by Accountellus
On my journey of studying and working with money I have learnt that money is like a tomato fruit. It is two-fold, outer part, purposed for consumption (spending), and inner part, the seed purposed and filled with vitality and the potential to grow and reproduce many more tomatoes (investment). Consuming tomatoes with their seeds have become a norm that the society have completely grown numb towards their error in this action.
Like seeds which must be extracted, saved and dried with intention of being planted at a later stage, so is money. Every R100.00 has inside of it a portion to be spent and a portion to be saved and savings have accumulated end goal is to be invested.
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For any seed however to grow and multiply education is needed prior to planting. A wise farmer does not rush to throw the seed on the ground and happily await the tree to provide abundance of fruit. He first studies about this seed; which season does the seed grow best in, what composition of soil does the seed need, what are the nutrients requirements, what is the water requirements et cetera.
By the time he sows his seed he’s informed and he knows what to expect from his planting. The same principle applies to the seed of money. When I say ‘money your mind’ I mean that before you make any investment of money, you first need to begin by investing your money to develop your mind.
Educate your mind about the world of economics. Develop your knowledge in understanding money and how it works, the taxes, the commercial laws, understand interest rates, inflation, buying and selling. Personal development is the initial investment.
Once your mind is developed with money principles, ‘Mind your Money’ now follows. Minding your money means safely and confidently expanding your scope of investment on other things which your mind has sufficient understanding on and focusing your mental efforts on managing these things. As they often say, first learn, then remove the L and earn, this is the same principle.
Success with money consists of understanding these six basic components of money.
How to source money, that is learning how to earn (income) and borrow (debt) money. How to use money, that is learning how to spend a part and invest a part of your money. And lastly preserving money which entails learning how to save and protect Money.
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