There have been a lot of controversial understanding regarding the use and management of wealth. For me, money/wealth is meaningless when there is no direct or indirect plan on how to manage or use it. One of the core killers of wealth is impulse buying. How about impulse buying a 2.5 billion mansion just because you love the yard or bath tub! Goodness!
Why don’t you remake your own yard to suite your taste or better still change the bath tub in your compact house. You don’t need to buy the entire mansion when you can remake your yard or change to a new bathtub. I have heard people say they loved a certain wrist watch because of the big round face. There are thousands of wrist watches with a big round face, why do you need to add a $20,000 dollar wrist watch to your already existing 30 wrist watch collections. All wrist watches tell the same purpose which is time, none will tell you a different time than what it is at the moment except you tuned it that way yourself. So why have 30 when you can have just 1. That is because there are no set plans for your finances, and most of it go on impulse buying.
However, impulse buying ruins finances. For some people, it is a habit even when they are out of cash, they got to borrow to satisfy that desire. It is nice to have couple of cash in your wallet and a huge amount stacked up in the bank. Now the question is for what purpose? To impulse buy? To intimidate? Or to help the bank remain in business? Money/wealth got to be used properly, there got to be a plan, a purpose for it. Purposes like saving for a rainy day, building up kids’ education fund or saving for a world trip all are purposes and plans that can be achieved.
It is not how much that matters, what matters is how quick you destroy them. Some are principled when it comes to spending habits while some are not. Why do people file for bankruptcy? Is not because they do not have a dime anymore, they still have wealth except that this time it has been misplaced, mismanaged, and unaccounted for. So when they look back, there is nothing left to ponder on. All the money, the lottery win, all gone!! They are actually broke for real!
There is a saying that goes “you never know the value of money if you have never worked” it is easy to spend money given to you by someone else, but the moment you begin to make money in a genuinely money making way, then you will begin to understand the principles of money management, that burden begins to weigh on your shoulders. It is hard to make but easy to spend. Huh lol
Wealth is when you have more than enough money you need to live normal basic life, when that happens, certain things should be put in place like;
- Start by clearing all your debts- All the debts you accumulated before you became rich.
- Think of ways to help or reach out to those you had always wished you could help or better their lives if you had enough resources. Now you have it, do it and put a smile on someone’s face.
- Start thinking of an investment plan; do not stack it all up in the bank and wait for it to yield interest, whether your money is there or not, the bank will still be in business so think of ways of helping yourself first before the bank. Worst case scenarios for banks in the absence of funds will consolidate with other stronger banks and guess what? They may be consolidating with your money. So why not invest your wealth into something you will enjoy associating yourself with. Something you can commit time and energy to see it grow and possibly make you richer.
- Not for profit organisation is a good way to spend your money .For example you set you a foundation that takes care of pregnant women that are sick. At least you are putting a smile on the faces of people. The world would be a better place with such diversion of wealth to the service of humanity.
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