General

Money is not to be spent

Money is not Intended to be Squandered. There are many individuals who think that money should be used for spending. As a result, their only approach to money is spending it. Consequently, they find themselves trapped in financial difficulties, always under pressure to earn money.

Some people hardly spend money. They save as much as they can, thinking money is meant to be saved. They end up living frugally like Silas Marner and pass away wealthy.]

The ‘money is for spending’ and ‘money is for keeping’ mindset comes from a poverty mentality.

Money should not be squandered or saved without purpose. It is a resource to aid in reaching objectives. Treat it wisely and it will work diligently for you.

Obtaining the proper perspective

It all comes back to the question of why. If the purpose is not known, abuse is inevitable, goes the common saying. It is why that creates the context. I have come to realise the importance of context in deriving meaning. You can twist a sentence to mean anything by playing around with the context. That is why being misquoted is so easy. Take a sentence out of context, and it can mean anything you want it to mean.

It is the same thing with money. If your context is not well defined, your finances become like a rudderless ship, going with the ocean current wherever the wind of circumstances blows. That is the way most people handle money. They do what they see their mates doing, often trying to impress by spending more.

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Since they have no clue why they go to work, how their job fits into their purpose for being on this planet and life goals, they keep spinning the wheels in the rat race.

I believe that we are on this planet for a purpose and our time here is finite. We arrived here empty and naked, and we will return the same way, no matter how well dressed you are in the coffin. I find it funny when I hear people call themselves landlords. We came to meet the land, and we will leave it behind. We are only temporary occupants. We don’t own the land, and we can’t take it with us. I have seen people die, and the new occupant of the land pulls down the existing structure to build a better one.

Change is constant

A few days ago, I came back from a stroll and was looking at the different designs of buildings in the street. I noticed that you could tell the age of a building by its design. The house I live in has some designs around the window. That was the dominant design when I built it. Newer buildings have plain windows. My house is now old school.

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Same thing with cars. Your dream car of today becomes old model 5 years down the line. Same with fashion, phones, electronics, you name it. Everything changes and is being phased out. Many have made it a life purpose to pursue the transient. I know folks who change cars, phones etc. the moment a new model comes out. Some redesign their houses when new home designs come out. There is nothing wrong with that if you are not misappropriating funds to embark on a project – robbing Peter to pay Paul.

Why do we spend money the way we do?

How does it tie into the big picture?

What is our end game?

What is the purpose of your current job?

How do you use your salary as seed capital towards your desired future?

There are a lot of questions we need to ask ourselves and answer candidly.

Improper handling of funds

If your company gave you money for flight tickets, accommodation, course fees and miscellaneous expenses to attend a course in Singapore, would you use that money to buy the latest car? You would not dream of it because you know the purpose of the money, more so when you consider the consequences of misappropriating the money. It could become a career-ending stunt.

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What about the money that passes through your hands?

What do you think is the purpose of the money?

Do you think there are no consequences for misappropriating it?

If you don’t know what the money is for, you will use it for something else. There is a guy a counselled with a few years ago, a returnee from the US. He came back broke and bitter. He had sent money to his brother in Nigeria to help him build a house and start a business but got back to find nothing. He blamed his brother for all his woes. It was a story that touched the heart.

We do that with the funds in our custody also. We spend it on things that are here today, gone tomorrow rather than invest in what will endure. We hardly stop to consider the opportunity cost of what we do with our income during our earning years, especially for employees who plan to retire.

You can save, spend, or invest money. Having a good grasp of your financial situation is essential. Timing is important – spending instead of saving or investing may result in needing to save when you should be spending.

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