what is money why is it so important and yet many still battle with it every day the money trap money is an important part of human existence and man has been trying to make more of it since time immemorial you all will agree with me that the role of money in our lives shares a semblance with the role of food to the body very important right we can’t do without money just as we can’t live without food you need money to take care of your basic needs and in the words of oscar wilde a life without money is like a sunless garden when the flowers are dead sadly many people are not rational and logical when it comes to handling money they constantly fight a series of financial battles on many fronts living from paycheck to paycheck many buy cars houses and things they can’t really afford you can have your whole life going smoothly for you with a good job a nice apartment and a fancy car and still not have money why is that if you end everything you make you’re a fool this is because even with all these things that make life better you are very bad with your financial decisions Americans now have the highest credit card debt in history translation you didn’t learn anything it’s very easy to develop unhealthy financial habits that turn into a gigantic money trap, in the long run, many people constantly pay for things they don’t need they entrap themselves financially by purchasing things they cannot afford to pay for they spend money on a bigger house when there’s no need for it a bigger home will attract more taxes utilities and maintenance another money trap that I think many people are guilty of is paying off debts with their savings most times it’s extremely hard to pay back the money spent on debts because the urgency to payback goes away and once you dip your hands into your savings you may be tempted to keep touching it and settling debts with it until you practically have nothing left as savings this habit will keep you in debt forever a survey carried out by the cfpb revealed that about one-third of people aged to 30-49 had more credit card debt than savings many people spend more money than they make this is a huge money trap you shouldn’t fall into one Woodward said and I quote you can have a master’s degree in making money but you will still wind up broke if you have a Ph.D. in spending it school teaches you to work for money but doesn’t teach you how to make money work for you the educational system has failed you in that respect but are you going to fail yourself it’s never too late to start making wise and more informed financial decisions a Earlear study conducted by Ariely and Chrysler discovered that people have an easier time spending on credit cards as opposed to spending cash the main psychological effect of credit cards is that they separate the pleasure of buying from the pain of paying if you want to be in control of your spending you need to stop using credit cards let me ask you a quick question when was the last time you purchased something using cash debit and credit cards lead to the development of unhealthy money habits with cash it’s very easy to tell if you can afford to pay for something or not
try putting your cards away for say three weeks and use cash only see if you cut down on impulsive buying in conclusion money is the lifeblood of our lives and our lives will be somewhat meaningless without it the more money you have the more financially secure you feel in the words of Andrew Jackson live within your means never be in debt and by husbanding your money you can always lay it out well thank you for your time and attention.
On Earning: “Never depend on a single income.
Make investment to create a second source”,
On Spending: “If you purchase belongings you don’t need, soon you’ll need to sell belongings you need”.
On Savings: “Do not save what’s left after
spending, but spend what is left after saving”.
On Taking Risk: “Never test the depth of
the river with both feet”.
On Investment: “Do not put all eggs
in one basket
On Expectations: “Honesty is very
expensive gift. Do not expect it from