Money matters

Chapter 1:

The concept of Money:

What is Money? People have their perspectives and opinions on this question. The truth is it's just a  printed paper. They may argue that happiness comes from it, which is a common misconception that has prevailed in this world for decades. Many individuals strive and work for it their entire lives, and some succeed while others fail. Before the introduction of printed money, the barter system prevailed. Due to the increase in people's desires, they chose to prefer money because of its sole benefit to them. The ultimate force of desire drives people into making decisions that could turn their lives into a mess. I always remember my uncle's saying, 'The loss of one turns out to be a gain for the other'. Taking this quote into consideration, it is not surprising that most of them fail in making money. In this world, there are billions of professions and works that people do, but all their purposes revolve around one idea, which is Money. It has become essential for meeting basic needs such as Food and Water, and now people have turned more towards fashion stuff, making money indispensable in our daily lives. 

People often fail in making money because they are financially illiterate, and this is the reason for their downfall. There is a simple rule that the rich follow: 'They buy assets and avoid liabilities'. To simply state, Assets are those that put money in your pockets, whereas liabilities take money from your pocket. Without this thumb rule, we cannot escape the rat race. Many people's quest for a better financial dream turns out to be a nightmare when they make certain mistakes, among which a few are listed below:

1) Lack of financial education.

2) People's minds focus on income instead of assets.

3) Fear of taking risks.

4) Excessive spending on liabilities.

5) Many focus on earning money but fail to keep it.

In delving deep into money matters, there are many topics to be covered, which will be posted in upcoming blogs as a series.