Be the Master of Your Own Money

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Be the Master of Your Own Money

 

Humans are inseparable from needs and desires. One of the most famous theories that explains the motivation behind human needs is Abraham Maslow's Hierarchy of Needs. Maslow argued that humans are motivated to fulfill their needs in a hierarchical order; lower needs must be met first before a person can focus on higher needs

 

Here, I won't explain the specifics of needs and desires, but rather how one way to obtain them is with money. Money is such a luxury these days. Because with money, all human needs and desires can be achieved.

 

n today's world, many people will do anything to earn money to meet their own and their families' needs. Some will resort to any means necessary to obtain it, such as theft, mugging, and even corruption. Isn't that sad? First, let's understand the fundamentals of money.

 

Money is a technology that facilitates economic coordination. Its evolution from goods (gold or salt) to symbols (paper) to data (digital) demonstrates that the most important aspect of money is not its physical form, but its function of trust. Today, money is no longer just a means of transaction; sometimes it can reveal a person's character, either for the better or for the worse.

 

Money can be a tool for charity, or sometimes a tool for bribery, depending on who controls it. We shouldn't be enslaved by money, but rather, we should be the masters of it. Humans should use money to help others. Here are some recommendations for mastering it:

 

1. Consciously treat money as an inanimate object that is not eternal.

2. Get used to keeping money in a lowly place like your back pocket so that the mindset is encouraged that money is so lowly and not something to be worshipped.

3. Get used to giving some of it to orphans or people in need when you get a lot of money.

4. Get used to using money to fulfill needs, not desires.

5. Don't be excessive in spending money.

 

I understand that everyone's journey to earning money is different. Nevertheless, money is still money, and it shouldn't be our sole master.

 

ehavioral finance is a field of study that combines psychology and economics to understand why people often make irrational financial decisions.

 

In traditional finance theory, humans are considered Homo Economicus—rational, objective, and profit-maximizing beings. However, in reality, emotions, cognitive biases, and social influences significantly influence our decisions.

 

The author of the book "Growing Strong in the Season of Life," Charles R. Swindoll, once said, "We can't change the past; we can't change what we can't avoid. The one thing we can do is hold on to the rope we have: right behavior." Therefore, through this short article, I urge those who were once wasteful to now be frugal; those who used to buy things they want to now buy only what they need; those who used to waste money to learn to consistently give alms, etc. Because if we don't get used to using money, we will continue to be slaves to it, and that will have a negative impact on you now and in the future. Use money for good and become the master of your money. Saving and investing are ways to become the master of your money. In this way, your present and future will be fine.

 

Make yourself the best person you can be through money for God's sake.