Money – Needed For Survival

Why Do You Need Money?

This is not a thesis on the topic. The focus is directed on more practical down-to-earth concerns.

The focus of this is threefold:

1. A Medium of Exchange
2. Acquisition as a Major Activity
3. A Requirement to Survive

A Medium of Exchange

The general definition that serves the purpose here is that it is a Medium of exchange.

It is used as an intermediary for trade, in order to avoid the inefficiencies of a barter system. Who wants to lug around gold bars, silver rocks or whatever is considered to be of value in order to do business?

And that brings up another aspect of this and that is value.

I recall when President Richard Nixon took the United States off the gold standard back in the 1970s (maybe around 1973). I personally didn’t like it and later around 1975, I remember my economics professor saying he didn’t like it.

He said, “A dollar is ‘money’ only because the government says it is.”

Put another way he was saying that the government could print paper currency and say it is money.

So now we have this “Fiat currency” decreed legal tender but not backed by gold or silver.

Fiat currency like paper or electronic currency is no longer backed by gold in most countries. It therefore is not considered by some economists to be a store of value.

Those of you who think you have value in paper currency can simply check out any of your paper bills. On U.S. paper bills on the left hand side, you will see the words “This note is legal tender for all debts, public and private.”

So there you have it in writing as my economics professor said. “A dollar is ‘money’ only because the government says it is ‘money’.”

Acquisition as a Major Activity

Perhaps you have heard it said, “Money is the root of all evil.”

That is NOT correct.

The Bible text reads “The love of money is the root of all evil.”

The point being made is the “Love of” it. It is simply a tool - that is all. People do all kinds of things because they want it, so motives may come into question.

What concerns me is a rising Cost of Living (Inflation), Recession and other matters. That affects the ability to Survive.

A Requirement to Survive

It is important because in modern society, you need to have it in order to survive, plain and simple.

You must have good income in order to pay your living expenses. Period.

For some, short-term day jobs means they can obtain paper money which is immediately satisfying.

It is always a matter of figuring out how you are going to support yourself and your family.

And that is where Income Science comes into play. To learn more Click Here.

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