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+ - Money and wealth: clearing up some serious misconceptions-> 2

Submitted by KDan
KDan (90353) writes "I am not an economist. However, most people misunderstand money and its purposes and uses so badly that I feel compelled to write out my understanding of it. Perhaps because I am not an economist, this might help some. The first and perhaps most important mistake people make is to confuse money for wealth. The more I earn, the more I realise that wealth is not money, but the ability to generate money (and other things of value). This is akin to the difference between saying "I am a dancer" (i.e. I have the ability to dance) and "I was a dancer" (i.e. I once had it but I no longer have it). Being wealthy is equivalent to the first statement, while having money is equivalent to the second."
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Money and wealth: clearing up some serious misconceptions

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  • Very exciting! These thoughts resonate with me. It's funny but accumulating money only to give it away to the next person (tution fees, mortgage, etc) always seemed quite silly. But I've never been able to put my finger on it!
    • You might want to create a buffer for the next person. In order for her to focus on education and not in "earning this month's food". Also you might find yourself having that buffer of "just in case" money.

      Something balanced usually helps.

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