Posted by: Chuck | June 16, 2013

Understand the nature of money


English: ceramic piggy bank

English: ceramic piggy bank (Photo credit: Wikipedia)

Hello folks, Happy Father’s Day to you Dads and to the rest of my friends have a good day and enjoy you’re time with your family.  It is nearly impossible to buy anything of high value if you do not have any savings. Adequate savings can help you buy a nice, decent house, a car, pay for your children’s quality education or allow you to invest in a business. While it’s true that money cannot buy happiness, it can certainly buy things that will improve the quality of life of your family. It also allows you to indulge in occasional simple pleasures that promote family bonding. It can also do wonders for your marriage. Many couples quarrel and even break-up over money matters. With a healthy level of savings there would be one less important thing to argue about. It is alright to aspire and work hard to become wealthy so you can give your family a good, but not extravagant, life. It is not greed; it’s TLC (tender loving care) …

As many of you already know money does not grow on trees. You have to work to have some. No work, no money. As long as it works, use it. I remember my first television was a black-and-white TV. Invest in things that matter. Shoes, for instance, you can get two to three pairs of cheap shoes for the price of one pair of good quality leather shoes, but in the long run, you will spend more when you get the cheap ones. They don’t last long and you’ll have to buy a new pair again in just a few months. This has taught me to think twice when buying anything – will I get my money’s worth? Will it last long? Will my investment pay off? Save as you go along in life and live within your means. My dad has been known to be for being a tight wad but he just makes sure he doesn’t use up all his paycheck. He has built up an emergency fund long before finance experts have thought of the term. Living within one’s means made it possible. Teach your kids how to handle money, not just by telling them, but by living responsibly yourself. Actions speak louder than words. When it comes to growing money, patience is a virtue a lot of Filipinos doesn’t have. They want to get rich as quickly as possible; that is why many fall victim to investment scams. They are easily attracted to get-rich-quick schemes that promise unbelievably high “guaranteed” profits without having to work for it. Many can’t wait for their money to grow to the level that they desire so they give up on saving and instead choose to try their luck on gambling. Building wealth is a slow process that requires systematic & consistent saving over many years. It’s not some kind of magic bean that can grow to great heights overnight. Be patient and be persistent in saving; do not focus on how slow your money is growing. Instead look at how near you’re getting to your financial goals with every peso you save. The many obstacles to saving look very formidable but these can be overcome. Having the right attitude, discipline and strong determination, supported by an adequate level of financial literacy, will break down these barriers so you can be well on your way towards financial freedom.

The important thing is to understand the nature of money and take the right steps to make it work for you. Recognize true wealth. People can not be measured by their net worth. Money does not make you financially free; only you can make yourself financially free.

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Responses

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