In this series, we will introduce the uses of money and its financial freedom point. At this point in your life, if you have planned and saved your money well you can be able to make your choice either working or hit working.
We also article we will give clue about money before dropping the full details of the uses of money
What Is Money
Money can be classified as an economic unit that generally recognized the exchange for transaction purposes in an economy. In most times money can provide the service of reducing transaction costs. In other words, money can be commonly referred to as currency and every government has its money system.
Here Are Our List Of Uses Of Money
2. Give: Giving out money can also be uses of money, it is important to give out some of your money away, giving out generously. It is much important when giving out money with our heart.
3. Debt: Debt is an amount of money borrowed by one party from another, debt can include your auto loans, mortgage, school loan, etc. Debt can be uses of money with an asset tied to it can be responsible debt.
4. Taxes: Taxes is a compulsory contribution to state revenue, levied by the government on workers’ income and business profits. The main truth is that we all as law-abiding citizens are paying some form of taxes, some pay high taxes while others pay low taxes, with that, you can classify it as uses of money.
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5. Grow: Growing your money for future use is very important because when you invest your money into a business or any investment can be also the uses of money. These are the excess funds that you allocate to any sort of investment strategy.
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Below is a table and pie chart of a sample Five Uses of Your Money, as well as the ideal ranges for each category. At P&A we have a very simple process to help our clients determine what their pie chart looks like and whether or not the Grow will get them to their Financial Freedom Point. It usually takes 10 minutes.