:16] Yes, there's lots of things that affect the value of money right now in the United States, we're going through a period of inflation. And so the value of money is going down and it has to do with supply and demand and other issues that are going on. Those sorts of things also affect money. But at the end of the day, the value of money is based on trust.

[00:03:39] If you're in a relationship, the way that you deal with that money is based on trust, based on trusting each other and communicating, sharing values and sharing priorities and going in the same direction. I've talked to couples that they keep their money completely separate because they don't have trust for one another, sometimes [00:04:00] with good reason, but that lack of trust creates challenges for how they deal with their.

[00:04:07] And those challenges have to be overcome if you're by yourself, if you're single, do you trust yourself to do the things that you need to do with money? That's one of the reasons that accountability and coaching helps whether you're married or whether you're single, because you have that external accountability.

[00:04:28] Yeah, trust affects our ability to manage our money for the future, because what we do today in part depends on what we hope and want out of the future. When we lose hope for the future, we stop worrying about managing our money today. And when we don't manage our money today, by definition, we don't manage our money for the future because the only time we can affect the future is in the present.

[00:04:54] You can't change your future self. You can only change your present self. And [00:05:00] instead, what we often do is we think I can misbehave now and I'll clean it up later. My future self will take care of the problem, that trust idea here that we're talking about, isn't a trust like putting your property in trust or putting your money in a trust or the one that people use to deal with what happens to their property after they die.

[00:05:22] Instead, I'm talking about the actual emotion of trust, both for yourself and for others, both for the present and the future. And it's related to our ability to hope as well, because at the end of the day, if you don't have hope, then why bother. And if you don't have trust, then why bother. And that trust extends beyond just the trust for other people and into the trust for ourselves.

[00:05:49] I know a lot of people that don't trust their decision-making when it comes to money, they don't trust what they do because they behaved badly in the past. And they're just convinced [00:06:00] they're going to keep doing that forever. And yet the truth is everyone can change. You can change the actions that you're doing.

[00:06:09] You can change the relationship you have with money. You can change the way you and your spouse or your partner communicate and act around. Change as possible, but change also takes trust because you have to trust that you have the ability to change. It all comes down to whether or not you're willing to be vulnerable and trust yourself and trust others.

[00:06:38] And at the end of the day, that always affects how we deal with our money. Thanks for this.

[00:06:45] Thanks so much for listening to the inspired stewardship podcast, as a subscriber and listener, we challenge you to not just sit back and passively listen, but act on what you've heard and find a [00:07:00] way to live your calling. If you like this episode on the stewardship of treasury. You can sign up for our treasures tips by going to inspired stewardship.com/treasures or text in the U S 4 4 2 2 2 treasures tips.

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