I'm attending a short course on Personal Finance for 8 weekends. Though I've read a lot of finance books in the past, there's still so much to learn.
Today, for instance, our lecturer talked about consumer behavior towards money. He asked the class if we won Php10k from a raffle and earned Php10k from work, between the two Php10k, which would be easier to spend. Everyone answered the Php10k raffle prize.
Then he said if someone gave us an expensive ticket for free to a game but all of a sudden it rained hard and might potentially flood, he asked if we would still go to the game or not. Almost everyone said most likely no. Then he changed the scenario - what if we paid for the ticket? Almost everyone said most likely yes.
He pointed out that Php10,000 is Php10,000. The Php10k raffle prize and the Php10k amount we earned from work have the same value and yet we perceived the two Php10k differently. We're more lenient to spend one from the other. In the same way, the free ticket and the purchased ticket have the same value and yet we treat them differently and end up with different decisions.
Funny how I've never really realized this behavior until we answered the hypothetical questions! :)
Anyway, during the session, he also made us watch a very enlightening video entitled "An Interview with God". The video contains a few lines which has reference to money but the overall message is about life. Beautiful words, sadly, the author is unknown.
For those who don't like watching videos because of the buffering, here's the transcript.
I dreamt I had an interview with God.
“So you would like to interview me?” God asked.
“If you have the time,” I said. God smiled.
“My time is eternity… what questions do you have in mind for me?”
“What surprises you most about human kind?”
“That they get bored with childhood, they rush to grow up, and then long to be children again.”
“That they lose their health to make money… and then lose their money to restore their health.”
by thinking anxiously about the future, they forget the present, such
that they live in neither the present nor the future.”
“That they live as if they will never die… and die as though they had never lived.”
God’s hand took mine… and we were silent for a while.
And then I asked, “As a parent, what are some of life’s lessons you want your children to learn?”
“To learn they cannot make anyone love them. All they can do is let themselves be loved.”
“To learn that it is not good to compare themselves to others.”
“To learn to forgive by practicing forgiveness.”
“To learn that it only takes a few seconds to open profound wounds in those they love, and it can take many years to heal them.”
“To learn that a rich person is not who has the most, but is one who needs the least.”
“To learn that there are people who love them dearly, but simply do not yet know how to express or show their feelings.”
“To learn that two people can look at the same thing and see it differently.”
“To learn that it is not enough that they forgive one another, but they must also forgive themselves.”
“Thank you for your time,” I said humbly. “Is there anything else you’d like your children to know?”God smiled and said…
“Just know that I am here. Always.”
Just in case you want to watch the video, here you go: