Wealth

The Importance of money in our daily life that You Should Know

importance of money in our daily life

Life can certainly be meaningless without money, and we can not completely overlook the importance of  money in our daily life

The love of money they say is the root of all evil yet many have argued that the true root of all evil is the lack of money. 

Who amongst these two is right is what we are not going to find out today in this article, rather this article will help you understand the importance of money in our daily life, why it matters that we should have some, and what money truly is and how to know when to draw the lines between need and greed.

Related: 10 free budgeting templates and customizable personal finance spreadsheets

What is Money?

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There are several definitions for the concept of money but what is factual and common amongst all of them is that it is considered an acceptable means of storage and exchange of value.

Basically, you can look at it as the store of your economic energy and efforts in making the world a better or worse place depending on how you got the money of course.

So if it is stolen, it literally means that someone stole your toil and efforts, if you are gifted with it, it means the person likes you enough to work on your behalf for it, if you waste it means you are wasting your time and efforts and if spend it judiciously, then you have done yourself the service of putting your time and efforts to proper use. 

Question is, which one are you doing right now?

Money happens in many forms and will continue the same as far as human civilization endures, from cowry to bitcoin and figures in bank accounts they all exist to serve one purpose, to help us earn a living.

Importance of Money In our daily life

Life may be free as most may believe but living has to be earned regardless, from the cellular level of nutrients to maintain organ functions to the next luxurious spa treats that you may be planning for the weekend, all of that has to be paid for regardless of the currencies you may use to cash the bill.

While this will always remain a very subjective topic to address as people perceive experience very differently, below will be my desperate attempt to lump together what will be the importance of money in our daily lives.

These iterations are in no attempt to establish or try to set standards but to share from a very objective point of observation the importance of money in our modern lives and societies

Discover How Much Impact Does Wealth Have on Insurance

1. To earn a living

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Money gives you the power to afford the resources needed for the physical survival of your body, which has been broadly categorized into food, clothing, and shelter.

Since living is a continuous process, inflation has come to stay in modern and ancient societies.

This, therefore, means that you will always need to have money to cash in the next bill for these basics, so the solution is to either have enough ahead of each bill or work enough to keep up with each.

Power to live beyond surviving  

“Now, 9.2% of the world survives on less than $1.90 a day, compared to nearly 36% in 1990.”Global poverty: Facts, FAQs, and how to help

2. Luxury

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It is evidently true that a good percentage of the world’s population is living in extreme poverty and the middle percentile will be living in what is described as the “Rat Race” (living from hand to mouth).

Though luxury can be a question of perspective and contentment, it is fact that only the very few have and can ever get to afford it in cash value. 

Luxury is not a crime or a thing to vilify or explain away with religion, it is what every human should have a taste of because good living increases life expectancy, this is statistically evident in richer countries with higher GDP and better standards of living.

In fact, the global scores on the world happiness report have the richest and richer countries populating the top list and this again is the importance of money.

3. Freedom and Security

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According to Marty Byrde from the TV series Ozarks  – “Money is, at its essence, that measure of a man’s choices”.

This statement though it may be from a fictional character holds very true in our non-fictional realities as solid as it did in the series itself because a man with money can do as much anything as he wants because?

“A feast is made for laughter, and wine maketh merry: but money answereth all things.”  – Ecclesiastes 10:19

Even the scripture affirms the efficacy and potency of the “action power” of money.

Money can give the freedom to chase dreams and express one’s essence and passions, it can be the difference between a genius invention and the cure for cancer shelved away in the notes of an under-financed and frustrated scientist.

It takes money to get things done, especially in this current society.

Perhaps these ideas about the Importance of money in our daily life are still not palpable to you, here is a quick list of essential things that having money can give an advantage over

4. Education

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Education is very important to wholesome living and the general maturity of an individual and society and it takes good money to afford good schools that can offer better chances and better opportunities in life.

5. Healthcare 

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Staying healthy might be a question of many variables, but when it comes to affording good healthcare in times of emergencies, money gets you the best chance at finding one, and these things don’t come cheap, even with all the efforts in making it available for the mainstream.

6. Development of Skills and Talent

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Money gives the freedom to live out dreams and hobbies and to nurture crafts.

7. Adventure

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Life is for the living they say, and adventure makes the soul bloom, be it with your partner on a romantic night or an edgy hike on the top of Everest, or even a safari trip in the jungles of Kenya, whatever your eccentricities may appeal to your sense of adventure, it many times takes money to plan for it and that can be the only thing standing between your greatest moments in life. 

Life is and should be beyond the mundane routines of habit and our environmental conditioning. And many times the epiphanic moments of telling the two apart is loosening up a bit in adventure. Money can get you that.

8. To live up to Duty and Responsibilities

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After the personal needs are addressed, every human being living in any social setting regardless of race or gender will have at least some form of responsibility and duty aside from themselves, it could be a pet or a family.

Though it takes the nobility of character to acknowledge our service and duty towards other people, it still takes money most times to get things done at the end of the day, it could be as severe as footing a hospital bill for a sick relative or buying a superhero toy for your 6-year-old nephew.

Living up to responsibilities can be expressed in many ways and I think it is best allowed the individual to tell for themselves, but at the end of that discovery comes another – it takes some money to actually do them, be it yours or not.

See, also 16 Top Best Money Management App You Should Try

The Downsides of Money

Heat in its right amount brings warmth, and in excess brings, the wrath that consumes to ashes, money, in the same way, can change lives but on the other hand, can ruin lives and has ruin lives.

  • Money without the maturity of character can drown the bearer in his own desires. A huge amount of money in the wrong hands can ruin not just the life of the owner, but the people that come in contact with them.
  • Strife – lack of money on the other hand can cause a thousand damage than the mind can imagine, it can be the reason a man crosses the line 

Drawing the line between need and greed

It can be very easy to get carried away in the hopes and race of “stacking up paper” such that we step out beyond the lines. Again, what the lines are or should be can be very subjective depending on who is stepping or about to do so. 

This indeed is truly hard to make, in my summary opinion I think the line should be drawn with these two deep inks 

  • If it threatens your peace and happiness, it is way more rewarding to have just enough to appreciate the goodness of life than to have the abundance of money at the expense of living. It is like selling one’s eye to buy a TV, only to find out you lost the essence in the “hustle” for numbers. Numbers are infinite life is definite and many have wasted it all in the race that has no destination.
  • If you hurt more people than help them in the quest for money, it is a good moment to pause and question the essence of it all, utilitarianism can be an absurd measure for right and wrong, but the mathematics in it does make it logical to measure limits.

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Conclusion

Maslow’s hierarchy of needs is a very objective way to look at the evolution of individual maturity and fulfilment.

In this article, it’s been very clear the importance of money in our daily life.

From the basics(physiological), through the psychologicalto the self-fulfilment money needs.

This plays an important role on the day on our lives.

It is clearly beyond dispute the importance of this factor and it is, therefore, advised and recommended that everyone should have some for themselves and for the goodness of serving others.

I hope this article has been able to answer some if not all of your questions concerning the importance of money in our daily and perhaps has even raised some more. 

Thank you for having read this far, I look forward to your hearing your thoughts on the comments as we engage more on this topic.

Cheers!

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