I know you agreed with the title of this blog. It is only befitting that as a microfinance bank concerned with digitising financial success, growth, and inclusion- we launch our blog with the 1st order of the day-Money.
Money has so many different names and means a bunch of things to many people. As a bank a lot of people are quick to assume that our primary goal is taking customers money and keeping it. But banks function beyond that. In the past couple of decades, we have noticed an evolution in the way people bank their money and, in the solutions banks, provide.
Why then is money still such a controversial topic and why is the love for it so profound. In this article, we will take a short overview of the many reasons why people love money and at the end you can reflect on your motivation for money and why your money is safe at Fedeth Microfinance.
Why Do You Need Money?
Money is a Universal medium of exchange. It is necessary for obtaining the goods and services you need to survive; an understanding of personal finance is essential. You need to be responsible with the money you earn and save enough for the future to ensure you will still have enough leftover when you can no longer trade your labour for money.
The earlier you get a hang of money, the less likely you are to be stuck or in financial stress. If you save enough or invest wisely you could take it to the next step and be financially free- for the rest of your life.
One reason so many people profess not to care about money is that the love of money has been described as “the root of all evil.”
It’s true, materialistic people can let an obsession with money drive them to do bad things for their own financial gain. But money is nothing more than a medium of exchange.
Everyone recognizes that money has value, so you can trade it for whatever goods or services you desire. This increases market liquidity, which refers to how easily assets can be purchased or sold. However, this works only in situations where money actually has a stable value — and it derives this value from the fact that it is a scarce commodity. If everyone could obtain as much money as they wanted by printing it, it would no longer have any value.
To guard the true value of money, a central authority needs to make sure the supply of money remains limited. In many cases, a central bank like the CBN in Nigeria controls the money supply and makes sure we don’t end up with so much money that it is no longer seen as valuable — a process called inflation.
The benefits of Money
- Money gives you freedom. When you have enough money, you can live where you want, take care of your needs, and indulge in your hobbies. If you can become financially independent and have the financial resources necessary to live on without working, you’ll enjoy even more freedom since you will be able to do what you want with your time.
- Money gives you the power to pursue your dreams. Having money makes it possible for you to start a business, build a dream home, pay the costs associated with having a family, or accomplish other goals you believe will help you live a better life.
- Money gives you security. When you have enough money in the bank, you’ll never need to worry about having a roof over your head or about having enough to eat or about being able to see a doctor when you’re sick. This doesn’t mean you’ll be able to afford everything you want, but you’ll be able to enjoy a stable middle-class life.
Although money can’t buy happiness, freedom, security, and the power to pursue your dreams can go a long way towards making you happy. That’s why it’s so important to work hard, earn money, and learn how to save and invest it. When you start to invest your money especially with us at Fedeth Microfinance bank, it starts to work for you and help you produce more — and eventually, you should have enough that you can retire.
