Celebrity Column: Peace Hyde – ASSETS versus STUFF: Money matters!

Peace Hyde

Money as they say makes the world go round. Within most career decisions lies an underlying motivational financial concern. We all need money in order to function at any level. Money creates options. The more money you have, the more options are available to you. For example, having a bank balance of

$1 million dollars could be the difference between a 1 bedroom flat and a 5-bedroom house in a prime location.  There are usually few success stories in life without huge financial rewards associated with it. The way we handle money however will ensure how long the success we have will be.

There are usually two main categories of people in life with regards to money. We have the Rich people and we have Poor people. The category you fall under is entirely down to you as an individual and what your attitude towards life is. The main difference between the two is what they choose to spend their money on. Rich people buy ASSETS and Poor people buy STUFF. An asset is any commodity that yields a financial return and has a long-term benefit. Stuff is any commodity that is a liability or does not offer any return on investment. For example, an asset could be a house, treasury bills, a store, fish for sale, a taxi etc. Examples of Stuff are expensive designer shoes, expensive designer bags, expensive cars for private use etc.  From these examples it is clear that in order to remain successful, you need to invest your money in things that will continually replenish the amount you spend. And this is the simple reason why rich people remain rich. They invest their money in acquiring ASSETS.

The journey to success is one that has many lessons. Money is an important lesson in that journey. Choose today to be wiser about how you spend your money. The latest trendy shoes have no benefit whatsoever apart from protecting your feet at a very high cost. The next time you choose to buy anything, ask yourself, are you buying an item that will benefit you in the long term or are you buying something that serves to reduce your hard earned bank balance for a moment of happiness. Your attitude towards money forms the basis of how successful you will be and also how long you will remain successful. Do not be motivated by societal pressures of having the latest gadgets or material things. Instead, focus on acquiring things that will help you generate more money in the long term and develop the right type of attitude towards money today.

Remember, be yourself, everyone else is taken.

Peace Hyde.

 

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