The Use of Money

Source: Photo by Katie Harp on Unsplash

“The three rules of money are — having it, using it, and saving it.” ~Frederick Osei-Manu

How wealthy you are depends on three questions. They are as follows:

1.How good are you at having it?

2. How good are you at using money?

3. How good are use at saving money?

Let us begin with question 1. We mostly work, trade, and invest in order to have money. There are those who are fortunate to have inheritance or estates passed on to them and by this wind of blessing they are able to have more of it [money].

Over the years what I have observed and learnt is that there is a level of smartness or street sense to be able to have more money. Though education is good in itself it is not the main thing needed to create wealth. Rather it is financial alacrity that is most needed to have more of money.

To those who detach themselves from the reality of life by saying money is evil. This is my candid advice for them.

To shy away from money is the first indicator for abject poverty.

It is wisdom that will tell you to have money and never allow money to have you. Money therefore, in itself is not evil but it always take on the disposition of ones heart.

The flow of money into your hands, pocket, accounts and businesses depends on the openings you have created for it. The openings is often equated to the multiple streams of income.

Is there enough traffic and demand for what you are engaged in. This is essential in order for you to have more money. If these indicators are not giving you a good signal then you better monitor and evaluate the work you are involved with. Why pour your all into something that will pay you less or little; it simply is not worth your time and energy.

Now to question 2. We all love spending but some are over extravagant when it comes to spending. Some have an insatiable edge and will want to spend. This kind of trait can lead to financial turmoil.

There are those who are frugal with money. Even though they have they are particular as to how much they spend. What therefore differentiates those who are frivolous from the frugal is mind-set. The former is concerned only about today and the latter is concerned about tomorrow and therefore are tactful to whom and where their money goes to.

Lastly question 3. There must be a deliberate effort on your part to save your money. The art of saving money requires a level of discipline on your part. Don’t just throw money at anything that calls for your attention. The best way of saving money is by investing it into a viable portfolio — it could either be a business or mutual fund. Bear in mind that a good business normally gives a greater and better return than mutual funds. Those who are usually risk averse prefer mutual funds to businesses.

By and large, all I have sought to do is to bring to your attention the role money plays in the life of a person. From now onwards be wise in the usage of your money.

This article was first published on Medium.

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