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How Important Is Money? What Role Does It Play In The Betterment Of Society?

How to save money? –

Tax planning is an analysis of one’s financial situation to reduce tax liability.

  • Always maintain notes of what, where, and how you are spending
  • Always keep some savings in your bank account. This amount should remain untouched and should be kept for an emergency.
  • Keep a fixed deposit amount. This helps your stable money to keep increasing within the bank
  • Make a list or record of your spending to avoid any regular unwanted expense.
  • Make smart investment plans always keep a check about the profit and loss.

How important is money?

We must have come across this question several times in our life. The value of money may be varied for each one of us but what remains constant is that money is essential to fulfill the basic needs of food, shelter, and clothing in our life. But are basic needs so restricted? What about education? Fulfilling your child’s dream of graduating from a particular college. What about the transport facility?

 Buying a car with all the comfort and features. What about a day off from work? Spending the day at a club or maybe on the beach. Do all these come free? Of course not. What we call basic needs might vary from person to person. For someone buying a proper meal for themselves can be their basic need while for someone else a wifi connection might be in their criteria of basic needs.

Is your money beneficial for society?

Having a fair amount of money makes you independent and powerful. You get to make your decisions, choose your path, take or ignore the risks. All in all, if you have the money you have full control over your life.

If you have enough money it also helps you to donate or do charity. By this, you help the ones that are struggling for resources and need money. This shows the gesture of love, care, and humanity. It also becomes an inspiration for other people to take another step in the betterment of society. This makes sure that no person sleeps hungry and deprived of mere resources.

If your friend or a family member plans of starting a business but they don’t have enough money to invest. You could lend them some money then so that they can start their business. You could ask for your money from them later after they profit from their business. This turns a liability into an asset. As the person who was sitting ideal is going to start a business. This tax planning contributes towards the wellness of society by decreasing unemployment.

This will not put you into any harm but instead, help someone to take an initiative for their future business. The person will always remember you, as you stood up for them when they were in need. This might help you as well if faced with an emergency.

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