MY MONEY AND I
SPECIAL EDITION
Ibrahim Umar
TABLE OF
CONTENTS
WHAT IS MONEY 1
SOURCES OF INCOME 1
REFERENCE STORY (Warren Buffett) 2
WHAT IS MONEY
IN SIMPLE TERMS, MONEY IS AN EXCHANGE OF VALUE. IT IS AN ESSENTIAL COMMODITY THAT HELPS US RUN OUR LIVES. IT IS ALSO A MEANS FOR WHICH A PERSON TRADES WHAT HE HAS FOR WHAT HE WANTS.
IN THE PAST,
IF YOU HAD TO BUY A BICYCLE (WHAT YOU WANT), YOU WILL NEED TO TRADE IT (EXCHANGE) FOR WHAT YOU HAVE (MONEY).
“A GOOD WAY TO MULTIPLY YOUR MONEY IS TO GIVE”.
SOURCES OF INCOME
There are many ways you can generate income:
.. your pocket money/allowance
.. monetary gifts from relatives and family friends
.. work
.. trade
As a student in school, you might be wondering how you can make money. There are various healthy jobs you can do to make some money.
Here are some tips:
.. Getting a vacation job
.. Learning a skill and using it
.. Tutoring some of your classmates or children of your family friends/neighbours
SAVINGS
In simple terms, savings is income owned, but not spent. It is the funds deferred for consumption or use.
HOW TO SAVE MONEY?
.. piggy banking
.. putting money aside in a bank account
SHORT STORY: AHMED WAS STROLLING HOME FROM SCHOOL ONE SUNNY AFTERNOON AND HE NOTICED A NEW OUTLET OPENED IN HIS NEIGHBOURHOOD. HE WALKED IN THERE AND TO HIS AMAZEMENT, THERE WAS A SECTION WHERE THEY SOLD VIDEO GAMES.
HE WAITED TILL EVENING FOR HIS DAD TO RETURN. IN EXCITEMENT, HE ASKED HIM FOR MONEY TO BUY SOME NEW GAMES. DADDY TURNED DOWN HIS REQUEST AND TOLD HIM TO SAVE MONEY TO BUY WHAT HE WANTS. UNHAPPY AHMED WAITED FOR THE WEEKEND TO COME. HE WAS SURE UNCLE SAM WOULD VISIT.
‘UNCLE SAM, PLEASE I WANT TO BUY SOME NEW VIDEO GAMES. THE ONES I HAVE ARE OUTDATED.’ HE SAID. HIS UNCLE REPLIED ALMOST LIKE HIS DAD. EVEN THOUGH AHMED WAS UNHAPPY, HE COULD SENSE THAT HIS DAD AND UNCLE WERE TEACHING HIM AN IMPORTANT PRINCIPLE. HE MADE UP HIS MIND TO SAVE MONEY TO BUY THE VIDEO GAMES.
IT TOOK A WHILE, BUT AHMED ENDED UP BEING ABLE TO SAVE MONEY TO PURCHASE WHAT HE WANTED. HE DEPRIVED HIMSELF OF SOME SNACKS HE COULD HAVE BOUGHT, KEPT OTHER CASH GIFTS RECEIVED FROM HIS RELATIVES.
DEVELOPING THE HABIT OF SAVING IS NON NEGOTIABLE. IT HELPS IN THE FOLLOWING WAYS:
.. storing up money for the future.
.. creating a brighter future for tomorrow.
.. preparing for further needs and events
.. earn interest and helping your money grow
.. reducing the temptation of reckless spending
THE BEST AND SECURE WAY TO SAVE YOUR MONEY IS IN THE BANK OR RECOGNISED FINANCIAL INSTITUTIONS. YOU CAN START BY SAVING YOUR MONEY THROUGH PIGGY BANKING.
HOWEVER,GROW FROM THAT LEVEL. OPEN A BANK ACCOUNT AND SAVE MONEY THERE. IT HAS MANY BENEFITS. I WILL SHARE MORE ON THIS LATER.
REFERENCE STORY
WARREN BUFFETT
KNOWN AS THE “ORACLE OF OMAHA” WARREN BUFFETT IS AN INVESTMENT GURU AND ONE OF THE RICHEST AND MOST RESPECTED BUSINESSMAN IN THE WORLD. BORN IN NEBRASKA IN 1930, WARREN BUFFETT DEMONSTRATED KEEN BUSINESS ABILITIES AT A YOUNG AGE. BY THE AGE OF 13, BUFFETT WAS RUNNING HIS OWN BUSINESS AS A PAPER BOY AND SELLING HIS OWN HORSERACING TIP SHEET. HE BECAME ONE OF THE WORLD’S RICHEST MEN AND A CELEBRATED PHILANTHROPIST. WHEN DID HE START INVESTING?, HOW DID HE DOES IT?. MESSAGE ME WITH THIS LINK 👉👉
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