A Brief Economics Lesson 

Image by flaart from Pixabay

Economics is defined, by dictionary.com, as the science that deals with the production, distribution and consumption of goods and services, or the material welfare of humankind. 

Another way of defining economics is that it is the effective use of scarce resources.  I believe and know that, although some resources may be scarce, the money needed to purchase these resources is not in short supply. 

Poor people need more money.  Rich people want more money.  Those in the middle, economically, can benefit from having more money.  It is human nature and perfectly okay to want more money.  In fact, I have never met anybody who told me they wanted less money.  With that said, we need to look at the big picture. 

Money and finances are a huge part of everyone’s life.  The food we eat, the electricity in our homes and our family vacations all depend on having money.  The luxuries that we enjoy such as the car we drive, or the video game systems we play are determined by it as well.  Let’s face it; nobody except a very close friend, or family member is just going to give you this stuff for free.  You need money!  Because of this, we need to pay very close attention to the money flowing in and out of our pockets.  If we don’t, then we spend life struggling economically and miss the full potential of our life because of the fear and stress associated with living in lack or want. 

Image by Andrew Khoroshavin from Pixabay

If you were to select one hundred people randomly at age sixty-five and look at their financial picture, a snap shot on their life, you will see the following results: one will be “rich” financially; four will be “financially independent”; five will still have to work; fifty four will be broke; and the rest will be dead.   

Why is that?  These people all started at the same point.   None of them had any advantages over the others.  Yet, only five out of a hundred people, or five percent of our population ever reach a point of financial independence.  Why do so many people fail financially?  We all have the same chances and opportunities. 

Many people simply have wrong thinking when it comes to money.  There are many reasons for this.  There are too many to list, but it can be anything from growing up in an environment of lack, to the thousands of marketing messages we receive every day that tell us and teach us to go and spend everything we have, then we’ll be happy.  In this principle, we will break whatever barrier may be stopping you from having more money.  For now though, let’s get clear on what we want, or think we may want.   

What must we do in order to change the financial aspect of our life from one of struggle, fear and lack into having what we need and want?  The first step in the process is to uncover where we are presently.  Many of us, up to this point, have accepted our financial circumstances as the way it should be.  We have thought we deserved our current circumstance and have not attempted to change them.

Michael at R2W

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