Financial management is a term that is becoming increasingly popular. Hence, some individuals believe income made should be spent immediately, others are of the opinion that money earned should be kept for forthcoming purposes. In my opinion, I believe an individual's salary should not be squandered, but kept for rainy days.
On the one hand, it is commonly considered that an individual's income should be used lavishly because more often than not the future is unknown. To put simply, some people prefer to live in the moment and enjoy life as it comes because they believe the future is unknown and can be terminal. Proponents argue that it is better to enjoy your wage now, rather than save it and take it to the grave rendering it useless to its' owner. For example, Da Grin, a Nigerian musician, made a lot of money in 2008, he however died the following year, rendering his hardworking and earnings useless to him. Consequently, this has convinced some people that living in the moment is best and if Da Grin had spent his money before he died, he would have enjoyed it. Evidently, it is somewhat true that enjoying one's salary as it comes can be wise.
On the other hand, I believe that saving for a later date is more advantageous as it makes one more independent. To elaborate, at least once in a person's life, there would undoubtedly be unseen circumstances. So having spare funds available can help mitigate these life problems without having to rely on other people. For instance, Gbenga, my friend, developed appendicitis in 2018 and required surgery, he was able to withdraw funds from his savings account to fund the operation. If he did not save his money, he would have had to depend on family and friends to foot the bill. In all, it is obvious that keeping earnings for a later date can make an individual independent.
To conclude, although it is evident why it is argued that enjoying one's salary immediately is wise because of fear of the unknown, I believe keeping it for a later date is more beneficial. Unless money is saved, people would continue to lean on others.
Financial management is a term
that is
becoming
increasingly
popular.
Hence
,
some
individuals
believe
income made should
be spent
immediately, others are of the opinion that
money
earned should be
kept
for forthcoming purposes. In my opinion, I
believe
an individual's salary should not
be squandered
,
but
kept
for rainy days.
On the one hand, it is
commonly
considered that an individual's income should be
used
lavishly
because
more
often
than not the future is unknown. To put
simply
,
some
people
prefer to
live
in the moment
and enjoy life as it
comes
because
they
believe
the future is unknown and can be terminal. Proponents argue that it is better to enjoy your wage
now
,
rather
than save it and take it to the grave rendering it useless to
its'
owner.
For example
,
Da
Grin, a Nigerian musician, made
a lot of
money
in 2008, he
however
died
the following year, rendering his hardworking and earnings useless to him.
Consequently
, this has convinced
some
people
that living
in the moment
is best and if
Da
Grin had spent his
money
before
he
died
, he would have enjoyed it.
Evidently
, it is somewhat true that enjoying one's salary as it
comes
can be wise.
On the
other
hand, I
believe
that saving for a later date is more advantageous as it
makes
one more independent. To elaborate, at least once in a person's life, there would
undoubtedly
be unseen circumstances.
So
having spare funds available can
help
mitigate these life problems without having to rely on
other
people
.
For instance
,
Gbenga
, my friend, developed appendicitis in 2018 and required surgery, he was able to withdraw funds from his savings account to fund the operation. If he did not save his
money
, he would have had to depend on family and friends to foot the bill. In all, it is obvious that keeping earnings for a later date can
make
an individual independent.
To conclude
, although it is evident why it
is argued
that enjoying one's salary immediately is wise
because
of fear of the unknown, I
believe
keeping it for a later date is more beneficial. Unless
money
is saved
,
people
would continue to lean on others.