If you don’t learn to manage your own money then somebody will make sure you learn how to make money for him/her. You will remain in that zone where you will trade your physical, intellectual abilities for some monetary rewards till you are replaced by somebody superior in the eyes of your employer. Where is the difference between a cattle and us in this way? Personally, I don’t like the word ‘labourers’. And, the word I despise even more than that is ‘skilled labourers’.
For me, education was not meant to make us skilled labourers but free us from the inhibitions of life. Anyway, that is a topic for another day. Back to my understanding of money.
Now, money management doesn’t mean you don’t work once you attain financial freedom. This means you work on what you care for and not work because you have to.
What is money management though? First thing of that is to know what number you will be comfortable with to realise that you no longer need to work to get paid. That is the first step, decide a number. Once a number is decided, you should be able to figure out the time frame required to reach that as well. Second, is to know how best to get to that number, the fastest way. Third, is to remain content once you reach that number.
IMO, the fastest way is to remain disciplined with your spending habits. Keeping a track of it to try and reduce the unnecessary ones. Any increase of income should be primarily put in savings. Today’s savings is all about investments. The printed papers always need to be in circulation to be of any real use. Gone are the days when you can just dig up a hole and put all your wealth in that in it would still increase in value. The days of gold are gone. The days of bitcoin are still to come in the mainstream. So, any form of investment you are comfortable with can be trusted and utilised to the best of your knowledge. These are the foundations of any kind of money management. Money management is the key to realise financial freedom.
Om Shanti.. 🙏