Podcast Summary: How to Money | Episode #959: Make More Money, Do More Good w/ Derrick Kinney

Released: March 19, 2025
Hosts: Joel and Matt (iHeartPodcasts)
Guest: Derek Kinney, Author of Good Money Revolution

Introduction to Derek Kinney and His Philosophy (02:13 - 05:03)

Joel and Matt welcome Derek Kinney, who introduces his core philosophy: money itself is neutral, but how we use it determines its impact on the world. Derek emphasizes that his best-selling book, Good Money Revolution, revolves around this idea—encouraging individuals to align their financial actions with personal values to foster positive societal change.

Notable Quote:
Derek Kinney (02:13):
"Money isn't inherently a good or bad thing. It's what you do with it that makes the world better or worse."

Challenging Cultural Perceptions of Wealth (05:03 - 07:14)

Derek addresses the prevalent negative stereotypes surrounding wealthy individuals, often viewed as greedy or unethical. Drawing from his experience building a top financial planning company, he observed that success is frequently met with suspicion. He challenges the notion by advocating for reframing wealth acquisition—encouraging people to add value to others' lives and use their earnings for good deeds.

Notable Quote:
Derek Kinney (05:03):
"Don't say to yourself, I don't want to make money because I don't want to be viewed as that evil, vile, greedy person. Instead, make a lot of money by adding a lot of value to people's lives and use that money for good."

Avoiding the "Hamster Wheel" of Money Pursuit (07:14 - 10:11)

Matt raises a concern about becoming overly fixated on earning money, leading to burnout and regrets. Derek concurs, sharing his personal journey where initially chasing wealth led to strained relationships and personal sacrifices. However, tying his financial goals to a meaningful cause transformed his approach, making the pursuit of money a source of motivation and fulfillment rather than exhaustion.

Notable Quote:
Derek Kinney (07:51):
"When you tie a cause to your cash and profits, it gives your money a real purpose and makes the pursuit of wealth enjoyable and meaningful."

The Power of Generosity and Its Impact on Happiness (16:25 - 21:33)

Derek delves into the psychological benefits of giving, referencing a Harvard study by Dr. Michael Norton. The study demonstrated that individuals who gave away money experienced longer-lasting happiness compared to those who spent it on themselves. Derek advocates for anonymous giving to maximize joy and impact, emphasizing that generosity fuels both personal happiness and further financial ambition.

Notable Quotes:
Derek Kinney (17:06):
"When you give and do something for someone else, it gives you a lasting elevated level of happiness."

Matt (21:33):
"Is there a diminishing return to the happiness that you receive by giving away more money?"

Derek Kinney (21:33):
"Whatever motivates you is what to tie into. Let your cause be the fuel that motivates you to make more money to do more good."

Balancing Saving, Investing, and Giving (29:31 - 36:32)

The conversation shifts to practical strategies for balancing personal financial goals with generosity. Derek emphasizes prioritizing giving by treating it like a bill—deducting a set percentage from earnings before allocating funds elsewhere. He introduces the concept of the "financial freedom focus group," encouraging individuals to leverage their natural skills and networks to launch side hustles that align with their income goals, thereby enabling more generous giving.

Notable Quote:
Derek Kinney (29:31):
"If you have a cause you want to support, make giving a priority by treating it like a bill at the top of your budget."

Transforming Mindset to Unlock Financial Potential (40:16 - 51:44)

Derek shares impactful stories illustrating how deep-seated money beliefs can hinder financial success. He recounts helping a client overcome childhood misconceptions about money, leading to significant career advancements and increased financial investments. Derek advocates for mindset shifts, such as visualizing success and setting clear, meaningful financial goals, to empower individuals to break free from limiting beliefs and achieve their financial aspirations.

Notable Quote:
Derek Kinney (51:44):
"Write your ideal year as though it's already happened. This helps your subconscious mind recognize your goals as attainable and motivates you to achieve them."

Increasing Income to Enhance Generosity (41:23 - 57:40)

Addressing listeners concerned about earning potential, Derek provides actionable steps to increase income without compromising personal values. He advises setting clear income goals, leveraging existing skills for side hustles, and positioning oneself as a problem solver within their current job to justify raises or promotions. Derek underscores that increasing income facilitates greater generosity, creating a positive feedback loop where financial success enables more impactful giving.

Notable Quote:
Derek Kinney (32:25):
"To make more money, you have to think differently and focus on solving unique problems that add value to your organization or community."

Practical Tips for Implementing Generosity (55:14 - 57:40)

In the final segments, Joel and Matt discuss practical applications of Derek’s advice. They highlight the importance of pre-committing to giving, similar to scheduling a race, to ensure generosity remains a priority. Derek reinforces this by suggesting that giving a percentage of income rather than fixed amounts allows generosity to scale with earnings, maintaining both consistency and growth in philanthropic efforts.

Notable Quote:
Joel (55:14):
"Treat giving like signing up for a race. Once you've committed, it stays on your mind and motivates you to follow through."

Conclusion and Final Thoughts (57:40 - 60:33)

Joel and Matt wrap up the episode by reiterating that earning more money and being generous are not mutually exclusive. They emphasize that generosity can drive financial success, creating a harmonious balance between personal wealth and societal good. Derek encourages listeners to adopt a generous mindset and integrate financial goals with meaningful causes to lead a fulfilling and impactful life.

Final Notable Quote:
Matt (55:55):
"Making more money and giving more away can intertwine beautifully, pushing you in a positive direction where both your financial and philanthropic goals reinforce each other."

Resources Mentioned

• Derek Kinney’s Book: Good Money Revolution
• Website: anyonecanbecomeamillionaire.com
• Free Downloadable: gettheriseyouwant.com
• Instagram: @derektkenney

Note:
Throughout the episode, various advertisements and promotional segments were presented (e.g., Navy Federal Credit Union, Colgate Palmolive, Fidelity, Oracle). These sections are omitted from this summary to focus solely on the core content and discussions.