I start this thread on money and money management. I talk to people alot on money and I hear all manner of views. Over the years I have been able to help a number of people privately on their money problems. Now I take it public #MoneyMoney. Pls RT from here
What is money all about. Will tell you in a moment without boring you with economic terms. We work for money; that means money stores value. We exchange our time & skills for a reward and that reward is something that we can store&spend. That's where money comes in #MoneyMoney
That store of value has to be countable and hence money needs to have units. Being divisible into units allows us to use it as a means of exchange to facilitate trade. Hope this is making sense or I am speaking a lot of English #MoneyMoney
Since money is pervasive and ubiquitous, a subject we cannot run away from then it is pertinent for us to know a thing about it. It is counterintuitive for people to hope that we will just learn how to make, manage, invest and give out money without being taught #MoneyMoney
Unfortunately there is no school curriculum for Personal Finance but you have to be able to lead yourself in all things including finance before you lead others. A good education does not mean U know about money. Same with anointing or being from a wealthy family #MoneyMoney
After Isaac Newton lost money in one for the famous market crashes, he said "I can calculate the motions of the planets but I cannot calculate the madness of men". He was perplexed by it. Why? Just like physics has laws, same for money. It is not an arbitrary thing #MoneyMoney
I will talk generally about the character of money. First is that money assumes the character of its owner. If the owner is a philanthropist then more good works. If the owner is an armed robber, then he gets more guns. So money is amoral. It is neither good nor bad #MoneyMoney
There is nothing wrong with money in itself. It is not good nor bad. It depends on who owns it. Money is NOT d root of all evil. It is the LOVE of money. Those are 2 different things. Chemicals are ok until U mix them. Money is ok but not when U set ur affection on it #MoneyMoney
To be in good stead with money, you MUST learn to manage it. Learn means you have to put in some effort to know more. Don't depend on hand me down stories but rather take out time to learn. To be in good stead with money, U must learn to spend less than you make. #MoneyMoney
Not taking that first lesson leads to debt. Debt is not proprietary to bad people. Good people also get into debt if they do not learn to manage their money, live on a budget and are strong enough to say NO even to seemingly good causes. Debt is a double edged sword #MoneyMoney
When you learn to spend less than U make, then the remnant is saved and invested. D sole aim of saving is to build a habit. It is not what you save that matters, rather it is the habit formed. Some part of your money is bread to be eaten and some is seed to be sown #MoneyMoney
Saving is for many things eg paying big bills eg house rent, planning does future expenses. Those invested is also for habit making. I made my first investment with petty cash. Most stock broking/investment houses did not want my Kobo Kobo but one took a chance on me #MoneyMoney
As Robert Kiyosaki said that he'd met many poor people who never lost a dime but he'd never met a rich person who never took d risk to invest. Investment involves both risk & opportunities. What looks sure 2day can be shaky tomorrow. and so how do you know what to do #MoneyMoney
This is where the difference between Risk and Risky comes to play. Let me demonstrate. When you marry a girl that you have dated for 2 years. That carries a risk but somehow U have assesed it and have taken a decision. Risky is marrying the girl you met yesterday. #MoneyMoneg
Risky is based on hear say or your feeling at that moment. No analysis was made. U went with d flow. This is bad in money management. U must first learn to earn. Think of school, you were there for many years before you were employable. Learning about money is crucial #MoneyMoney
Learning is what brought us here and we will continue from here in the coming days. Pls don't forget to RT the first tweet on this thread #MoneyMoney
