Chief Change Officer: Episode #229 Summary

Episode Title: Michael Sakraida: Change Your Money Mindset, Change Your Life – Part One
Release Date: March 13, 2025
Host: Vince Chan
Guest: Michael Se
Book Discussed: Money, Balance, and Joy

In this enlightening episode of Chief Change Officer, host Vince Chan engages in a transformative conversation with Michael Se, a renowned money philosopher and author of Money, Balance, and Joy. The discussion delves deep into the intricate relationship between money and happiness, offering listeners actionable insights on achieving holistic financial well-being.

1. Michael Se’s Personal and Professional Journey

Michael opens up about his path to becoming a leading figure in financial philosophy, highlighting three pivotal stages:

• Developmental Years:
  Michael reflects on his childhood, influenced by successful businessmen grandfathers and a community that valued a balanced life. He emphasizes the importance of mentorship and diverse education, stating,

  “You had to have that balance, you had to have that joy.”
  (03:37)

• Early Career Challenges:
  Choosing a lower-paying job over a lucrative brokerage position, Michael shares his first major success in cold-calling which set the foundation for his belief in the human element of financial services.

• Transition to Consulting:
  Frustrated with corporate resistance, Michael transitioned to consulting, where his ideas on balancing monetary, time, and social wealth were better received. He notes,

  “It's about human nature, it's about people's individual needs.”
  (10:45)

2. The Interplay Between Money, Time, and Social Wealth

Central to Michael’s philosophy is the three-part ecosystem comprising monetary wealth, time wealth, and social wealth. He asserts that true happiness arises when these elements function in harmony.

• Money as a Tool:
  Michael clarifies that money alone doesn't buy happiness but acts as a facilitator for time and social wealth.

  “Money helps us have control. In the absence of money, we need to find other ways to get that control so that we're happier.”
  (16:33)

• Time Wealth:
  By outsourcing mundane tasks, individuals can reclaim time for pursuits that bring joy and fulfillment.

• Social Wealth:
  Engaging in community and meaningful relationships enhances overall happiness, creating a positive feedback loop that can even contribute to financial success.

3. Value Systems in Managing Personal Wealth: The Total Wealth Concept

Michael introduces the Total Wealth Concept, advocating for a shift from a purely financial focus to a more holistic approach.

• Beyond Financial Metrics:
  He challenges conventional financial advisors who prioritize numbers over client relationships.

  “The advisors that I worked well with were the ones that became advisors because they love their clients.”
  (13:40)

• Inspiration from Visionary Leaders:
  Drawing parallels with figures like Steve Jobs and Elon Musk, Michael emphasizes mission-driven wealth management over profit-driven motives.

4. Addressing Unhappiness in the Absence of Wealth

Michael explores the psychological impact of financial instability, exacerbated by factors like inflation and unemployment.

• Emotional Toll of Economic Struggles:
  He highlights how external economic pressures can lead to feelings of inadequacy and loneliness,

  “Most stress, most depression comes with people feeling that they don't have control of what's going on around them.”
  (16:33)

• Empowering Through Control:
  Michael advocates for regaining control by reassessing spending, seeking additional income streams, and fostering resilience in the face of financial challenges.

5. The Three Types of Change in Managing Personal Wealth

Change is a recurring theme in Michael’s approach to financial well-being.

• Zen and the Art of Change:
  The first type emphasizes maintaining a calm, focused mindset to prioritize meaningful changes.

  “Don't waste time trying to change your personality. Work with your personality.”
  (21:24)

• Action-Oriented Transformation:
  Michael stresses the importance of altering actions to eventually influence thoughts and perspectives,

  “You can't change your thoughts very easily without doing that [changing your actions].”
  (21:24)

• Triage in Change Management:
  Drawing analogies from medical triage, he advises prioritizing changes that offer the most significant impact without draining emotional resources.

Key Takeaways and Insights

• Holistic Wealth:
  Emphasizing that true financial well-being encompasses more than just monetary wealth, integrating time and social aspects for a fuller, happier life.

• Human-Centric Financial Planning:
  Advocating for financial strategies that prioritize individual needs and emotional well-being over rigid financial metrics.

• Empowerment Through Control:
  Encouraging listeners to take proactive steps in managing their finances to regain a sense of control and reduce stress.

• Practical Change Management:
  Offering a structured approach to implementing meaningful changes in one’s financial life without overwhelming emotional investment.

Conclusion and Looking Ahead

The episode concludes with Vince Chan previewing the next installment, where Michael Se will further critique Wall Street, financial media, and influencers for neglecting the emotional facets of financial planning. Listeners are encouraged to subscribe and stay tuned for part two, promising more candid and insightful discussions on transforming one’s financial mindset.

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Note: This summary omits advertisements, intros, outros, and non-content sections to focus solely on the substantive discussions between Vince Chan and Michael Se.