Money Meaning, Means, and Costs...

With pending tax filing, worrying about jobs, and concern for supporting livelihood for self and family prompt questions for the meaning of money…? ?So, what is money for common people?? How do ordinary people earn money?? What is the real and emotional cost of earning money and using it for hardworking people?

Be not offended, please. Speaking or writing about money may offend people as many people value money as very, very personal information about their perception of self-worth. And, often, people judge other people's worthiness by the amount of money they have and how they earned the money... And, many people may find it very offensive to be judged...

Well, so, you can earn money by working, inheriting, stealing, marrying a wealthy person, winning the lottery, handouts, and so many different ways... Here are the ideal perspectives on earning money, not the ultra-millionaire, nor the hard-working people who can barely live paycheck to paycheck...

1.???? Ideally, for most people, money serves as a medium of exchange, enabling them to acquire goods and services they need or desire. It represents a unit of value that can be traded for various goods, services, or assets.

2.???? Common people earn money through various means, typically by engaging in employment, entrepreneurship, investment, or through receiving benefits or assistance from government programs. They may work regular jobs, start their businesses, invest in stocks or real estate, or receive income from rental properties, among other avenues.

3.???? However, earning money also comes with costs and challenges for common people. These costs can include:

a.???? Time and Effort: Many people have to work long hours or multiple jobs to earn enough money to support themselves and their families. This can lead to stress, fatigue, and a lack of free time for leisure or personal pursuits.

b.???? Education and Training: Obtaining the necessary education, skills, or training to secure higher-paying jobs or start successful businesses often requires significant investment in terms of time and money. This can include attending college or vocational training programs, which may incur student loan debt.

c.???? Financial Expenses: Common people may incur various financial expenses associated with earning money, such as transportation costs for commuting to work, purchasing work-related clothing or equipment, or paying for childcare services if they have young children.

d.???? Taxes and Deductions: A portion of the money earned by common people is typically deducted for taxes, including income taxes, Social Security contributions, and Medicare deductions. These deductions can reduce the amount of money available for personal spending or saving.

e.???? Healthcare and Insurance Costs: Many common people have to allocate a portion of their earnings towards healthcare expenses, including health insurance premiums, deductibles, and out-of-pocket costs for medical care. This can be a significant financial burden, especially for those with chronic health conditions or inadequate insurance coverage.

f.????? Debt Repayment: Some common people may have debt obligations, such as credit card debt, student loans, or mortgages, which require them to allocate a portion of their earnings towards debt repayment. High levels of debt can limit financial flexibility and hinder long-term wealth accumulation.

Despite these challenges, earning and using money effectively is essential for common people to meet their basic needs, achieve financial stability, and pursue their goals and aspirations. Effective budgeting, financial planning, and prudent decision-making can help mitigate the costs associated with earning and using money, ultimately leading to greater financial security and well-being.

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~S. Vincent Shin,??? ??www.dhirubhai.net/in/vshin

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Be Vigilant. Be Safe.

“Stay Curious” and “Think for Yourself.”?? Always decide on your terms.? This is my research and analysis. Perhaps you should take a closer look at them and do additional investigation and scrutiny if they interest you. (SVS)

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References (Not limited to):

24.1 What Is Money? – Principles of Economics (umn.edu)

Understanding Money: Its Properties, Types, and Uses (investopedia.com)

27.1 Defining Money by Its Functions – Principles of Economics (hawaii.edu)

https://time.com/personal-finance/article/common-write-offs-you-can-deduct-from-your-taxes/

https://www.bench.co/blog/tax-tips/small-business-tax-deductions

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