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EVERYDAY almost everyone on this planet uses money. Money is one of the most ingenious inventions of humankind, as it helps the exchange of goods and services. As people use money to buy it passes through many hands including individuals, businesses and banks. When one person (business/group) spends money another person (business/group) earns money. Money is moving in a never ending cycle just like the water cycle which results in rain. But what is money, What are it uses, What does it mean?
what is money

What is money?

In everyday speech, we use the word money in a variety of ways, such as:
“My father makes a lot of money,”
“Bill Gates has more money than anyone else,” or
“Google made twice the money this year than it did last year”.

Let us see what does each of the sentences mean.
“My father makes a lot of money,” – means income or how much does father earn.
“Bill Gates has more money than anyone else” – means how much wealth Bill Gates has.
“Google made twice the money this year than it did last year” means how much profit or net income did Google make.
So what is money? When asked there are varied answers: Coins & Notes, Currency, bank, Checks, Gold, Silver.
Forms of money Image
“Money does not occur in nature. Money like language is uniquely human” -Jack Weatherford.
The truth is, money does not have to be currency, notes, coins or gold or silver. Across the globe and in human history, different things have been used as money such as sea shells, cows, cigarettes, tobacco, beads, chocolates, metals like copper, nickel, gold, silver & paper.

Do we need money?Yes of course! We need it to:

  • Buy things such as food, clothes, cars, CDs, books etc.
  • To pay school fees, doctors, drivers etc.
  • To go to restaurants, movies, travel etc

Without it, one cannot eat, one has no place to sleep, one cannot have clothes. It pays our bills, it buys things for us. If money can be anything, then what is its purpose? Money serves three purposes:

  • Medium of Exchange: People use money to buy goods and services.
  • Standard of Value: People measure the value of a service or good with money. For example, chocolate is worth 4 bucks while a Barbie doll is worth 50 bucks. So, which is more expensive?
  • Store of Value: Money can be saved and used in the future. If you put 5 bucks in piggy bank and then take it out after a month or a year, you would be able to use it.
Did you know The word ‘money’ is derived from the Latin word monte, which is the name of the place in Rome where money was first made & stored.
money  has power
But MONEY is more much more – it represents emotions in many transactions, shows up in issues of control, safety, self esteem and well-being. What money can mean to people:
  • Power – Nobody will push me around, I will be strong and have control over my life.
  • Happiness – I’ll be happy. Lack of money causes all the problems in my life. If only I have money all my problems will be solved.
  • Security – If I have money I will be safe.
  • Freedom – If I am financially independent. I can choose whether to work or not.
  • Love – Money makes me love able and relationships much easier.
  • Respect – I earned all the money.
Just about every decision we make, and much of our personality, is formed in some way, shape or form by our beliefs around money. There is an inseparable link between our unconscious feelings about money and the way we earn it, spend it, save it and invest it. For example:Rather than saying “I love you” or spending time showing it, parents indulge their children with material gifts as a way of demonstrating or compensating for affection. When these kids become adults, they can feel unloved unless they are being given something.

How do we learn about money?

As Robert G Allen said, “Money is one of the most important subjects of your entire life. Some of life’s greatest enjoyments and most of life’s greatest disappointments stem from your decisions about money. Whether you experience great peace of mind or constant anxiety will depend on getting your finances under control.”

Money affects the house we live in, food we eat, the clothes we wear, the cars we drive, way we travel, our friends, the school we go to, the college we attend etc. It differentiates a prince from a pauper, the Bill Gates, Mukesh Ambani from a common man. Money which makes the world go round, doesn’t come with instructions. We are not born with money sense. Our attitude towards money is a result of many influences in our life: such as parents, friends, media etc.

With money being such an important part of our life, how do we learn about money? Research shows that most people learn about money from their parents at home and yet look at the statistics:

  •  Only 31% of 9-12 years say their parents discuss finances with them.
  •  70% of parents said that their children had not any formal training in money management
  • 76% of college students, wish they had more help preparing for their financial future.

(For more information on statistics and what parents want children to learn you can check out Section Financial topics at bemoneyaware.com )
Asked to select topics they wish they had learned more about when they were teenagers, the greatest percentage of today’s parents with teens (57 percent) chose Money Management. Surprisingly, most parents admit to raising children who may someday share the same regret!parents teensmisteps schwab survey image

Kotak Mahindra Bank’s Money ka Matlab Advertisements

Kotak Mahindra Bank on completing 25 years has come up with its 2nd phase campaign ‘Money ka Matlab‘ . The ads goes around asking people what money means to them i.e. ‘Money ka Matlab’. There are in total 10 ads.  Let’s check out
what the ads say:
(First campaign of Kotak was Its grt 2b 25My 25 Moments at Facebook)
money ka matlab khuda money ka matlab num
money ka matlab dancer image  money ka matlab animal farm
 money ka matlab punter  money ka matlab football
 money ka matlab pet vacation  money ka matlab desi enterprenur
 money ka matlab producer  money ka matlab rain
Note: Clicking on the image will take you to respective video on YouTube

Money means something to everyone..dreams aspirations . What does money mean to you? Please share with us.

Kotak Mahindra Bank’s Money ka Matlab Game on Facebook

Kotak Bank has also launched “Money Ka Matlab”  game on Facebook on 20th Aug 2011 which will run till 25th Sep 2011 . Similar to Farmville, Treasure Island everyday you have some tasks to do and for attempting tasks you get coins. Some of the tasks are shown below:

game money ka matlab tasks

Tasks

Tasks

Details of tasks

But money is not everything

Money isn't everything

Note: This is not a post sponsored by Kotak Bank or for any Kotak related contest. But yes it gave me idea to write about the post.

Similar question when asked on getrichslowly.org(a  famous US blog site on personal finance)  the responses were Read more..

What does money mean to you-Power, Freedom, Happiness, Security, Love, Respect? Where did you learn about it. Please share with us.

 

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