"The end result of good management is increased wealth." - Edwin Kweku Yalley
Managing money is the ability to direct money to make more money. This is the ability to have money work for you. This is the ability to maximize the minimum money resources to your advantage. It is your ability to add value to your money. The end result of good management is increased wealth. Managing money is not hoarding money. Thus, it is not just accumulations of money.
3 Reasons You Must Manage Your Money Effectively
1. OLD AGE
Everyone will one day get to a point where he or she can't work hard. Therefore, train your mind well on money and focus on the reality of tomorrow. If your children are your focal point for the future then hear this; what if your children do not succeed financially? Don't live your life at the mercy of your children, brothers, sisters, aunties, etc. Proverbs 13:22a says, “A good person leaves an inheritance for their children’s children.....”
2️. UNCERTAINTIES OF
LIFE
Life comes with several uncontrollable uncertainties and no one can tell what will happen to him or her tomorrow or the next minutes. This is why I believe this should create a deeper passion in us to seek financial intelligence so that at every point in time when life begins to throw different things at us we can still have our way out to some extent.
Story 1
On the 22nd February, 2024, I was involved in a motor accident which affected my right ankle. You see, I never thought of this happening but it did. Since that time, I have been spending a lot to get good and proper healing.
Story 2
My father died in 2015 but prior to his death his health condition become critical. My senior sister, my mother and I went through a lot to cater for his medical bills; because we didn't have enough money. I learnt a lot of lessons from that situation.
Just imagine now, if something of this sort or different kind happens to you, will you or your loved ones have the financial prowess to take care of you?
3. EVERYTHING IS AFFECTED
BY MONEY
Money is not the most important thing in life yet money does affects everything that is important in life.
Examples:
- Ø Money
affects your health.
- Ø Money
affects your purpose.
- Ø Money
affects your education.
- Ø Money
affects your standard of living (rent or build houses).
- Ø Money
affects your children and family.
- Ø Money
even affects your food.
If your money management is low; money will run all over you. It will be smarter than you. If money is smarter than you, you will work for it all your life. But we must all get to that point where we don't work for money, but our money works for us. This is possible when every person takes the personal responsibility to grow in what we call financial intelligence.
Educate yourself financially.
Watch this short video on why you must gain financial education.
I believe this brief lesson have been of help to you in pursuing financial freedom. God bless and stay connected with us for more.
Kind regards,
MR. EDWIN KWEKU YALLEY.
Tutor, The School Of Friendship.