Having the necessary skills to make money and knowing how to manage money are equally important elements necessary for financial success. However, only one can set us on a path where we don’t have to spend the rest of our lives doing the other; this skill also determines the condition in which we try to execute the other. Our attitudes and orientation toward managing money determine whether we spend the rest of our lives chasing money or enjoying it.
Which do you think is more important? Knowing how to make money or knowing how to manage money?
Making vs Managing Money.
There are many different ways to make money. Because we spend so much of the course of our entire existence needing money, we equally spend a large amount of time devising ways to accrue more of it. Making money is equivalent to laying the bricks for our future and financial stability. Money means access to life, access to both basic and luxurious living. It is the first step toward adulthood and refined responsibilities. The act of making money is a common denominator for independence amongst young adults thus, once a person starts working and earning some money, they automatically assume a level of independence from their parents.
I recently watched Young Sheldon and I was quite struck by Georgie’s character. Georgie became business and money oriented at an early age; he was always trying different things to make money. At a young age, he hacked the skills of an excellent salesman and would rather work at a local supplies store than stay in school. He was great at making money but not so good at managing it. He dropped out of high school and even went and bought himself a shitty bus, and listened to no one's advice.
My point is, we are naturally inclined to want to do better for ourselves at an early age. We grow up and position ourselves to earn a decent living either through employment, entrepreneurship, or passive incomes we set up throughout our careers. It is important that we learn early how to procure some stable financial opportunities, for ourselves, and it would be even better if this financial literacy also included different ways of managing the money we make.
I believe it is easier to make money than it is to manage it. Once you have a job, you already have your means of earning regularly, but jobs hardly come with a manual on how to properly manage your monthly remuneration. You have to teach yourself how to manage your resources to ensure sustainability.
Take, for instance, the simple act of saving. Imagine if corporations could automatically save an agreed percentage of your income every month for you as they do with taxes; wouldn't that be great?
I know there are moments where I struggle to put away my 20%, and if I didn't there wouldn't be any serious consequences, but with discipline, I'm able to hold myself accountable. Money management is a lot personal, you have to find what works and how to make it work.
Conclusion
This article is about sources and sustenance. As difficult as it is to make money, once you get started you realize that is the easy part. The difficult part is securing the path for sustaining the wealth we work so hard to accumulate. Both are integral parts of financial success because, without strategic and effective money management, all our money-making effort could amount to nothing.
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