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MONEY MATTERS!

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Purposeful Perspective of Money

Money is one word majority of humans existing on earth can relate to. Arguably, it is the most mentioned word daily in the world's vocabulary.
Even a one year old child recognises money in whatever form it is, whether as coins, paper notes irrespective of which part of the globe it is being used.

Wikipedia puts it that Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context.
The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, sometimes, a standard of deferred payment. Any item or verifiable record that fulfills these functions can be considered money.

Money is historically an emergent market phenomenon establishing a commodity (money), but nearly all contemporary money systems are based on fiat money.
Fiat money, like any check or note of debt, is without intrinsic use/value as a physical commodity. It derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private".

Money is a necessity of the economy. All countries of the world need money to sustainably run a successful economy and to put basic amenities as well as structures in place for improved living conditions of its citizens.
The Family, as a basic unit of the society, as well as an individual needs products and services for which money can be exchanged.

FACT: Money is a means of exchange for services or products, and without it living day-to-day would be hard, and accomplishing tasks/set goals would be difficult if not impossible.

Money can be used as an exchange for a wide variety of products and services. E.g food, clothing items, cars, gadgets, healthcare service, etc.

FACT: Because of the need for money, money needs to be made, and be made legitimately.

Please watch out for the next post on purposeful perspective of money.

Editor: Tobi Oni





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Guest Wednesday, 18 July 2018

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