Essay on wealth management


My take on how to manage personal finance

That will be a true success in life. The relationship between money and happiness is one of the most debated topics for since ages ago.

Essay about The Importance of Personal Finance

Some people believe that money can make you happy, while others think otherwise. It is a complex subject because it involves human feelings that cannot be quantified or measured. Furthermore, happiness is state of emotion that can be understood in many ways by different people. There is a day-to-day momentary happiness that one gets out of little pleasures, and then there is a general satisfaction; the feeling of emotional well-being and contentment with life.

Wealth can bring a certain kind of happiness depending on the amount. This will lead to immediate happiness, but usually, the happiness dies out quickly as soon as people get used to the object.

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This goes on to explain why someone rich can feel unsatisfied even when they have all the luxury objects like sports cars and a big mansion. On the other hand, someone poor can still feel extremely happy and satisfied when they earn enough to buy themselves a normal shirt.

The relationship between money and happiness only holds for a certain kind of happiness. When surveys conducted and asked people to consider how happy or satisfied they are in general, yes, those with more money reported being happier and more satisfied. However, when people are asked how happy they are from moment-to-moment in their daily lives, those with more money are no more likely to have experienced happy feelings.

Another important point to note is that money only makes a great reward when the pure effort is involved. For example, someone who was born in a wealthy family may not value money as much than someone who was born in a poorer family. If money is given to you without hard work from your side, you will not appreciate it and feel happy when you receive it. Just like the oxygen we breathe at each moment or the clothes we are wearing right now, because we have used to these things, we tend to take them for granted. And when this happens, we associate that having these things will not make us happy.

People will never appreciate or happy to have something when they have plenty of it. Ask a year-old and you will find that he or she wants luxury items more than time and health. Ask someone on their deathbed and they will tell you otherwise. So can money really buy you happiness? The answer is yes, but only to a certain extent. When you have no food to eat or worry about having not enough money to pay for your basic living, then yes, money can make you happy.

Things will be different when you have a lot of money.

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This is just like giving more water to fish that is already in the water will not make a big difference. Try to give the same water to someone who is thirsty and are living in the desert, you will find a huge difference. Another popular topic about wealth is its relationship with power. People often argue and to say that money brings power. How true is this?

We will discover the answer here. Wealth is represented by money and the possessions. On the other hand, power is the ability to manifest our intentions, to change our environment, to require someone to do something to our desire, to have authority, and so on.

Can you find the similarity in both definitions?

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The truth is that wealth or money is one type of power. In other words, when you have the money, you can hire people to do works for you. With money, you can buy the organized labor of others, trading your money with their work, within the confines of the marketplace. Wealth can be traded for certain types of power. For example, you can use the money to influence those in the positions of authority, through both legitimate and unlawful method.

Wealth is a subset of power. Both power and wealth belong to the same side of a coin. When you are wealthy, you can command higher power. And when you have more power, you can bring more wealth into your life too. That said, someone who is wealthy tends to have better chances to succeed in life because they have both direct and indirect power to help and support them in their venture. For instance, wealthy people can use its money to make a better deal for themselves, allowing them to make more money and become wealthier and have even more power.

Someone who starts from the ground up will have to face many difficulties and challenges than those who started off with money. Wealth and power are only useful when you know how to make good use of them. For example, someone who is working in a low salary income society can become rich if he knows how to leverage the resources he had. We often hear stories of how people turn from rags to riches, and it is true that wealth and power can be acquired if you know how to leverage them.

On the contrary, someone who has wealth and power may lose it all if he does not know how to manage and grow what he already had.

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We have seen professional athletes who made a lot of money at the peak of their career, but only to lose all their wealth and power after years into their retirement. The reason is that they do not know how to handle the resources available to them. Therefore, if you are not wealthy or you do not have power or authority, worry not. You can learn to grow and climb from the bottom of the ladder. It is how you manage your wealth that determines how powerful you can be. And it is how you handle your power that determines how wealthy you are.

People often say that wealth is the root of all evils, how true is this statement? Well, this is what we are going to discuss here. First, some people may think that having a lot of money and become wealthy is not a good thing, especially in terms of gospel and spirituality. For some people, the more money you have the less spiritual you will be. After all, they believe that in order to make money, you need to manipulate others or earn more from others when you can earn just enough.

You are trying to make the most out of other people in order to get rich. Is this so?

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Well, there are also sources that say otherwise. If money is the root of all evils, what do you have to say about money build churches, hospitals, put food on the table, and able to pay the medical bills for someone who is severely ill? Wealth in itself has no potential power. It is the manipulation of wealth that creates evil. In other words, wealth is not evil, but the love of wealth is the root of all evil. If you are rich, it does not mean that you are a bad person. If you are poor, it does not mean that you are a good person either.

It can be either way and thus, wealth does not define if you are good or evil. The problem is that people can become so obsessed with wealth that they are willing to do unlawful and unethical things. And when this happens, they are not driven by their conscience anymore. They are willing to do something bad that may be hurtful to the other in order to gain wealth.

Another important point to look into is that wealth is a magnifying glass. For example, someone who is kind, loving, helpful, and always care about the society, guess what will happen to him when he becomes rich? Well, he will become even more helpful and kind to others. He will donate to charity and support even more people who are in need. Now, turn it the other way round.

What if someone unethical becomes rich and wealthy?

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Well, he will go on and do even more and bigger unethical things. Thus, wealth can be a magnifying glass by bringing out who we are internally. Money and wealth have nothing to do with being good or evil. It is the people who own the wealth that get to decide whether they want to do something good with evil with the money they have. Hence, when money falls into the hand of the bad guys, they will plan and do something evil.

So can wealth really be a curse? Well, it depends. There is no right or single answer to this question. It is not a math question with just one right answer. Wealth can really become a curse when you do not know how to manage it.

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Essay on wealth management

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