I never agree with his believe about money since I know whatever bought with money would only worth as much as the amount of the money and last that long (or short). We would lose it soon as we lose the money, as simple as that. And that goes the same for respect. Happiness in your society can be created when you get respect from people. And you would only get respect when you give it as well. That's how you earn it, not by buying them.
And while my friend keeps spending money to keep himself happy, I would rather save my money and go the hard way, trying to show respect to those who may make my life miserable. It may take a lot to swallow my pride but I'm going for the true happiness that would come along the way.
I don't care if you only respect me when you can get some money out of me because if that's what it takes, respect from you may not be one of the keys to my happiness. You may think it would make people assume you have power to control my life that they would respect you for it, but you would never get it from me for you may be among those who don't determine my happiness as I to yours. I believe I have a path to go through in life. And when I believe the path isn't going to take me to where to go or I may be taking the wrong ride, I would let the bus stop and take another or even take a walk if that would be my option. I'm not planning to do some spending for something that is actually free or worthless and meaningless to my happiness.