Why is Money Important?

Last Updated on August 24, 2022


There are many viewpoints on money. The notion that it is “the root of all evil” and that “it can’t buy happiness or love” is on one end of the spectrum. On the other hand, there is a sizable financial sector full of wealth-building professionals competing for your attention.

You’ve probably heard someone claim in your life that they don’t care about money; you could have even stated it. Although this idea seems admirable in principle, you shouldn’t undervalue the significance of money in real life, for better or worse.

Money is something that is really important, but it is not everything. Beyond meeting our most basic requirements, it enables us to pursue our aspirations and provides for the causes closest to our hearts, such as family, education, health care, charitable giving, adventure, and pleasure. It aids in obtaining some of life’s intangibles, such as freedom or independence, the chance to fully utilise our abilities and talents, the capacity to determine our own path in life, and financial stability. With money, a lot of good can be accomplished and a lot of needless suffering can be prevented or stopped.

However, money has its own restrictions as well. Though it lacks the childlike enthusiasm and sense of wonder required to do so, it can offer us the time to appreciate the small pleasures in life more fully. While it can buy us time to hone our skills, it cannot buy us the grit and self-control to do so.

Money can provide us with the ability to impact other people’s lives, but not the motivation. Although it might provide us the time to grow and nourish our relationships, it lacks the crucial love and care. It can also easily turn us cynical, escapist, self-centred, and lonely.

Why Do We Need Money?

While money cannot purchase happiness, it may provide you and your loved ones with protection and safety. Humans need it to pay for all the necessities of existence, including food, shelter, medical expenses, and quality education. To pay for these items, you don’t necessarily need to be Bill Gates or have a lot of it, but you will need some money until you pass away.

It is true that materialistic people are sometimes driven to do evil things for their own financial benefit by a fixation with money. But in actuality, it is just a means of transaction.

It is simpler to gain access to a wide range of goods and services when you have money. If not, you would have to find someone who had food and was willing to trade it for a service you could perform for them or a good you could make for them. Such bartering exchanges are time-consuming and ineffective, not to mention a less trustworthy way to acquire the goods you require.

Money eliminates the need to rely on others to give you what you need in exchange for something they might wish to deal with. You can exchange it for any items or services you want since everyone understands that it has worth.

Benefits of Money

The following are only a few of the many important advantages of money:

It gives you security.

You won’t ever have to worry about having a roof over your head, enough to eat, or being able to see a doctor when you’re sick if you have enough money in the bank. You won’t be able to afford everything you desire because of this, but you will be able to lead a secure middle-class life.

It gives you freedom

You can live anywhere you choose, take care of your necessities, and participate in your hobbies when you have enough money. You’ll experience even more freedom since you’ll be able to spend your time as you like if you’re able to achieve financial independence and have enough money to support yourself without working.

It gives you the power to pursue your dreams.

You can launch a business, construct your dream home, cover the expenses of starting a family or achieve other objectives you think will improve your quality of life if you have money.

Even though you can’t buy happiness, having independence, stability, and the ability to follow your aspirations can make you happy. Work hard, earn money, and develop financial literacy in order to achieve this. By investing, you may make it work for you and increase your output, and eventually, you should have enough to retire.

The Downsides

Obsession with money can create a host of problems.

You might engage in unethical or even criminal behaviour, such as theft or defrauding others, if you are continuously attempting to get as much money as you can. If you place excessive emphasis on money or material possessions at the expense of other people and things in your life, it could also cause issues for you and your family. You probably won’t be happy if all you have is money but have no one to live life with or anything to do.

It can lead to disagreements.

There may be a lot of conflict in your life if you and your spouse or other family members can’t agree on what should be done with the money. It is actually one of the main reasons married couples divorce.

The majority of these drawbacks have more to do with how people interact with money and their attitudes about it than the money itself. You may approach earning and saving money responsibly without letting it interfere with your daily life.

Planning for the Future

Understanding personal finance is crucial since money is required to buy the supplies and services you require to survive. To make sure you will still have enough when you can no longer exchange your labour for money, you must be responsible for the amount you earn and save enough for the future.

The earlier you start saving, the more likely it is that you won’t ever run out of money or experience financial trouble. Financial freedom is achieved when you have enough money to last the rest of your life. This can happen if you save and invest your money effectively.

Working for a living can seem like a bother, particularly if your job is boring and you don’t enjoy it. Money still validates your work, though. You obtain something of worth that enables you to live your life because you are paid for your effort.

Having enough money may be extremely freeing since it allows you the opportunity to buy what you need and do whatever you want, even though the pursuit of wealth has the potential to corrupt if it goes too far. Keep in mind that it is your responsibility to save so that you can use the money to create your future.

Before you go…

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