Money and Its Value: A Personal Perspective
The total amount was only around one hundred and twenty Baht. I decided to use them to buy some fruit and sticky rice for breakfast. As I handed over those coins to the vendor, it dawned on me: what was this money truly worth? Let’s imagine those coins were kept in that drawer for seven years. The real value of those coins then, relatively speaking, was perhaps more than their value today, on May 16th, 2025. Money keeps changing its value, like a river that never stays still.
Of course, this realization might have prompted or even forced people to "do something with the money that you have." If you just keep it lying around, it will be worth less and less as time goes by. I occasionally read in the news about some old folks who used to hide their money in terracotta jars or bury it underground. When those old banknotes or coins are dug up years later, they are worth so much less — not to mention the risk of them getting damaged or lost. That’s not all; the value of money is not merely about numbers on a bill or a coin. It’s about what you can do with it.
This prompts me to reflect on the real meaning of money. Is money a unit of trust? Some argue for this idea, while others argue against it. I somehow think it is. My conviction is that money represents collective trust. We trust that a 20 Baht note will be accepted by a vendor, or a banknote of 1,000 Baht can buy you certain goods or services. Without this mutual trust, money would be meaningless. I like the idea of seeing money as a promise written on paper, backed by belief.
As we know, money didn’t always exist in the form of coins and banknotes. Wisdom from the past hints that in ancient times, people bartered goods — rice for fish, cloth for clay pots. Gradually, societies moved towards using objects like shells, beads, and eventually minted coins. Fundamentally, I would argue that money has always been a social construct. Its value is not inherent in the paper or metal itself but in the agreement of its worth.
I notice that nowadays, we rarely touch coins and paper money. Digital wallets and QR code payments have taken over. In Thailand, for example, you can hardly find young people carrying cash. Everything’s on their phones. The news has it that mobile payments and e-money transactions are increasing exponentially. Nevertheless, it is my long-held belief that (though I could be wrong) physical money still carries a sense of tangibility and nostalgia. Those were the days when everything was simple, but now things have changed.
Some people argue for the complete digitization of money, claiming it’s safer and more efficient. Some argue against it, worrying about privacy, cyber theft, and over-dependence on technology. I’m not an expert, but I have read somewhere that too much reliance on digital money could make us vulnerable to system crashes and cyberattacks. In my opinion, a balanced coexistence between cash and digital money might be wiser.
Make no mistake, money influences almost every aspect of our lives. It determines what we eat, where we live, how we commute, and even how we perceive our happiness. It has perplexed me how people attach so much of their self-worth to money. People say that you are what you earn. I must admit that, at times, I have judged others based on their financial status, only to realize later how shallow that is.
What we all know and agree upon is that while money can’t buy happiness directly, it does buy comfort, security, and access to opportunities. That’s not all — it also buys time, in a sense. When you have enough money, you can afford to slow down, to travel, to reflect, and to take better care of yourself and your loved ones. I guess it is why so many people chase after it relentlessly.
Experts say that the value of money is also psychological. The same amount of money feels different depending on the situation. A hundred Baht when you’re broke feels like a treasure, while a thousand Baht when you’re wealthy feels like loose change. I somehow think it is our perception, not the currency, that defines value.
First of all, we should acknowledge that money is a means, not an end. And then ultimately, it’s about what you do with it that counts. I like the idea of using money as a tool for meaningful experiences rather than mere possessions. Some argue that it’s better to spend on experiences than on material things, and I find myself leaning towards this belief.
Let’s be a bit more scientific. Economists often talk about inflation — how the purchasing power of money decreases over time. The 100 Baht you have today won’t buy the same amount of goods ten years from now. That’s why people are encouraged to invest or save wisely. It is well known that simply hoarding money is not a good idea.
You may wish to picture this scenario: a man finds a bundle of old banknotes left untouched for decades. He thinks he has found a fortune, only to discover that the notes have either been demonetized or are worth far less now. Like it or not, the world moves on, and so does the value of money.
I could be wrong, but I believe that our obsession with accumulating wealth has made us forget the original purpose of money — to facilitate exchange and improve our quality of life. Some argue for accumulating assets and investments, while others argue for living simply and spending mindfully. I am not sure which path is wiser, but I admire those who find contentment in little things.
As Thailand and many countries face economic uncertainties due to global trade issues, including the effects of tariffs, a return to fundamental principles may be beneficial. The late King Bhumibol Adulyadej, also known as King Rama IX the Great, introduced the "Sufficiency Economy" philosophy. This approach emphasizes moderation, reasonableness, and self-immunity to cope with rapid changes. It is not about avoiding all development but about proceeding in stages, ensuring a secure foundation before expanding. The philosophy stresses balancing economic advancement with safeguarding against external shocks. News reports indicate that economists are formulating various scenarios, the naked truth is that tariffs will settle at a higher level than they were before and the damage to the economy has already begun.
The Sufficiency Economy encourages individuals, families, and communities to live within their means, promoting sustainable practices over excessive consumption. This approach aligns with a balanced perspective in today's world, where economic volatility and trade disputes impact global markets.
Perhaps an overemphasis on economic growth isn't the wisest strategy. While money is essential, it also possesses the capacity to bring negative consequences. It's particularly striking how this inanimate object can stir such a powerful range of human emotions—from the initial joy and perceived security it might offer, to darker feelings like greed, anxiety, jealousy, and even guilt. It feels increasingly evident that our individual relationship with money often serves as a deep reflection of our relationship with ourselves.
I like to entertain you with the idea that money can also be seen as a measure of time. Every Baht you earn represents minutes or hours of your life exchanged for it. If you value your time, you will naturally think twice about how you spend your money.
It has perplexed me why some people, even with sufficient wealth, continue to chase after more. I am sure you would agree with me that the fear of not having enough is deeply ingrained in human nature. Nevertheless, it is my belief that recognizing ‘enough’ is the key to financial wisdom.
Having said that, I realize how difficult it is to detach from material desires in a consumer-driven society. Advertising and social media constantly remind us of what we lack rather than what we have. I notice this tendency in myself too.
As a matter of fact, money will always be a topic of fascination, debate, and concern. No one knows everything, but I would like to humbly share my belief that while money is important, it should serve us, not the other way around.
The past is the past. Those were the good old days for some, but for others, they were struggles. Like it or not, the meaning and value of money will keep evolving. Globally, new forms of money like cryptocurrency and digital assets are challenging traditional monetary systems.
Let me introduce you to the notion of ‘financial mindfulness’ — being aware of your financial habits and emotions, making conscious decisions about spending and saving, and valuing experiences and relationships over mere possessions.
However challenging, I determine to make it clear that money, while essential, should never define your worth or dictate your happiness. In my personal belief, true wealth lies in wisdom, health, meaningful relationships, and peace of mind.
I guess it is why, even after all these reflections, I still keep a small jar of coins by my window. Not because of their monetary value, but as a reminder of the simple joys in life and the lessons hidden in small, forgotten treasures.
Janpha Thadphoothon is an assistant professor of ELT at the International College, Dhurakij Pundit University in Bangkok, Thailand. Janpha Thadphoothon also holds a certificate of Generative AI with Large Language Models issued by DeepLearning.AI.
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