Money is Everything

Money is everything.  Is it?

I often hear people say things like "I will make my first million by the age of 30", or "If you have $10,000 lying in the bank, what would you do?"  These are pertinent thoughts in many people.  No right or wrong.  

I agree that having money is important.  Our life can be better with lots of it.  Having money also gives us more options in life.  What I am proposing is, not to make seeking money our focus in life, but make money come to us as a result of focusing on some other areas, like Family, or Happiness, or both.  Some can even go for Career.

Isn't career equal to money?  Some may ask.  In a way, yes.  But the approach is different, and the resulting quality of life may be different.  

Some people chose to do what they like to do, and as a result, do very well, and get rewarded handsomely for it.  On the other hand, some others go for high-paying or high returns job, but they don't enjoy a single moment of what they are doing.  This second group sometimes create unnecessary stress for themselves, because they are not enjoying what they do, or they never seem to be able to do a good job, or both.

There is no ending to how much money is enough.  The important thing is to know how much we need and how much we can save comfortably for emergencies and for old age.  And while we spend a lot of time on seeking more money, are we neglecting the loved ones around us, and depriving ourselves the privilege of enjoying life?  

I see friends and colleagues jump to life when others talk about stocks and shares (and nowadays, cryptocurrencies), and they would burrow into it, without much questions asked.  This is risky.  I often advised some of them not to be controlled by money.  Do not gamble or risk anything that we cannot afford to lose.

Do some calculation on how much we need in order to live comfortably, and at the same time able to save. These are the must have (the needs).  Anything more than that will be optional and good to have (the wants).

Perhaps it would be safer to go for passive income (on top of a satisfying job) that involves low to medium risks, which gives medium to high returns.  Examples : Buy a house to rent out, invest in endowment plans, or government bonds, and insurance policies that has a savings component.  And we do not need to worry or stress over anything (except perhaps a troublesome tenant).

Yes, money is useful, but it is not everything.

Those who laugh last, are the ones who can live comfortably with financial freedom in their golden age, not the ones who earn a lot of money now but spend/lose everything along the way.  I will elaborate on some of the above points in separate posts in future.