Financial Management Manual for Dumbo (4) The Right Money Concept

The successful financial management requires apart from having dream and direction as the motivation for continuous effort, it is equally important to have the right money concept in place. The money concept represents our perception and conviction towards money. This belief will invariably influence our decision making, from as simple as how we spend our money in hand to as important as where we will be heading in life!  Everyone is entitled to a different money concept which will become the underlying principles of how we manage our finance and how we lead our life! But as long as such principles do not run against social norm or moral ethic, there is no question of right or wrong. We may, upon working diligently along such principles, achieve our respective dreams one day! Below are some of our persistent thoughts on money concept which we would like to share for your reference

  1. Wealth is a gift which is to be appreciated with a thanksgiving heart

My hubby and I come from Christian homes. Our money concept is as much impacted by Bible teaching as the Jews, which is anchored on the belief that wealth is a gift from God. Therefore we observe tithe which means to offer one tenth of our income and we regard this is as the first step to proper financial management. Due to our belief that all that we have is the blessing from God, therefore in our thankful response to God, we offer one tenth of our income to support church ministries and to help the poor and under privileged   community. Because of our feeling of gratitude, we practise an open and unselfish attitude towards money matter. We will attempt for the best in every endeavour but will take in stride for whatever the outcome might be, be it a success or a failure, trusting fully in God’s will to always prevail for the better

  1. Be a good manager for money matter

The exercise of giving tithe will help us to learn to be faithful in small things and likewise in greater things. It will be a good start in financial management if after having given tithe, we could still maintain a balanced spending with reasonable saving!  If we can manage well with little money then we are set to manage a larger sum of money, ultimately to be a faithful steward of  God. What God look for is the faithfulness of his entrusted steward and by this requirement we will be disciplined to be forever faithful in our duty in financial management! At the same time we will develop our self restraint and other important attributes in life.

  1. Managing money is a skill

Through persistent and consistent practice, we will become matured with experience over time in the art and skill of financial management. This is quite similar to the training for other skill sets where practice will make perfect. Our perseverance in money management will help to groom us into persons with better maturity in thought, more self-control and bigger capabilities. Gradually we will be in the position to create and manage more financial portfolio! What will happen to those who are without the maturity of thought,  self-control and capability?   I believe we all have heard of the story of someone struck lucky with a huge lottery windfall but fell back to square one or may be even worse after a few years later. The characters in the story are mostly people with little maturity, experience and capability to handle a sudden fortune, so much so they could not keep it but lose it all and some might even ended in huge debts instead.

  1. Money is the servant not the master

Money is not the end but a means to an end. We need to have a vision and meaning in life  which are higher than money and our desires. Money should be the sweet fruit of success in our pursuit for  the ideal and meaning in life. Similarly money should be our tool to enable us to achieve more and better things and be the blessing for others.  If our goal in life is to make more money and indulge in the excessive extravagance, then we might have missed out on the more important persons or matter for the sake of making money! Sadly the motivation for our drive comes from our endless pursuit and insatiable desire from which we will become enslaved. If in the process of pursuing vanity, we continue to live on borrowing, we might find ourselves enslaved by mounting debts! Though we might look glamorous from outside but we have forfeited our freedom by allowing ourselves controlled by our thirst and greed for money

  1. Money is not everything

Even though in the present world we cannot do without money but money is certainly not everything either. Money cannot buy growth, maturity of thought, happiness, joy,  prosperity and what our inner soul long for. Neither can money buy faithful companionship, true friendship, healthy body, inner peace , passion in work and sense of achievement! Therefore in the course of accumulating wealth, we need to find a balance in every thing we do to achieve a meaningful life

  1. There is no such thing as free lunch

As the saying of the wise “A gentleman will only make money in the ethical way”. If we hold fast to this principle, refusing to profit from any unworthy gain or to solicit ill-gotten wealth, we will be saved from being ensnarled by our own greed, hence to fall into the bottomless pit of treachery such as gambling or finding ourselves become the victims of the fraud syndicate. On the other hand, working diligently with passion for our job will elevate our capability, making us more matured with strong self-confidence and self-esteem. It will also help us to appreciate the sense of accomplishment from our completed task and making our life more meaningful. However if we adopt a passive attitude towards our work where we work only for pay, no sooner we will run out of our passion for work, instead feeling helpless and bored by the daily tedium! Honestly for everything we do in this world, there is a price to pay! For those who want to pay little for a bigger gain will ultimately forfeit their character building, zeal and passion in life!

  1. Money is not the absolute wealth

Money and asset are not the only wealth.   The richness in a person’s life encompass a robust life of faith, good health, character and self-worth, skill knowledge, experience, friends and family members who love, cherish and support us! Hopefully when we come to the end of our life journey, we will not be so impoverished that we have only money left!

  1. Money is nothing but just money

There are people in the world who equate money to self-worth. They think money represents their status and value in society, therefore their focus in life is to make and accumulate more money.  For us, money is just money, its value lies in whether it is able to help and serve us in our mission to accomplish meaningful things. Therefore with or without money around, we are still as who we are without any change to our nature or values! It is because of our values are not built on the abundance of wealth.

Will the wealth today disappear tomorrow? If we have lost all those wealth , does it spell the end for us?   Our concept of money will dictate its position in our heart, whether money surpass everything and decide our direction in life! So sometimes we need to do self-reflection and evaluate our inner self to check whether if our concept of money is on the right track and whether it is building us up or bringing destruction upon us.

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