Money Equals Choices

The one financial concept I preach to my kids constantly is -- having money equals choices. Lack of money means limited or no choices.

Think about this for a minute. The wealthy can hire better attorneys, better financial advisors and have better healthcare. Having money means a better quality of life.

Now I'm sure a few of my readers will argue the "money doesn't buy happiness" thing. I'll agree with that completely. I've seen some miserable rich people and some very happy financially challenged folks. However, money will give you the ability to choose for yourself. Here's what I mean:

Having money means you can choose the work you do. If you have savings and financial resources and you don't enjoy the work you do, then you can change your job. You can choose a profession or an employer that makes you happy. You are not stuck in a situation you hate.

Having money means you don't have to be in debt. Debt is slavery. There's no other way to say it. When you owe, you are in servitude to the lender. When you have money it gives you the ability to get preferential lending terms. Often zero interest or very little. Or you don't have to borrow at all.

Having money means less stress. I cannot tell you how many people I've talked to in my career, that stress over every dollar that comes into and goes out of their lives. It's a terrible situation to be in. When you have saved enough you don't worry about the small stuff. There's a whole lot less to worry about when the bank account is full.

It's a very simple concept. Money equals choices. Choices about every aspect of your life, from where you work to your physical and mental health. Spend wisely and save as often as you can. It will be worth it.

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