Overthe ages, people have held opposing views relating to money. Thediffering opinions occur at the personal, family and communitylevels. Money serves various purposes. Money serves as a medium ofexchange for transactions done. Additionally, it serves as a store ofvalue to the individuals and the community as a whole .Furthermore,money acts as a unit of accounting for the transactions carried out.Items are quantified in terms of money and recorded in the books ofaccounts .Moreover, it is used a standard unit in the payment ofdiffered monetary transactions. The mentioned functions aboveindicate the special role money occupies in the lives of humanbeings. It acts to enhance the smooth running of human lives.However, various parties in the society hold diverging views andinsights towards money as discussed in the following paper.
Tobegin with, a number of individuals, families and societycollectively believe that money is earned to be spent(Pavlina, 2008). .The various parties believe that money is earned to be spent buyinggoods and services. They believe that through money they are able toacquire whatever they need currently to fulfill their needs. Theybelieve that that people work hard to get what they deserve. As aresult people with this opinion work hard daily to meet their evergrowing needs fully. Those who hold the opinion believe that moneyshould not be saved unless all the needs are fulfilled .As a resultthey suffer poor money management techniques since they spend theirmonies to get all the luxuries they believe they deserve in theirlives. An ideal example is one of the respondents in an interviewthat claimed to have won a one million dollar jackpot only to spendit fully in one week’s time. The individual claimed to haveacquired that they believed they deserved in live and he failed tosave even a single coin. As a result the individual future is put atrisk since no investments are made (Murphy,2008).A large number of the youths interviewed were of this opinion. Theyare ready to spend all their resources to acquire clothes andelectronic gadgets.
However,they are various individuals, families and societies that are of adifferent school of thought. Theybelieve that money earned todayshould be used for use in future to guarantee a bright future(Siebold,2010).As a result a larger portion of their income is directed towardssavings and investments to act as a source income in future. Wealthaccumulation becomes a key part in their lives. The people that holdsuch opinions tend to use their money sparingly to leave a good chunkof money for future use. The money saved is converted to variousinvestments dependent on the expected rate of return and the marketinterest rates. One of the respondents in the course of conductingthe interviews brought forth the point that their grandfather hadalways advocated for family members to save. As a result the familymembers have embraced the culture of saving. Additionally, in thecourse of the interviews it was observed that the senior citizens interms of age were of the opinion of having more savings to guaranteea better future. This is contrary to the majority of the young peopleinterviewed that were skeptical of the idea.
However,there is a group of individuals in families and the society as awhole that believe money ought to be used in way to make humanbeings attain happiness since it is their life (Murphy,2008).The individuals advocate for a balanced spending between consumptionand saving.Theparties are of the opinion that people should live a life that takesinto account tomorrow’s need in addition to living a comfortablelife currently. The parties are against living a poor man’s lifecurrently in order to save for the future .the parties believe thatsince it one’s life no self sacrifice should be borne today to livea better life in future. Since money helps them acquire happiness theindividuals are willing to work hard to acquire the happiness theyrequire. They put a lot of effort to acquire the necessities. Anideal example being one of the respondents that reported that theyshare their income depending on the current consumptions. Theypointed out they do not have a fixed ratio of sharing between savingsand consumptions. More over the individuals explain that the level offitness and health are all influenced by the amount of moneyavailable since they are able to acquire a balanced diet and also payto visit gyms. An ideal example is a respondent that they oncesuffered from malnutrition while they were saving all their money atexpense of healthy living
Atpersonal level money is viewed as enabler to achievement of variousgoals, thus financial prudency is required of a person spending themoney(Pavlina, 2008).Thekey reason being to ensure that the currents and the anticipatedfuturistic needs are taken into account while budgeting for themoney. As a result various planned goals can be met without muchfinancial woes. Previously, my friend had shared an experience abouttheir life whereby they would spend almost every coin they earned andin case of emergencies it was always a hard time to navigatesmoothly. As a result I made up my mind to be preparing personalbudget to cater for savings consumption and investments dependent oncurrent situations. Money turns out to be the source of emotionalstress to individuals that strive to live above their budget lines.
Tosum it up, it important to note that despite the various insightsthat various parties hold in society with reference to money, it isimportant to recognize importance of financial prudency. As it willlead people out of financial turmoil by preparing budgets to caterfor the current and future needs based on past experiences.
Murphy,C. J. (2008). Theemotion behind money: Building wealth from the inside out.Chicago: Beyond Your Wildest Dreams.
Pavlina,S. (2008). Personaldevelopment for smart people: The conscious pursuit of personalgrowth.Carlsbad, California: Hay House.
Siebold,S. (2010). Howrich people think.United States?: London House.