The formula of fake it till you make it just doesn’t work with finances. If you want to have your money work for you and support you throughout your life, careful money management is a must.I recently stumbled upon some articles highlighting the worrisome way the working young are handling their finances. Believe it or not, folks are skipping meals and other necessities to afford luxuries like buying designer clothing, eating at fancy restaurants and overall to maintain an image of a flashy lifestyle. The formula of fake it till you make it just doesn’t work with finances. This got me thinking – what does money mean to people? When I graduated in the late 90s and started working, money meant financial independence to spend the way you want to but at the same time, I used it judiciously and saved for the rainy day. These days, money seems mostly for buying status symbols – latest gadgets, designers goods, exotic vacations. Money can buy a lot, but is that all it is about? It is a well-known fact that money can motivate us to do amazing things and enable us to innovate and invent. Money can help us reach out to others and be charitable. Though money powers us to do so much, most of us never wonder about what it means or how it impacts our lives. We ran a survey to ask people what money meant to them and got some insightful answers:
Money is Everything, Power, Better Future, Respect, Happiness, Security, FreedomTo me personally, money is a tool to achieve independence and secure goals such as taking care of family and providing good education to children. I was always clear that I would lead a lifestyle that I can afford and not lead a lifestyle tailored to peer pressure. For instance, many people buy luxury cars with prohibitive taxes but I stuck to a having a functional car even though I could afford a luxury car. And now the fun part – this approach of planning my spends and priorities allowed me to do much more with money without having to worry about tapping into funds reserved for long term goals:
Build memories: I explored new places, I learnt new things and exposed my children to enriching experiences. My kids went kayaking through a mangrove to see bioluminescent fish! Comforts & Conveniences: I can employ support staff at home, a full time nurse for a sick relative & have access to the best medical facilities – making my life more convenient and giving me time for other pursuits. Make a difference: I could touch someone’s life in a meaningful way. My maid was widowed at 19 and I could partially pay for her daughter’s MBA, which helped their family lead a better life.I see most people around me being short-sighted with money and spending on instant gratification without a thought to the future. Few seem to be caring about this source which can provide a comfortable life in the later years and ensuring it sustains. Money has just one simple demand: “Save me today and I will take care of you tomorrow.” If you want to have your money work for you and support you throughout your life, proper money management is a must. That’s just what Finsafe is here to help you with, by educating you on handling your finances effectively to meet your individual goals. In the next blog, we will share some ways to take care of your money to help you realise your dreams.