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Money: the financial value of life
Money is not about just making numbers line up; they expose real dilemmas in our lives. A better understanding of the dilemmas with appropriate solutions will determine the financial life we want. The value of money is the expenditure you place on important things and not the actual physical paper or plastic.
Assuming money is a force of energy that we drive towards the important things we want, freedom, generosity, and comfort or caring for others. It is necessary you know what is important to you by knowing your own financial values will cause the need to organize your money around them. Let’s say you value freedom, it is important to not feel tied to job or jobs that drain your energy. It is necessary to ensure your committed expenses are as low as possible. Any increase in overheads will decrease the freedom on income-generating work, and be sure to make the most important values in your life”, the foundation of your financial plan. This will make it easy to organize other choices around your values.
You need to know your own truth. Trying to live someone else’s expectations of what your financial life should be will place you in difficult position. Often people who try to keep up with others who have more money or different priorities end up in a dangerous financial territory. Everyone is financially unique even if placed on the same income; some may value travel whereas others save towards the future. Avoid being distracted by what others do, knowing the truth about what is important to you and what you can or cannot afford is the first step to setting up a good boundaries.
Money management is not fun, since a lot of places in our lives are filled with passion and excitement. Mistake is inevitable when a purpose of a thing is not known. Do not allow your feeling to control your finances, should it be over confidence that causes us to risk too much or anxiety. Know that a well set up routine that’s short and simple will do the trick, maybe 10 to 15 minutes a week.
I believe everyone’s responsibility is to ensure they do better financially than their parents. Although not a poor lesson but rather different life paths, yet it is easy for people struggling financially to assume their parents could have provided better examples or teach them better skills or habits. They may have provided lessons on salary management, yet you chose the path of entrepreneurship. Financial freedom begins the very moment you acknowledge your identity and ready to take responsibility of your own actions by breaking free from your parents’ examples or need for their approval. Simply know your own values, your own truth and to be clear about your need to build the financial life you want.
Your financial freedom is only a step away, depending on where you live in the world being it Ghana, Europe or Asia, there are financial instruments available to assist your course. The UK has a private pension pot and the US has a 401K. There’s a great saying, “the best time to plant a tree is 20 years ago. The second best time is today.” The past does not matter. The time to start is always now. Consult your financial advisor for further guidance.
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By Antwi Odrey