Proper Money Management Skills

avatar

photo-1579621970795-87facc2f976d.jpeg
Image source - Unsplash

Different people see money from different perspectives. Some people see money as the cause of all evil, while some people see money as something that can help you do almost anything. Frankly, in the 21st century, I'll say that the importance of money is undisputable. Perhaps long time ago, when the world was less populated, when there were farmlands and forests everywhere, money may not be so useful, as people back then basically fed themselves and their families from their farm produce.

But right now, when civilization has taken over. And mega cities are everywhere. There are no farms in mega cities for you and your family. You probably live on the 7th floor of a sky scrapper. Now every single thing you need, you tend to buy, with money, physical or digital money. If you can't pay the price for goods and services now, you're in a really bad situation.

As a result, the importance of having excellent money management skills, has come top on the list of skills to be acquired. If you're reckless with money, your situation is pretty much very ugly, because you really need to master the skills of managing money. Some people would say that if a man can't manage money, it doesn't matter how much he makes, he'll still end up broke. And you see that with gamblers, one day they come upon some huge luck, and make tons of money. The next day, they've lavishly used it all, and are back to square one.

photo-1567427017947-545c5f8d16ad.jpeg
Image source - Unsplash

Your ability to manage money simply has to do with your ability to discipline yourself to hold money, save money, invest money wisely and spend money wisely as well. Some people can't go out and hold money in their wallets, once they see something they like they're helpless, they'll spend the last dime on themselves acquiring that thing, and it's most likely not an asset. You need to be able to control yourself to hold money, without rushing to spend it.

Investing money is not quite an easy part of money management. If you're not so good at investing, kindly go meet money managers, reliable people, who have offices and have been managing other people's money. Make sure to investigate them properly. No man can go far in life without learning how to manage money and invest it. You must also make sure you write down clearly what you want to do with money you're expecting or you have. If you don't take out time to properly plan how you use your money. You'll sooner or later spend it on something completely unplanned for.

Don't take it lightly. You need to properly plan how you use money. Make a list of things you want to buy. When the money comes in, start crossing the items one after the other. Do what you must do. When you've cleared your immediate and pressing needs, then you start saving and investing properly your extra income. Like I mentioned earlier, if you don't know how to manage money, it doesn't matter how much you make. You'll useless it all. Another person who probably makes less money will be moving ahead than you. It's a must have skill in today's world, as we have it.

Thanks for reading!

image.png image.png



0
0
0.000
3 comments
avatar

Money as a form of exchange has become more and more important, displacing traditional barter, although it is still a form of it, only in the form of coins, banknotes or virtual transactions. Undoubtedly, being able to manage and administer it is important because it means being able to maintain stability in the future, but this is not new and it is something that has been traditional, what has changed is the currency of exchange. @tipu curate 2

0
0
0.000
avatar

Well people do see it as evil, I believe it's the intentions of man that determines if money will be evil or not. Earning good money from honest sales or a good job isn't evil. Nice piece

0
0
0.000