What Does Money Mean To You?

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#1
Before we can even talk about value investing, let's get some basics right first.

Nice article, thought post it here for all to share.
Btw, Musicwhiz, any copy rights issue here? If so, kindly take it out.

http://moneymatters.sg/what-does-money-mean-to-you/

What Does Money Mean To You?
July 26, 2012
in Saving money
By Musicwhiz (guest contributor)

In the quest for financial freedom, I wonder how many of us have stopped to ask ourselves the following question: What actually does money mean to us and what does it symbolize? What I mean is – how should one go about thinking about money and how it can enhance your life? After all, money acts as a medium of exchange for goods and services and is not an end in itself. The problem is that many people like to worship money as a God, and would willingly prostrate themselves in front of the God of Fortune (and Chance) just to scrape a little more money.

Living a Life of Abundance

To many of those I see around me, money is a way of living a “full” life – one of abundance, filled with material goods and possessions. Money can buy you many items and having more of it means you can essentially have more control over what you purchase. A poor person may be forced to shop at NTUC for the best discounts and value for money products while a middle-class family may be able to shop at Jason’s or Cold Storage.

Money, viewed at from this angle, gives us more flexibility and choices in life and enables us to experience more of life, as compared to a person living hand to mouth. Thus, the pursuit of wealth and money in this case is to ensure one can live life to the fullest and enjoy all that life can offer.

For me, I certainly endorse this aspect of money as I believe that one should ensure one’s family can live comfortably, and be able to afford the little luxuries in life. While being frugal is important, there comes a point where excessive frugality (some may call it “miserliness”) makes one unhappy and restless; accumulating money for money’s sake defeats the purpose of living a life, because ultimately we cannot take the money with us when we die, and therefore some of it must be used to enhance our quality of life.

The key is in moderation – there is no point depriving yourself of simple pleasures like a good movie, a nice meal or a relaxing spa session just to save a few extra dollars. As long as you have budgeted properly, loosen the purse strings and spend on the little things, while keeping the big picture (wealth accumulation) in mind.

Splurging and Flaunting Wealth

There are others who take money to extremes, and display ostentatious spending behavior in order to portray a certain image of themselves to others. To them, money is meant for showing off and they therefore splurge on expensive designer and branded goods and “bling” (the term for material possessions which are more Wants than Needs). As a result, money to them is simply used for flaunting and acts as an ego booster, rather than as a source of security.

People who splurge needlessly and flaunt their wealth in visible ways (designer goods, fancy cars) do not appreciate the value of money. Money should act as security and be a testament to the hard work which one puts in – spending without regard is like throwing caution to the wind and engaging in extremely risky activity without a suitable safety net (likened to bungee jumping without a safety cord). In Chinese lingo, it is the classic case of punching your face till it swells so that you resemble a fat (prosperous) person.

Freedom from Worry

I guess for me personally, having enough wealth would cause me to be free from worry, and it represents a freedom in itself. In Singapore, most people worry about money because they may be enslaved by their mortgages or car loans; but if one is debt free and better still, financially free, one can enjoy a freedom which many others have yet to taste.

Charlie Munger once mentioned that he wanted to become rich not because he wanted wealth to flaunt – it was because he desired the independence which financial freedom brings; and that was something he desperately craved. I share his sentiments on this – money to me represents freedom and being lifted from the bondage which debt brings. Right now even with five years left on my HDB mortgage loan, I still feel invisible chains dragging me down; perhaps I am too old-fashioned and conservative but to me debt is something which can choke the life out of someone, though others may encourage the careful use of leverage to multiply returns.

Helping the Needy

One altruistic aspect of being rich also means I will have more time and means to do charity. Money means being able to help people and to make a difference to their lives, and to me this is really the most profound thing which we can do – help another fellow human being. I had always harbored a secret desire to help those less fortunate than me – but sad to say I have been procrastinating when it comes to doing more for them. Though I do donate to donation tins and support fund-raising efforts for the poor and sick, I always feel that I could do more to ease the suffering of the less fortunate. So if you are reading this and you are an extremely wealthy individual, please spare a thought for those who are mired in less appealing circumstances and donate generously to help their cause.

Conclusion

I have listed out some aspects of money which I think relate to people around me. So the important question to readers is – what does money mean to you? Perhaps you can provide further insights or refute some of my points by using the comments box.

By guest contributor Musicwhiz, who works in the accounting industry and blogs on the principles of value investing at Value Investment.
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#2
Money definitely means freedom to me Smile
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#3
Financial free means :

1) I can stop worrying about not been able to provide my family the basic needs and support in terms of emergency.

2) I don't have to worry about having to take leave or begging for no pay leave so that I can take long break to take care of family members or other issues.

3) I don't have worry about my retirement if I would have enough money to last me when I am not able to work.

4) I am able to get out of work politics and the rat race and able to do the work the way I want. I am able to choose the projects I want and set the terms I want or else I don't take on the project. I don't have to take on the project for the sake of money. I will have better bargaining power and be able to provide cost benefit they cannot refuse.

5) I am able to live the way I want to live as I would have the freedom to make that choice.
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#4
More money means i can play golf everyday
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#5
For all the "ranting & romance" about money, please don't forget money is not yours until you used it or spent it on someone else.
Yet very funny, we still want to keep it less we have nothing for "Tomorrow."
What if "Tomorrow Never Comes?"
That's always our paradox.
If only we knew when is our "Tomorrow Never Comes" .
Then do we still need to keep it for "Tomorrow?"
Will we then be really "free of this world?"
No more worry for "Tomorrow".
How many of us can sincerely say, "We are not living for "Tomorrow?"
i try but i can't; for i know even if i knew my "Tomorrow is Tomorrow Never Comes," there is still a "Tomorrow" for my son and kins.
That's where we are not as free as the "BORN FREE" (Wild animals in the jungle)TongueBig Grin
Me & My Money $$$!TongueBig Grin

(30-07-2012, 01:31 PM)flinger Wrote: Financial free means :

1) I can stop worrying about not been able to provide my family the basic needs and support in terms of emergency.

2) I don't have to worry about having to take leave or begging for no pay leave so that I can take long break to take care of family members or other issues.

3) I don't have worry about my retirement if I would have enough money to last me when I am not able to work.

4) I am able to get out of work politics and the rat race and able to do the work the way I want. I am able to choose the projects I want and set the terms I want or else I don't take on the project. I don't have to take on the project for the sake of money. I will have better bargaining power and be able to provide cost benefit they cannot refuse.

5) I am able to live the way I want to live as I would have the freedom to make that choice.

Work Politics:-
We are all human.
As Human we can not escape politics.
i think among the apes/higher animals, they have some types of politics too.

i hate work politics very much as i am quite direct in my speaking to anyone that i always find myself in a corner at the end of the day, after working sometimes in a company.
Somehow i always get into the "bad books" of my "Boss" though no matter how good my work performance is.
i just don't know how to be in the company's grapevine of gossip.
And if i can't take it any longer, i just change company.
Of course it's the same in the new company after a while.
i know long ago i am just not suitable to be an employee.
i just can't handle the working politics.
Is there anything wrong with me compare to the "norm?"
YES! & NO!
Depend on at what angle you are looking at?
Why can't you just be like the "norm?" Ha! Ha!
i find out i can survive better on my own.
i think that's why i have found one of my calling is DIY investing for life.

i still hate very much "Dirty Politics"
Though i can understand i myself always try to be more friendly towards people in the F & B line.
There you see i am a political animal too.
Though i try not to be.TongueBig Grin
WB:-

1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.

Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.

NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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#6
Money means freedom to :

1) spend more time with loved ones
2) travel and explore the world
3) try out new experiences like book writing, another degree, volunteerism etc
4) ignore nasty or distasteful people
5) eat anything I want off a menu
6) buy and appreciate exquisite goods/artwork
7) give to and help with worthy causes that move me
8) buy time and conveniences. Minimize queuing esp
9) eat better and stay healthy since less stress and better diet and health checks.

But having made enough to retire in mid 30s I can tell you money does not buy happiness and it is up to us to make the most of our fortune.
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#7
It means nothing and everything Smile
Just google singapore man of leisure
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#8
It means having more choices in life.
But whether it makes you happier or not depends on your ability to handle the additional choices.
In fact, it can even bring unhappiness if you don't know how to manage these new 'problems' of choices it brings with it...Tongue
Luck & Fortune Favours those who are Prepared & Decisive when Opportunity Knocks
------------ 知己知彼 ,百战不殆 ;不知彼 ,不知己 ,每战必殆 ------------
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#9
(31-07-2012, 08:11 AM)Jared Seah Wrote: It means nothing and everything Smile

Yours was a good one!

Just 5 words - Covers everything and nothing! Ahaha

(31-07-2012, 08:15 AM)KopiKat Wrote: In fact, it can even bring unhappiness if you don't know how to manage these new 'problems' of choices it brings with it...Tongue

Yes, it's very true!

Look at the recent Gu KaiLai's case!

So much money until don't know how to count!

It brought down her whole family!

Money is the root of all evils!
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#10
(31-07-2012, 08:45 AM)etan Wrote: Money is the root of all evils!

Seriously, I can help you to get rid of all the evils.
If it's ok, I can pm you my account number.
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