Money, like knowledge, is power. It is desired to some extent by all and necessary to the maintenance of life.
Money is a talent like other talents, owned by some to an enormous degree than by others. Even the poor, who have little money to spend, often put that little to wrong use. While rich have boundless opportunities of doing good, but too frequently neglected.
Then how can you manage your money wisely?
Here are some sure ways that you should adopt in the expenditure of money to make the right use of it.
1)Shun both extravagance and parsimony
In the first place, you should avoid both extravagance and miserliness.
It is wrong to spend large sums on the dress, on eating, on expensive amusements, because it is a misuse of the talent placed in our hands. It often leads to ruins.
On the other hand, we must keep ourselves from falling into the habit of haggling over every trifling purchase, and grudging the expenditure, however necessary, of the smallest sum.
You should avoid both extremes and try to be moderate in your spendings.
2)Have Savings for your future
You should take care not only to live within your means but also to try to lay by something for the future.
It is wise to have savings to fall back upon in an emergency and something to live upon in old age. What you save today will help you in the future.
Savings always pay you in the long run. So, set aside some money for future use.
3)Do not lend or borrow
Regarding loans, it would be well if you follow the advice of Polonius to his son Laertes "Neither be a borrower nor a lender." There is great wisdom in it.
Lending money often leads to extortion. Borrowing is neither very honorable nor very safe. In either case, there is always uncertainty as to whether you will get the money back or not.
4)Shun from indiscriminate charity
Charity is doubtless a virtue, but you need to be cautious in doing indiscriminate charity. It does more harm than good.
Wise and carefully organized charity blesses both him who gives and him who takes.
Donate your money for the benefits of others by contributing to benevolent societies and philanthropic agencies.
5)Invest in side hustles
Living below your means and investing in hustles is the best wise use of money. Invest your money in side hustles and businesses to earn more money.
Creating passive income streams makes you financially free to live life exactly what you want.
Be bold in your choices, build your assets, and don't get stuck in the rat race for years.
Final Thought's
The good and smart uses to which money may be put are many and varied , but the underlying principle in all is the same. Its possessor should use his money that it shall influence his own character for good and at the same time benefit others in the best possible way.
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