Money: Paisa
Money is a medium of Exchange for goods and
services. It is the way we get the things we need and desire. It has a value
which has been assigned to it which is accepted by all. Since everyone cannot
produce all the goods and services they need, money helps them to exchange
these goods and services for a price.
Currency is the accepted form of Money which
may include coins and notes which is issued by a government and circulated
within an economy.
Generally speaking, each country has its own
currency.
Examples of Currency:
India: Rupees
America: US Dollars $
Europe: Euro
UK: GBP
UAE: Dirhams
Japan: YEN
Switzerland: Swiss Francs
Bottom-line, we all Want Money and to have
it we have to work for it within the laws of the country.
What do we do with Money: Satisfy Needs
Money is the medium through which we satisfy
our daily needs of purchasing the things we require for our existence and
growth. We buy food, rent or buy a house, buy the clothes we wear. Money takes
care of our basic needs. When our basic needs are met and if we are left with
more money, it takes care of our higher needs, like buying luxury items, buying
a car, taking holidays, or paying for a good education etc.
How do we Earn
Money: We Work
The
things we work on may differ but we all work to make money. People around the
world do various things to earn money. We take up jobs, many people get into a business,
many people do farming, others may offer services, and some may get in to entertaining
people, while many others may help with the distribution of goods and many
other such activities.
All
goods and services produced are sold to other people who need it in exchange
for money. The basic premise is that we will sell it at a higher price than the
cost price at which we produced it. Thus making us earn extra money.
Professional
Life: Earn Money
After
a certain age we all aspire to earn money. Once we finish with our education
our primary concern is towards earning more and more money. Each individual has
his or her own reasons, personal goals or target for which they want to earn
money. All long as we are healthy and fit we aspire to earn. We can call this
phase of life as the professional life.
What happens
if we do not make enough money: Affects quality of Life
Not
making enough money to meet ones needs may result in low quality of life where
we have to live below are means. Consistently earning low may result in one
being pushed to poverty as prices of goods and services that we need in the
modern world keeps rising all the time. We need to keep working towards our
goal to increase our income of money so as to keep up with the current standard
of life.
Once
we have made enough money to meet all our needs and if we have a surplus or
money we feel secure. The basic objective is to keep earning and keep saving
Savings is the amount you have earned which
has not been spent.
Every individual needs to save money. Saving
money can be for various reasons most important being medical emergencies or
unforeseen expenses. We also save for old age as we may not be physically fit
to earn. We save in case we lose our jobs or if our business goes through a bad
phase. We save for higher education, for marriage etc. Each individual may have
their own reasons for saving. In many such scenarios one can feel secure in
knowing that they have saved and they have money to make ends meet through the
difficult times. Savings
help us maintain our standard of life and give us peace of mind.
How do We Save: Money under the Mattress
We save money by cutting cost or earning
more. We choose to spend wisely. The money saved is either kept with us in our
lockers or under the bed or we keep it in our Bank accounts with our banks.
However: Word of Caution
Savings does not mean that you have more
Money. It is the money you earned but chose not to spend.
How can we have more of money from the money we already have: Making it Work
We
have to start making our money work for us. All your life you work for money,
it is time to let money work for you. Let it help itself grow. It will grow on
its own if it is put in the right place.
We
may think we have more money by Saving and cost cutting but one
cannot keep on cutting cost.
The
only way we can make money grow and RULE it, is by investing.
Over
time, you’ll need to work less and less as your money works more and more, and
eventually, you might be able to stop working altogether.
Saving money and investing it is incredibly
important. It gives you peace of mind, expands your options for decisions that
have a major effect on your quality of life and eventually gives
you the option to retire. Most people who are wealthy got there through a
combination of their own hard work and smart savings and
investment decisions. You can become one of those people, too.
There are various ways of investing, many channels
from stocks, bonds, Fixed Deposits, Real estate purchases, Mutual Funds, Provident Funds, Various Government Schemes to Private equity, Venture
Capital etc. This blog will cover them all as we go along.
The most important thing to remember is that Money
takes time and effort to grow unless you win big in a lottery or a Casino.
You have to have the basic knowledge and understanding of managing
money, thus the Real Way to Rule money is Knowledge and information. We will
try to provide you with the best of both.
Thanks for Reading
Creditwala.Com
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