What does money means to you?

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Money means different things to different people. At different stages of our life, we also view money differently.

My Early Years:
When I was growing up, my Dad was in a well-paid job and money was meant for spending. I remember my dad bringing the family out for expensive meals every weekend, and my brother and I would get new toys every week. I even had the whole range of Barbie dolls with the house, the car and the full works. Back in secondary school, my dad would shower me with new school bags, watches and gadgets all the time, and I received more than $50 a week for allowance, which was a lot back then. At that point of time, money was never meant for saving.

My teenage years to being an young adult:
My dad lost his job in 2000 when I was 16. Suddenly, everything turned topsy-turvy. I would come home from school to my parents quarrelling, and my brother crying, and with no electricity or water at home. Somehow, we went from living a comfortable lifestyle to not being able to pay for basic necessities. I started working part time to afford my studies, and to help with family expenses. After my tertiary education, I became the sole breadwinner at home. At this stage of my life, the lack of money was like a curse. Money was sacred, and money to me means sacrifices. I had to sacrifice time and having fun, for money.

Moving forward:
I had recently reshuffled my thoughts about money and what it represents.
I begin searching deeper into the meaning of what money can do for me. I used to have a love hate relationship with money as it is something not within my control, especially when I was buried deep in debt.

Here’s what money means to different people:

1) Money means FREEDOM
Financial freedom means the ability to have more choices, more options, and the ability to spend my time however I want it, without much financial constraint. Rather than spending time in doing mundane tasks, I can afford to outsource such tasks like doing housework, cleaning, and washing to outside help. Such freedom also means being able to say no to a high paying job that doesn’t interest me. Of having the choice of selecting the kind of work I like, instead of working just for the sake of a high remuneration. I look forward to the day whereby I can retire from a regular job, with enough passive income to fund for basic necessities and live life without worrying about money.

2) Money means SECURITY
I would never want to go back to the days whereby my family and I would be unhappy and stressed over money. We could not afford to fall sick or for things at home to break down. Security now means a comfortable home, not having to worry about bills, any unexpected expenses or life events like a job loss or medical bills. Having more than enough money means such unexpected problems are easily solved, without much distress, just like the saying “any problem that can be solved by money is not a real problem”.

3) Money is a TOOL
Life is short. It is a short journey for us to make the best out of it, and we can’t bring money to our grave. It is a tool to exchange for a comfortable lifestyle and to buy the convenience in life like a car, or traveling in comfort. It enable us to accomplish goals, pursue passions, travel, to start our own business, to help those in need, or to afford material goods.

4) Money represents status
Although money doesn’t exactly represent status to me, I can’t deny that there are people who look at money in such a way. There’s no right or wrong, just different ways we look at things and values. People see money as a status as it symbolize their high earning power, or how much money they make through their hard work. This could mean bigger and fancier cars, a bigger house, material goods to show off such status, or membership to a country club etc. It also represents success and that their hard work had paid off, hence deserving the finer things in life and wearing it on their sleeve as constant reminder of their success to themselves and to others, making them feeling more superior. They also use their status to network and connect with like minded people.

5) Money represents POWER
Why do so many people want to be rich? It makes them more superior. It enable them to control people and situations, leading into things working in their favour. It isn’t necessary evil. People who see money as power are just utilizing it to get things done their way. Just like how the majority shareholders of a company has more power, authority and influences over the minorities and other stakeholders. It empowers people to make decisions.

6) Money is needed for basic survival
More often than not, money is used for people to stay alive. Most of us need a job to pay for basic necessities like putting food on the table for the family, education for our children, repayment of a mortgage loan, paying for bills, and transportation to get to work and back home. Even in Singapore, not everyone can afford more than the basic necessities with the high cost of living. Yet, I believe it is possible through a minimalist lifestyle, cutting expenses, increasing productivity to earn a higher salary, and better money management skills.

7) Money is the root of all evil
Many people still believe that money is the root of all evil and view it negatively. For example, I just read an article on The Straits Times titles “The number of millionaires here has risen at a sharp rate, thanks to the robust recovery of financial markets in the past year.” and I saw many negative comments posted in response to the article.

– But a whole lot of people still struggling

– If this is only what you have you must to be very poor

– A whole lot of crap

– The rich will get richer and the poor will get poorer

– Yes, exactly. They acquire their wealth through corruption and other evil means, then come here buy house, buy car, buy women, buy whatever to launder their money. Sick

– More foreigners evading taxes and hiding their money here?

Look at the comments above. There are indeed people who hold such views that money is a sacred resource. That if others have more of it, the rest of the population would share a smaller cut of the pie. And that people who accumulated wealth attained it out of greed or by immoral methods/ways, resulting in an increase in the number of poor people.

In conclusion, to me, money is a mix of various things. Having money means being in control of how I choose to live my life, and the ability to eliminate most unpleasant surprises in life. It is a mix of having the freedom to do whatever I want, whenever I want, and as a tool to buy time, and the things I need and want.

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7 thoughts on “What does money means to you?

  1. Hi Jasmine,

    Judging from the nasty comments made about rich people, several sad truths emerged. One is that people have a tendency to associate “rich” with “ill-gotten”, as if being rich was something to be scorned at because it would surely be either illegal or dishonest. The truth is many people out there make their fortunes from toil, hard work and perseverance, and this should serve as an inspiration for all of us to work hard in order to achieve our goals and fulfil our dreams.

    There are also people who are “sour grapes”, being cynical and critical of others who are successful. Instead of being sarcastic and bitter, do something positive about it and use it as motivation to work harder and achieve more. Frankly, I think that if I didn’t strive so hard and learn so much in my lifetime, I would have been in the pits of poverty as well! We all have to learn (usually through the hard way) how to manage our money effectively and to grow and preserve it.

    As to the reasons above for wanting money for power, prestige and recognition, all I can say is the confidence should come from within, that you can do something positive with the money you have and inspire or help others. That, to me, is true “wealth”. All the money in the world cannot buy you health, time and respect. It is these intangible things which are so precious as no amount of money can buy them. This is the reason why I purchase “experiential” products rather than physical possessions, as the memory of them will linger happily in your mind long after you had experienced it. Some examples would be tours to other countries, concert tickets to my favourite singer and tickets to the zoo or river safari with my family. The photographs, joy and laughter are indeed priceless.

    I am also a firm believer in using money to help others who are less fortunate. Only through helping others can we derive great joy and satisfaction. And it is with this belief that I made my first significant donation this year to a charity of my choice – SASCO, and if I ever get a good bonus or pay increment, I will pledge part of it to the charity as well. So money in this sense enables me to help others and to generate happiness for them, which in turn gives me satisfaction and joy.

    Regards.

    • I agree. From what I observed, the multi-millionaires I know are some of the most hard working and down to earth people I have encountered. It is poor mindset that prompt people to associate wealth with ill-gotten means. Not saying that ALL rich people acquire wealth through their passion and hard work, there are in fact the minority of the rich who acquire wealth through evil means like child trafficking, sale of drugs and weapons etc. However, it is the media that exaggerate the existence of these minority, leading to the belief that being poor is noble. Instead of complaining, whining and resenting the rich, why not learn from them and work hard for their own success instead?

  2. Its great to have a look at your financial standing and start the wealth building journey. Congrats on starting your debt elimination in dec 2012. Many people are still dreaming and you have started work. Cheers!!

    • hi Dave, thanks for your comment. I’ll probably do a post end of the year to update on my debt position, savings and net worth. Am still trying hard to build up my savings. Cheers!

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