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There is no confusion as we live in a commercialized society where everything comes with a price. Therefore, money management is a crucial skill in the modern world. But unfortunately no one is taught in school about financial management and the monetary challenges ahead. Everyone must learn to develop their philosophy regarding money and resources. Money has long been a taboo subject in the social circle. It is considered rude to discuss your income. But you have to be encouraged from an early age to talk openly about money and the obstacles of not having enough.
Happiness and money: Money essentially brings happiness. There is practically nothing that money cannot buy. Those who know how to invest and how to save effectively can reap the rewards. You want to spend two vacations a year to your favorite destinations, but the lack of money management skills will not allow you to do so. People with low incomes are often diagnosed with clinical depression. Start seeing money as a tool to create happiness.
- Invest in personal happiness; take a long vacation and buy things that make you happy.
- Help less fortunate children by donating to a trustworthy charity.
- Support your loved ones with money to help them get ahead in life so that they can help others too.
Security: Money gives enormous security which enables inner peace. Those who do not know where their next paycheck will come from suffer from a state of anxiety because they do not have security coverage.
- Create an emergency bank account to deal with unpredictable situations.
- Buy your own house, apartment instead of renting. It will not only be a valuable asset in the future, but also provide a sense of belonging.
- Update insurance such as health insurance, home insurance, and auto insurance.
Create a budget: Most people don’t have a sense of direction in life, so they are barely aware of where they are going. On the other hand, people with clear goals are successful and stand out from the crowd. Set your financial goals in life and act on them. Install budgeting software and apps on budget and to manage your finances.
- Create an annual, monthly and weekly spending budget in advance.
- Design long-term and short-term emergency funds.
- Consult a professional financial advisor to learn more about secure investment plans.
Luxury: Luxury shouldn’t be the preserve of the super-rich and billionaires alone. Proper planning will lead to the luxurious living they desire. You have to think like the rich to be successful. Don’t try to do it all on your own. You can spend five hours making a photo frame to save a few dollars, but you could better use the same time to generate more profit. Some people have a feeling of luxury that is beyond their means. They want to have something they can’t afford, so they go into debt.
- Think like the rich to adopt their mindset.
- Spend money wisely as if you were investing in something of value.
- Cut your coat according to your fabric. Don’t ruin your credit score by going into debt.
Opportunity: Money allows you to live your full potential. You might be a world class painter or artist, but you will never be able to experience these potentials if you don’t have the time, money to invest and buy the products to try painting. So, money is a crucial tool that makes everything possible. One is rich enough if he has the opportunity to pursue everything at any stage of his life without worrying about the safety and security of his livelihood.
There are many good books that one could read at learn more about money management. Every month a new bestseller hits newsstands on money management and self-help. Buy these books to educate yourself. There are also online courses taught by tech gurus and independent contractors. Personal coaches and financial advisors share their valuable information in these online video sessions that would help millions of people manage their finances better. The goal is to live a fully realized life of stability and possibilities.