20 FACTS YOU SHOULD KNOW ABOUT MONEY
We need to understand that before we become good managers of money, we must
learn some facts about money as SME owners or managers. It is one thing to make
money, it’s another thing to know how to manage and multiply it. Therefore,
financial intelligence is the ability to know how to make, manage and multiply
money. And this can only happen through financial education. Few years back in
Nigeria, the stock market was the in-thing. Everybody wanted to come on board the
market and be a player. Eventually, when the market experienced its bust, so many
people lost their investments and burnt their fingers. But does that make stocks
bad investment instruments? No, it doesn’t. There are outlets through which we all
can multiply our money. They include real estate, stocks, business ownership,
employment and all. However, not one of this is an end in itself as the recent crash
of the Nigerian stock market has shown and as the employment market has
continued to disgorge former job holders. So, what is more important is that each
and every one of us gets financial education. While this column may not be able to
provide a comprehensive financial education for readers, the articles we will be
featuring in the next few weeks will initiate us into the world of Money
Management as a necessary pill for a vibrant SME start in 2019.
20 Facts You Need to Know About Money
1. Money is powerful. Most powerful people in the world are money people. In
every industry, the people that are reckoned with are those who have
mastered the control of money or who have money in abundance. It is not a
crime to have money but it is a crime to pursue money making in a criminal
way. Businesses that are powerful in the world are those ones with fat
2. Money builds a force field of attention around its possessor.When you have
money, your charm doubles.
3. Money is the exchange for goods and services. To make money you must be
willing to exchange goods or services. If you don’t have what to exchange,
don’t expect to make money.
4. Over 75% of the struggles, troubles difficulties in the world are money
related. Most challenges in marriages, relationships, workplaces are
connected one way or the other to money.
5. Money is one of the rewards for engaging and utilizing your time and is one
great reward for labor.
6. Money helps you achieve your plans, goals and dreams in business. Without
money, your goals, plans and dreams for your business will remain a pipe
7. Money does not have a character. It takes on the character of its owner. So
what is your character towards money?If you are stingy, generous, kind,
mean or careless, it will show in your money behavior.
8. Money answers all things. Whatever need you have in your business, money
can provide some sort of answer for it.
9. Money is a defence. You can’t buy protection, but with money you can pay
the people and buy the things you need for your physical security.
10. Money provides you with the bridge to the future in your business. When
you are thinking of the future in your business, money provides you with the
raw materials to get there. You need money to acquire the machines, men
and materials your business needs to achieve certain targets in the future.
11. Money skill is one of the greatest skills you can acquire in your lifetime.
12. Money helps you to lead a quality lifestyle and to meet the needs of others.
13. Money can help you get the things that money ordinarily cannot give
you.For instance, money cannot buy you happiness, joy or peace but money
can help you get comfort. Money can’t buy you a home; it can give you a
house in which you can build a home with warmth, love and care. Money
can’t give you good friends, but it can nourish your relationships. Money
can’t give you children, but you need money to train your children. In some
instances, some people have used money to pay for expensive fertility
treatments that gave them children. Money can’t take you around; but it can
buy you a car which can take you around. Money may not give you an
education but money can pay your tuition and buy you books to read. Money
may not give you a wife, but you need money to marry your wife, maintain
and satisfy her and so on and so forth.
14. Money is the language of business. Everything about a business after the
mission statement and the identified need is about money. Investors want to
know what the sales projections and profit potentials are, and when the
business would break even; the accounting function wants to ensure that
cost management principles are adhered to and all that.
15. God knows you need money and He is willing to give you the power to make
and create more of it for yourself and others.
16. You can’t live without money.You need money to live, walk, work, buy, sell,
give, bless, negotiate and do virtually everything you need to do on the
earth. At least for now, nothing can take the place of money in world affairs.
Abuse it; refuse it; misuse it; use it well. Money will continue to dominate
world affairs, discourse and human interactions.
17. Money can change any ugly condition or situation of man.
18. Money can be a servant or a master depending on how it is treated.
19. The absence or lack of money is the beginning of misery.
20. Money is one of the greatest instruments of change!
Understanding these facts about money will help to chisel out the right mind-set in
you and help you have the right values for making, managing and multiplying it.
Bridget Olotu is the CEO/Lead Consultant, DeAim Innovative Resources Ltd. She
can be reached on 08033036002 or email@example.com.