The True Value of Money – Assessing How Much Money Is Really Worth To You
Those of us that invest a great deal of time managing our finances may think we know the answer to the question “how much is money worth?” While it’s a complex topic, we think we have a straightforward, quantitative, clear-cut answer which involves exchange rates and currencies and inflation and the passing of time. We pull out our calculators and let the numbers do the talking.
But there’s another way to look at how much money is worth that doesn’t involve numbers or currency conversions. I’m speaking here about the qualitative side of the coin and where finance fits into your value system and life goals.
Looking back at a recent 22Dollars post which discussed famous finance-related sayings, one that comes to mind with regard to this topic is “Money is the root of all evil.” This sort of points to the fact that many people shy away from thinking about or discussing finance, feeling that it makes them seem shallow, greedy or overly concerned with money.
It’s true that people can easily become consumed by greed, or the desire to make or horde large sums of money. We see examples of this everyday in the news as scandals ranging from the small and local level up to the national and corporate level indicate the lengths people will sometimes go to just for some extra cash.
But maybe there’s another way to view the topic. Sayings like the one mentioned above have the connotation that placing a personal value on finance is a bad thing. Certainly everyone needs to make their own decisions when it comes to values, but perhaps it’s worth arguing that taking a vested interest in managing your finances can be a path to doing great things, not just greed.
Here’s some food for thought. On a personal level, by managing your finances properly you’re setting yourself and your family up for financial security. Should a friend or family member face an emergency (such as unexpected unemployment or the need for expensive medical treatment), you may also be able to help them out – which is a powerful positive impact you can have on a loved one’s life.
Once your own finances are in order, you may even be able to extend your influence and investigate philanthropic initiatives. Whether this means setting up a scholarship fund, lobbying for a particular cause or making a donation, you get to pick a cause that’s important to you and help ensure it’s security for the future.
As a result, while it’s only money and it’s not something most of us want to become consumed by, it’s worth considering the true worth of a dollar and where it fits in with the things we really value.