essay on advantages and disadvantages of money

Essays About Money: Top 5 Examples and 6 Prompts

With money comes great power; however, power must always come with responsibility. Discover thought-provoking essays about money in our guide.

Money is everywhere. We use it to eat, drink, clothe ourselves, and get shelter, among many other uses. Nowadays, it is an undisputed fact that “money makes the world go round.” The earliest known form of money dates back to around 5,000 years ago ; trade was previously carried out using a barter system. However, over the centuries, more and more nations began implementing a currency system, and money has become more critical. 

In the contemporary world, it seems to be “all about money.” However, it is important not to lose sight of what is important; we must maintain good physical and mental health and healthy relationships with the people around us. Money is necessary; it is just not the only thing necessary. To start your essay, read these examples to write insightful essays about money. 

5 Top Examples On Essay About Money

1. essay on money by prasanna, 2. how money changed human history by jacob wilkins, 3. capitalism: money that make money by ernestine montgomery, 4.  is money the most important thing by seth higgins.

• 5. ​​An Introduction to Saving Money by Jeremy Vohwinkle

Writing Prompts For Essays About Money

1. good uses for money, 2. the “dark side” of money, 3. money’s role in history, 4. morality vs. money, 5. can money buy happiness, 6. how to save money.

“Imagine the world without money. We will eventually come to a point where we will be asking questions like “what’s the point of life”. Hope and goals are some of the important things that will keep a man going in life. Without any sense of achievement or motivation, there wouldn’t be any inventions or progress in the world. People work to get money and then people work harder to get more money. This cycle of life that keeps a man motivated and hopeful is one of the biggest advantages of the system of money”

This essay gives readers a general outlook on money and its advantages and disadvantages. It gives people equal opportunity to work for their dreams and motivates them to be productive members of society, while it also raises the question of greed. Money, without a doubt, has its positive and negative aspects, but it exists and is only becoming more critical.

“But the barter economy was flawed. There was no universal measure for determining the value of an item. It was all based on the subjective opinion of the individuals involved. And to make matters worse, the barter economy relied on both sides wanting something the other had to offer. Trade, therefore, could be sluggish and frustrating. Human beings needed something different, and money was the answer.”

Wilkins writes about how money revolutionized the way trade was conducted. The barter system involved trading any objects if both parties agreed to a deal, such as trading animal skins for fish or medicine for timber. However, the only measure of an item’s value was how much one party wanted it- both sides needed to have something the other wanted. The introduction of money allowed people to put a solid value on commodities, making trade easier.  

“So, if you were to closely observe the dirty, disordered canvas of economic progress during the 20th and 21 st century, you should conclude that, for all its warts, capitalism has been the winner. It has sometimes caused pain; suffered from serious cycles; and often needed the clout of the state- such as we have seen from September 2008. It has also been quite resistant to sensible regulation. Even so, the basic institutions of capitalism have worked, not just in the US and the OECD (Organization for Economic Co-operation and development) nations, but also many developing countries, of which India is one.”

Albeit lengthy, Montgomery’s essay discusses the debate between socialism and capitalism, a topic of which money is at the core. Montgomery describes Karl Marx’s criticism of capitalism: all the money goes to a few people, not the workers. She believes these are valid to an extent and criticizes certain forms of capitalism and socialism. Neither capitalism nor socialism is perfect, but according to Montgomery, capitalism creates a better economy. 

“Being the richest man in the world does not mean you are the happiest man in the world, although money can buy you happiness sometimes, but not always. If we could all appreciate the way life is, the fun, and the beauty I think the world would be better. If people weren’t power hungry maybe we’d have a lesser demand for money. Those people who is money hungry and power hungry need to relax. Money can’t buy you happiness. These individuals need to understand that.”

Higgins implores readers to remember that money is not the only thing people need in the world. He stresses the necessity of money, as it is used to pay for various necessary goods and services; however, he believes it is not a prerequisite for happiness. Material things are temporary, and there are other things we should focus on, like family and friends. 

5. ​​ An Introduction to Saving Money by Jeremy Vohwinkle

“A financial emergency may take the form of a job loss, significant medical or dental expense, unexpected home or auto repairs, a hurricane or major storm, or something unthinkable, such as a global pandemic. The last thing you want to do is to rely on credit cards with their hefty interest fees or to be forced to take out a loan. That’s where your emergency fund can come in handy. Historically, the formula for an emergency account is to have enough readily available cash to cover three to six months of living expenses.“

Vohwinkle’s essay gives readers some suggestions on how to save more money. Most importantly, he suggests setting up an emergency fund, as all other saving techniques stem from there. He also suggests creating an automatic savings plan and cutting down on “spending leaks,” like buying coffee. You might also be interested in these essays about celebration .

In this essay, write about why money is necessary and the ways to use it for the greater good, and include ways in which it can be used (investing, donating, etc.). For each point, you make, be sure to explain why. Of course, this is entirely subjective; feel free to write about what you consider “good uses” for money. 

On the other hand, money also has a negative side —research on money-related issues, such as taxpayer-funded corruption and trading of illegal goods. In your essay, explore this side of money and perhaps give solutions on how to stop these problems. 

Money has played a progressively more important role throughout human history. Discuss the development of currency and the economy, from the barter system to the digital world we live in today. You need not go too in-depth, as there is a lot of ground to cover and many eras to research. Be sure to cite reputable sources when discussing history. 

Many people warn of “selling your soul” for financial gain. In your essay, you can write about the importance of having solid values in this day and age, where money reigns supreme. What principles do you need to keep in mind? Explain how you can still value money while staying grounded; mention the balance between material needs and others. 

As stated in Higgins’ essay, more people have begun to prioritize money over all else. Do you believe that money is truly the most important thing? Can it alone make you happy? Discuss both sides of this question and choose your position accordingly. Be sure to provide precise supporting details for a stronger argument. 

Enumerate tips on how you can save money. Anything works, from saving certain things for special occasions to buying more food in the grocery rather than eating out. This is your opinion; however, feel free to consult online sources and the people around you for extra advice. 

For help with your essays, check out our round-up of the best essay checkers .If you’re still stuck, check out our general resource of essay writing topics .

Why Money Is Important

Expertise: Student loans, mortgages, insurance

Christy Rakoczy has been a personal finance and legal writer since 2008. She has a Juris Doctor degree from UCLA School of Law and was a college instructor before she began writing for the web.

At some point in your life, you’ve probably heard someone say they don’t care about money; you may have even said that yourself. While this sentiment sounds nice in theory, the reality is—for better or worse—that you shouldn’t underestimate the importance of money.

Table of Contents Skip to Section

Why do we need money?

• Benefits of money
• Downsides of money

Planning for the future

Money can’t buy happiness, but it can buy security and safety for you and your loved ones. Human beings need money to pay for all the things that make your life possible, such as shelter, food, healthcare bills, and a good education.

You don’t necessarily need to be Bill Gates or have a lot of money to pay for these things, but you will need some money until the day you die. 

Because money is necessary for obtaining the goods and services you need to survive, an understanding of personal finance is essential. You must be responsible with the money you earn and save money for the future when you can no longer trade your labor for money.

The sooner you start saving your money, the more likely it is that you’ll never face a lack of money or financial stress. In fact, if you save enough and invest wisely, you could even become financially free—which happens when you have enough money to live on for the rest of your life .

Money is a universal medium of exchange

One reason so many people profess not to care about money is that the love of money has been described as “the root of all evil.”

It’s true, materialistic people can let an obsession with money drive them to do bad things for their own financial gain. But in reality, money is nothing more than a medium of exchange. 

Money makes it easier to trade your labor for a diverse set of goods and services. The following are some things to consider when it comes to the value of money and why money is important.

• Without money, if you wanted food, you’d need to find someone who had food who was willing to trade it in exchange for a service you could directly provide, or for a product you could produce. Bartering transactions like this are cumbersome and inefficient, not to mention a less reliable means of getting the things you need.
• Thanks to money, you don’t have to hope someone wants to give you something you need in exchange for something you have available to trade. Everyone recognizes that money has value, so you can trade it for whatever goods or services you desire. This increases market liquidity, which refers to how easily assets can be purchased or sold.
• Of course, this works only in situations where money actually has a stable value — and it derives this value from the fact that it is a scarce commodity. If everyone could obtain as much money as they wanted by printing it, it would no longer have any value.  
• To guard the true value of money, a central authority must ensure the supply of money remains limited. In many cases, a central bank like the U.S. Federal Reserve controls the money supply and makes sure we don’t end up with so much money that it is no longer seen as valuable—a process called inflation.  

Benefits and downsides of money

The existence of money allows you to trade your labor for things that you value. There are many major benefits of money. There are also some downsides.

Money gives you freedom

When you have enough money, you can live where you want, take care of your needs, and indulge in your hobbies. If you are able to become financially independent and have the financial resources necessary to live on without working, you’ll enjoy even more freedom since you will be able to do what you want with your time.

Money gives you the power to pursue your dreams

Having money makes it possible for you to start a business, build a dream home, pay the costs associated with having a family, or accomplish other goals you believe will help you live a better life.

Money gives you security

When you have enough money in the bank, you’ll never need to worry about having a roof over your head or about having enough to eat or about being able to see a doctor when you’re sick. This doesn’t mean you’ll be able to afford everything you want, but you’ll be able to enjoy a stable middle-class life.

Obsession with money, or a love of money, can create a host of problems

Trying to acquire money at all costs, or constantly trying to acquire as much money as you can, could lead you to unethical or even criminal behavior, such as theft or scamming others. It could also cause you and your family problems if you focus too much on money or material things at the expense of other people and things in your life. If all you have is money, but you have no one to share your life with and nothing to enjoy, you’re unlikely to be happy.

Money can lead to disagreements

When you and your partner or family members don’t agree on what should be done with money, this can cause substantial friction in your life. In fact, money is one of the leading causes of divorce for American couples.

Although money can’t buy happiness, freedom, security, and the power to pursue your dreams can go a long way towards making you happy. That’s why it’s so important to work hard, earn money, and learn how to save and invest it.

When you start to invest your money, it starts to work for you and help you produce moreand eventually, you should have enough that you can retire.

Most of these cons relate not to money itself, but to the way people interact with money and the attitudes people have about money. You can take a responsible approach towards acquiring and saving money without allowing it to cause you problems in your life.

Since money is something you will always need, it’s important that you make plans as early as possible to ensure you will always have enough. Here are some steps you can take to plan for a financially stable future:

Set clear financial goals

Sometimes, you’ll need lots of money to accomplish major goals — like buying a home or paying for college. To make sure you have enough money to do these things, you should set clear financial goals and work towards achieving them.

Invest for retirement

You need to plan for the day when you can’t earn any more money through your labor because you become too old or sick to work. Saving money in tax-advantaged retirement accounts such as a 401(k) or IRA can be the best way to do that.

If you save money in a tax-advantaged account, it costs you less to put the money aside since you aren’t being taxed on it. And, if you invest it, it can start earning good returns.

When your money is invested, the invested funds produce more money—called a return. The mechanism by which money earns more money—and the amount it earns—will vary depending upon the investment.

When you buy bonds, for example, your investment earns money because your money is lent to someone (like a government or corporation) that pays you back with interest. When you invest in stock, your investment can earn money because you have a small ownership interest in a company, which may be growing and generating revenue.

If you save enough money, you can acquire things like a home or a college degree can that help you earn a good income. And, you can live off the returns your money earns so you won’t have to trade your labor anymore.

In this case, you have the ultimate in flexibility because you can do what you want in life and your needs will still be met.

The sooner you begin saving money, the more your money can work for you — especially if you are taking advantage of compound interest. Compound interest occurs when you earn a return on invested funds, and you then earn a return on that return.

It can help your money to grow quickly. If you invest when you’re young, compound interest over many years can turn a small investment into a substantial sum.

12 Advantages and Disadvantages of Money

Money serves as a fundamental medium of exchange in modern economies, offering several advantages and disadvantages in various financial transactions and scenarios.

• Redaction Team
• February 19, 2024
• Business Planning , Entrepreneurship

Advantages of Money

• Medium of Exchange : Money facilitates the exchange of goods and services, streamlining transactions and eliminating the need for barter systems.
• Payment Convenience : With cash, credit cards, and debit cards, money provides convenient methods for making purchases both in-person and online.
• Access to Goods and Services : Money grants individuals access to a wide range of goods and services, enabling them to fulfill their needs and desires through purchases.
• Investment Opportunities : Money allows individuals to invest in various assets such as stocks, bonds, real estate, and businesses, potentially generating returns and building wealth over time.
• Emergency Preparedness : Having savings in the form of money provides a financial safety net during emergencies or unexpected expenses, offering security and peace of mind.
• Portability and Security : Money in the form of cash or digital currency is portable and can be securely stored in bank accounts or digital wallets, reducing the risk of loss or theft compared to physical assets.

Disadvantages of Money

• Risk of Overspending : Easy access to money, particularly through credit cards and loans, can lead to overspending and accumulating debt if not managed responsibly.
• Interest and Fees : Borrowing money through credit cards or loans often incurs interest and fees, increasing the overall cost of purchases and reducing savings potential.
• Inflation : Holding onto cash for extended periods may result in loss of purchasing power due to inflation, diminishing the value of savings over time.
• Security Risks : While digital forms of money offer convenience, they also pose security risks such as identity theft, hacking, and fraud, necessitating robust security measures to protect financial assets.
• Limited Access : In some regions or circumstances, individuals may face limited access to banking services and financial resources, hindering their ability to participate fully in economic activities.
• Dependency on Financial Institutions : Relying on banks and other financial institutions for managing money entails dependence on their stability and reliability, exposing individuals to systemic risks in the event of economic crises or banking failures.

Conclusion of Advantages and Disadvantages of Money

In conclusion, when considering the pros and cons of various payment methods and investment vehicles such as money market accounts, savings accounts, and cash, it’s essential to weigh the benefits and drawbacks to make informed financial decisions.

Money market accounts offer advantages such as relatively low risk, competitive interest rates, and the security of FDIC insurance for deposits. However, they may come with limitations and disadvantages, including restrictions on withdrawals and potential lower returns compared to riskier investments. Conversely, using cash provides the benefit of immediate access and the avoidance of interest charges, but it also carries risks such as loss or theft.

Additionally, credit card transactions offer convenience and security, but they come with the temptation of impulse spending and the potential for accumulating debt. Each method serves different financial needs and objectives, so it’s important to clarify your investment objectives and assess your tolerance for risk when choosing between them.

Ultimately, understanding the advantages and disadvantages of each payment method and investment vehicle can help you make informed financial decisions tailored to your individual circumstances and goals.

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Essay on Money for Students and Children

500+ words essay on money.

Money is an essential need to survive in the world. In today’s world, almost everything is possible with money. Moreover, you can fulfill any of your dreams by spending money. As a result, people work hard to earn it. Our parents work hard to fulfill our dreams .

Furthermore various businessmen , entrepreneurs have startup businesses to earn profits. They have made use of their skills and intelligence in getting an upper hand in earning. Also, the employee sector works day and night to complete their tasks given to them. But still, there are many people who take shortcuts to success and get involved in corruption.

Black Money

Black money is the money that people earn with corruption . For your information corruption involves the misuse of the power of high posts. For instance, it involves taking bribes, extra money for free services, etc. Corruption is the main cause of the lack of proper growth of the country .

Moreover, money that people having authority earns misusing their powers is black money. Furthermore, these earnings do not have proper documentation. As a result, the people who earn this do not pay income tax . Which is a great offense and the person who does this can be behind bars.

Money Laundering

In simple terms, money laundering is converting black money into white money. Also, this is another illegal offense. Furthermore, money laundering also encourages various crimes. Because it is the only way criminal can use their money from illegal sources. Money laundering is a crime, and the people who practice it are liable to go to jail.

Therefore the Government is taking various preventive measures to abolish money laundering. The government is linking bank accounts to AADHAR Card. To get all the transaction detail of each bank account. As a result, the government comes to know if any transaction is from an illegal source .

Also, every bank account has its own KYC (Know your Customer) this separates different categories of income of people. Businessmen are in the high-risk category. Then comes the people who are on a high post they are in the medium-risk category. Further, the last category is of the Employee sector they are at the lowest risk.

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White Money

White money is the money that people earn through legal sources. Moreover, it is the money on which the people have already paid the tax. The employee sector of any company always has white money income.

Because the tax is already levied on their income. Therefore the safest way to earn money is in the employment sector. But your income will be limited here. As a result, many people take a different path and choose entrepreneurship. This helps them in starting their own company and make profitable incomes .

Every person in this world works hard to earn money. People try different methods and set of skills to increase their incomes. But it is always not about earning money, it’s about saving and spending it. People should spend money wisely. Moreover, things should always be bought by judging their worth. Because money is not precious but the efforts you make for it are.

Q1. What is Black Money?

A1. Black money is the money that people earn through illegal ways. It is strictly prohibited in our country. And the people who have it can go to jail.

Q2. What is the difference between Black money and White money?

A2. The difference between black money and white money is, Black money comes from illegal earnings. But white money comes from legal sources with taxation levied on it.

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Advantages of Money: 8 Important Advantages of Money– Explained!

Some of the advantages of money are as follows:

Money occupies a unique position in a modern capitalist economy. In its absence, the whole prosperous economic life would collapse like a pack of cards.

The advantages or uses of money can be best understood by considering the system in which money is absent.

1. Money has overcome drawbacks of barter system. We have read drawbacks of barter system which make exchange process burdensome and highly inefficient. In fact, money was invented by the society to overcome these drawbacks.

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The barter system suffers from four main drawbacks, each of which is overcome by a specific function of money as explained below:

(i) Money as medium of exchange solves the barter’s problem of lack of double coincidence of wants as money has separated the acts of sale and purchase. You can sell goods for money to whosoever wants it and with this money you can buy goods from whosoever wants to sell them.

Money is accepted as medium of exchange. People exchange goods and services through medium of money when they buy goods or sell goods. Thus, money becoming intermediary solves barter’s problem of double coincidence of wants.

(ii) Money as measure (unit) of value or a unit of account solves the barter’s problem of absence of common measure (unit) of value. Money serves as a unit of value or unit of account and acts as a yardstick to measures exchange value of all commodities. The value of each good or service is expressed as price (i.e. money units) which guides both consumer and producer to make a transaction. Thus money makes keeping of business account possible.

(iii) Money as store of value solves the barter’s problem of difficulty in storing wealth (or generalised purchasing power). Moreover, money in convenient denominations (like Indian coins of 5, 10, 20, 50, 100 paise and currency notes of 2, 5, 10, 100, 500, and 1,000) solves the barter’s problem of absence or lack of divisibility. (Coins of less than 50 paise are no longer in use now.)

(iv) Money as standard of deferred payments helps to solve the barter problem of lack of standard of deferred payment. Again, it helps to make contracts which involve future payments. Doubtlessly money helps in removing the difficulties of barter system.

2. It facilitates exchange of goods and services and helps in carrying on trade smoothly. The present highly complicated economic system will not exist without money.

3. Money helps in maximising consumers’ satisfaction and producers’ profit. It helps and promotes saving.

4. Money promotes specialisation which increases productivity and efficiency.

5. It facilitates planning of both production and consumption.

6. Money can be utilised in reviving the economy from depression.

7. Money enables production to take place in advance of consumption.

8. It is the institution of money which has proved a valuable social instrument of promoting economic welfare. The whole economic science is based on money; economic motives and activities are measured by money.

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• Top 10 Advantages of Money – Explained!
• Essay on Money: Meaning and Main Functions of Money
• Money: Useful Notes on Evolution of Money – Discussed!
• Exchange of Money: Conditions, Forms and Advantages

Advantages and disadvantages of having a lot of money.

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Advantages and Disadvantages of Money | What is Money?, Importance, Types, Pros and Cons

Advantages and Disadvantages of Money: Money itself has no intrinsic value, but it’s still one of the most valuable things around. Money has become so important in our society that we even have a word for the fear of being without it – monophobia – and few things will motivate people more than the fear of poverty or deprivation. And that raises some interesting questions about money itself, including whether or not you can actually have too much of it and if it really does buy happiness after all. So, what are the advantages and disadvantages of money? Let’s take a look at some of these issues below.

Students can also find more  Advantages and Disadvantages  articles on events, persons, sports, technology, and many more.

Advantages of Money

Disadvantages of money, comparison table for advantages and disadvantages of money, faq’s on advantages and disadvantages of money, why is it so hard to save money.

Our money, our currency, is supposed to represent who we are. Our paper bills or metal coins have a specific value based on their relative worth. Yet time and time again history has proven that money isn’t worth what it once was. The history of money is particularly interesting because its origins have long been thought to be derived from gold or silver. However, over time we find that paper bills become commonly used in trade as opposed to actual precious metals such as gold or silver.

• The role of money in our lives is crucial.
• We need it to buy things that we can’t produce ourselves, whether it be a physical or intellectual good.
• It is used as a form of currency in trade for goods or services. Unfortunately, money isn’t always easy to get.
• The most common way of getting money is through employment where you work for someone else and they pay you with their money.

There are a lot of advantages to having money. When you have more money than you need, life becomes easier. You can afford to pay someone else to do your chores for you. Having enough cash makes it possible for you to take a vacation from time to time without having to save up all year first.

Economical:  Having money makes it easier to buy things. For example, if you need a new car, but don’t have enough cash on hand to pay for it, you’ll have to save up for months or years before you can afford one. If you do have enough money in your bank account, however, you can simply go out and buy a car right away.

Convenient:  When you have enough money, you can pay someone else to do your chores for you. For example, if you don’t have time to mow your lawn or shovel your snow, you can hire a teenager down the street to do it for a small fee.

Homogeneous:  When you have enough money, you can take a vacation from time to time. If you don’t have any money saved up, however, you’ll have to save up for months or years before you can afford a trip. In other words, having money makes it possible for you to escape your daily routine every once in a while.

Stability: Having money makes it possible for you to weather financial storms. For example, if you lose your job, having a lot of cash in your bank account will help you pay your bills until you find another job. If you don’t have any money saved up, however, losing your job could put you in dire straits financially.

Elasticity:  If you have enough money, you can use it to pay off your debts. For example, if you owe $20,000 on your credit card, having a lot of cash in your bank account will help you pay that debt off faster. If you don’t have any money saved up, however, paying off that debt will take years.

The biggest disadvantage to money is its ability to distract you from what matters. Having a steady income can quickly become addicting, making you less likely to step back and evaluate your life as a whole.

Obsession: A lot of people are obsessed with money. They constantly talk about it, read about it, think about it, and make decisions based on how they can earn more. This obsession can be a problem because you might start to measure your self-worth by how much money you have in your bank account.

Disagreements: Another problem with money is that it can cause disagreements between friends, family members, or business partners. For example, if you’re in a partnership with someone who makes significantly more than you do, there’s a good chance they’ll start to feel like they deserve more say in how your company is run.

It’s easy to waste: Money is easy to waste. All you have to do is buy something you don’t need or make a decision that doesn’t align with your values. It’s a lot harder to waste time because time only moves forward—you can’t get it back once it’s gone. But money can disappear in an instant if you spend it on things that aren’t important to you.

It can cause you to make bad decisions:  Having a lot of money can also cause you to make bad decisions. For example, if you’re desperate for cash, you might take on a job that’s unethical or immoral—even if it pays well. Or maybe you have too much money in your bank account and decide to spend it on something frivolous instead of saving it for an emergency.

It can cause conflict in your relationships:  The final disadvantage to money is that it can cause conflict in your relationships. For example, if you’re married or in a relationship with someone who makes significantly more than you do, there’s a good chance that person will want to make all of the decisions about how your money is spent.

Question 1. What are the 4 types of money?

Answer: In economics, money is anything that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. Four Types of Money are:

• Commodity money
• Representative money
• Digital currency.

Question 2. Why is it called money?

Answer: Money is simply called money as a sort of common man’s language for identifying all forms. Money has also been used to refer to any form of currency, including specie, but it is now often understood to refer only to fiat currency. However, many things can be used as money that is not legal tender: checks, credit cards, raffle tickets, IOUs, etc.

Question 3. What is fiat money?

Answer: Fiat money is a currency without intrinsic value established as money by government regulation or law. The term derives from the Latin fiat (meaning let it be done). The dollar, for instance, has no intrinsic value, but has legal tender status in all US territories and federal districts; however, its value is still maintained partly by convention (i.e., agreement within society) that it must be accepted as payment for debts.

Question 4. Why is money so important?

Answer: Money is so important because it helps us to do transactions in a very easy way. For example, if you want to buy something, you just need to pay money and get what you want. If you want to rent a house or apartment, you need to pay money as a deposit for that apartment or house so that owner will give it to you for rent.

Conclusion on Advantages and Disadvantages of Money

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Advantages and disadvantages of having a lot of money

• IELTS Writing Task 2

IELTS Writing Task 2 with sample answer.

You should spend about 40 minutes on this task.

Some people say that money can make life easier and more comfortable. But others say that having a lot of money can bring some problems.

What do you think are the advantages and disadvantages of having a lot of money?

Give reasons for your answer and include any relevant examples from your own knowledge or experience.

Write at least 250 words.

Sample Answer: There is not a single shred of doubt that money plays the most vital role in the world we live in. Money makes the easier and far cosy. If one is lucky to have it, he is lucky. However, having a pile of money causes some advantage and disadvantage, as it is a double-edge sword. In the essay, I will discuss both the benefits and drawbacks of belonging plenty of money.

Several advantages stem from abundance of money. First of all, it makes someone’s life easier and comfortable as he can buy what make his life easy. He can lead a cosy life ensuring amenities. Secondly, the affluent man can contribute to the society. To give an illustration of what I mean, let us look at the issue of unemployment. He can create job opportunities by establishing industries. With mountains of money, a man, thus, could be savior of hundreds of unemployed youths. Another key thing to remember, in our capitalist society, the amount of money determines the social status of an individual. An individual with an abundance of money can enjoy a dignified social status.

However, like every other thing, money has dark side as well. More often, a great deal of money can change human behaviour. It can make people boastful. An amiable person may turn into an unpleasant individual. On the top of that, money often causes addiction to get more money. Thereby, a man can use unfair means to earn more money. The abundance of money, thus, could be catalyst in performing many evil acts.

All in all, everybody wants to money at any cost. In this modern world, money keeps us alive. Without it, we face multitudes of problems, while our life would be harmed with the pile of money. This is the dilemma of money, unfortunately.

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IELTS Advantages and Disadvantages Essay Lesson

IELTS advantages and disadvantages questions normally give you a statement and ask you to comment on the advantages and disadvantages of that statement.

The problem is that there are 2 different types of advantages and disadvantages essays, each requiring a different approach. If you answer them differently, you risk losing many easy marks.

This lesson will look at each of the three question types and suggest a standard sentence-by-sentence structure for each of them.  There will also be sample answers for each of the three questions to help you compare and understand the two approaches.

In some countries, young people are encouraged to work or travel for a year between finishing high school and starting university studies.

Discuss the advantages and disadvantages for young people who decide to do this.

Some experts believe that it is better for children to begin learning a foreign language at primary schools rather than secondary schools.

Do the advantages of this outweigh the disadvantages?

Question 1 simply asks us to discuss the advantages and disadvantages. It does not ask for our opinion or says which side is better or worse, so we should not include this information in our answer.

This requires a simple structure in which the student will look at the advantages in one paragraph and the disadvantages in the other.

Question 2 is different because we have to say if the advantages are stronger than the disadvantages. Notice I didn’t say ‘if there are more advantages than disadvantages’. The question is not asking you to talk about numbers but comment on the overall weight of the advantages or disadvantages.  For example, there are many advantages to travelling by private jet, but there is one huge disadvantage (the cost) that stops most people from flying that way, and therefore the disadvantages outweigh the advantages.

In this example, we will have to decide which side (advantages or disadvantages) is stronger, affecting our structure. If you choose advantages, you will have to say why these are much stronger than the disadvantages and why the disadvantages don’t hold much weight. You would also have to make this clear in your thesis statement.

Structure for Essay 1

Introduction

Sentence 1- Paraphrase question

Sentence 2- Outline sentence

Supporting Paragraph 1 (Advantages)

Sentence 3- Topic sentence (2 Advantages)

Sentence 4- Explain first advantage

Sentence 5- Explain second advantage

Sentence 6- Example of second advantage

Supporting Paragraph 2 (Disadvantages)

Sentence 6- Topic sentence (2 Disadvantages)

Sentence 7- Explain first disadvantage

Sentence 8- Explain second disadvantage

Sentence 9- Example of second disadvantage

Sentence 9- Summary of main points

Structure for Essay 2

Sentence 2- Thesis statement (state which one outweighs the other)

Sentence 3- Outline sentence

Main Body Paragraph 1 (Stronger Side)

Sentence 4- Topic Sentence

Sentence 5- Explain why it is strong

Sentence 6- Example

Sentence 7- Topic Sentence

Sentence 8- Explain why it is strong

Sentence 9- Example

Main Body Paragraph 2 (Weaker Side)

Sentence 10- Topic Sentence

Sentence 11- Explain why it is not strong

Sentence 12- Example

Sentence 13- Summary of main points and restate position.

Question 1 Advantages and Disadvantages Sample Answer

Before college, many young people are advised that a year of working or travelling may be a good option. This essay will suggest that experience gained and money saved are the biggest advantages of this, but delaying careers and reducing motivation to study are the primary disadvantages.

The main advantages of a gap year are learning more about the world and earning money. For students who have just finished secondary school, working or travelling for a year will allow them to learn what life is like outside of the education system. Also, third-level education is very expensive, and many students decide to work for 12 months and save money before they begin their studies. The average student at a UK university requires over £10,000 per annum to survive, and many drop out because they cannot afford to stay.

Despite these advantages, students lose a year that could have been used to advance their future careers, and they often get used to working or travelling and don’t want to return to a life of study. As job markets are very competitive, an extra year of experience can make a massive difference when applying for jobs, and those who took a gap year are at a disadvantage. Moreover, some decide to bypass university altogether and go straight into a job that is beneath their capabilities or may not offer the same prospects their future career might have. For instance, jobs in the service industry are easy to get without a third-level education, and many gap students fill these roles only to be stuck in them for the rest of their lives.

In conclusion, taking a break from studies can be advantageous if it allows people to accumulate savings or learn more about the world. However, they should also be careful that it does not delay the start of their careers and lead to disillusionment with education.

Question 2 Advantages and Disadvantages Sample Answer

Some authorities think that it is more favourable for pupils to begin studying languages at primary school instead of secondary school. This essay will argue that the advantages of this outweigh the drawbacks. The essay will first demonstrate that the earlier someone learns an additional language, the more likely they are to master it and that it brings added cognitive benefits, followed by an analysis of how the primary disadvantage, namely confusion with their native tongue, is not valid.

The main reason to start kids off with foreign languages early is that this increases the likelihood they will achieve fluency in adulthood. That is to say that they will have far more years to perfect their skills, and speaking bilingually will seem perfectly normal. For example, in countries such as Holland and Norway, where English is taught from a very young age, most adults speak it at an advanced level. Learning a second language also helps to improve overall cognitive abilities. In other words, it benefits the overall development of a child’s brain. It is well known that bi-lingual children are significantly more likely to score higher in Mathematics and Science.

Those opposed to this say that it causes the child to become confused between their mother tongue and the other language. However, there is actually no evidence to support this view and children from bilingual families do just as well in both languages. My son was brought up speaking both Vietnamese and English and outperforms most of his classmates in both.

On balance, the fact that early foreign language learning leads to higher fluency and improved brain function clearly outweighs the flawed argument that it impairs the uptake of native languages.

Advantages and Disadvantages Essay Next Steps

Now that you are more confident about IELTS advantages and disadvantages essays, you can practice and reach the level you need.

Do you need me to correct your essays and give you feedback on them? Check out our VIP Course . 

I hope this has been of help to you, and please let me know if you have any questions or feedback.

The British Council and IDP also have some useful resources for IELTS preparation.

About Christopher Pell

My name is Christopher Pell and I'm the Managing Director of IELTS Advantage.

I started IELTS Advantage as a simple blog to help 16 students in my class. Several years later, I am very humbled that my VIP Course has been able to help thousands of people around the world to score a Band 7+ in their IELTS tests.

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What are the advantages and disadvantages of saving money?

Disadvantages of saving money.

Let's start with the disadvantages.

First off, saving money means you aren't spending it.  And it is possible to be too frugal.  Are you doing things like skipping dentist appointments not because you can't afford them but because you want to save money?  That is too frugal.  Sure, you save now, but if you end up needing a root canal, that's going to cost you much more.  Preventative care is worth it.

If you focus too much on saving money, you might make poor decisions when it comes to expenses.  You might save money by hiring the cheapest contractor to build your fence, then get stuck with a fence that falls down the following year during a storm.  Sure, you saved money upfront, but was it worth it?

You can also miss out on experiences because you're saving money.  Friends all going to a concert you want to go to, but you decide you need to save money?  That can be a definite bummer.  And if you're always saving, you're probably never traveling, and I think everyone should take the opportunity to travel , either within your own country or internationally.  Even if it's just a weekend at a bed and breakfast a town over.  Take the time to take a break.  There are all sorts of different types of travel options, so find one that works for you.  Being stuck at home when you would rather be out is one of the disadvantages of saving money.

You definitely don't want to find in your 90's that you're that weird old guy who never leaves his house, who looks like he has no money, who never travels, who never buys anything nice and lives like a pauper, but when he dies, it turns out he's got millions in the bank.  There's got to be some sort of balance.

In general, I think that everyone should have a bit of fun money in their budget.  Even if you're trying to make a savings goal, you need to have a little bit of money you can spend on something you want, be it movie tickets or some downloadable music or a night out on the town.

Advantages of Saving Money

Of course, for every disadvantage of saving money , there's an advantage out there.  The big advantage to saving money is that you're prepared when you need to spend it.  Let's say that after your cheap fence falls down; you decide to spend the money to have it repaired properly.  Definite win.

By putting money away, even small amounts at a time, you might be able to someday make a big purchase without having to finance it.  Wouldn't it be nice to be able to buy a car with cash and not have to pay a car loan?  Wouldn't it be amazing to be able to buy a house with cash and not have to pay a mortgage?  (Okay, so this one is less likely, but depending on where you live, it's certainly possible.)

If you are saving your money in a bank account or in CDs, you will also be making money by saving money.  All of that interest adds up.  And you can invest some of that money and help it continue to grow.

What's the answer?

To me, the key is to balance the advantages and disadvantages of saving money.  Save, but don't go overboard.  Don't let that dream of early retirement mean that you're living in a falling down shack.  Find the balance between your savings goals and your spending needs and wants.

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Passion vs Money: Should You Choose a Job You Love or One That Pays?

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Passion vs. money—this is an internal debate that everyone has at some point in their life. On one side, you probably hear parents, relatives, or even strangers advising you to be realistic and find a job that pays well . But on the other side, there are friends or even TED talks of successful people telling you that “following your passion is the secret of success.”

And, only naturally, you feel stressed, confused and anxiously question whether you should follow your passion blindly with little chance to get money from it or choose a career that you don’t even like just because the job itself seems promising for your future .

But, even so, following your desires can leave a sense of well-being and happiness in everything you do. While there is no doubt that this is a question of opportunity and the hand you’ve been dealt with, following one’s passion seems more appealing to most.  However, should you choose a job you love or one that pays? Let’s explore more.

Benefits of Choosing a Career You Love

In the world we live in today, money is definitely a powerful tool, but choosing to chase it often comes at the price of not being able to do something you love and look forward to every day.

This ancient dilemma is by no means black and white; there are many benefits to a dream job. It is worth noting that should you choose to pursue your passion, workdays will seem less monotonous, and there won’t be a dull feeling washing over you when the alarm clock rings. The phrase, “Choose a job you love, and you’ll never work a day in your life,” may seem like a washed-out cliche, but it does hold some truth in it.

In terms of higher motivation , doing the job more effortlessly and passionately, you can see how that sentence got so famous. It’s true that a day of work still remains a day of work, however, the small factors in and around it do change and ultimately have an impact on our overall sense of self. Here are some:

1. Career growth

Growth in a career is more probable when the job consists of things that motivate you. You won’t simply be finishing tasks and not thinking about them, nor waiting for the clock to strike five (if you’re doing a 9 to 5 job), so you can leave your workplace.

It seems like a minor thing, but it plays a vital role in how far you go in your career. Hence you will be looking for more creative ways to do your job and spot details that you wouldn’t have if you didn’t put your heart into it.

2. Being passionate about work

Being passionate is directly linked to being productive. If it really is something you’re passionate about, there is a sense of being content with what you have accomplished during the work hours and beyond. The by-product of your work will be something you take pride in, and that will serve in giving you a reason to keep doing it.

3. Motivation

Obviously, loving what you do brings in motivation because it is activated by your own desires rather than material gains. Oftentimes in life, we can find ourselves lacking the motivation to do anything, but if someone presents us with something we enjoy, it will possibly make us get out of bed and get working.

HuffPost tells the tale of Richard Weinberg , a man who found that salsa was his passion at 49 years old. This discovery led to him participating in multiple dance categories, and it gave him a sense of purpose in his life.

4. Better health

How much you enjoy your job primarily affects your mental health, as doing something you don’t like on a daily will eventually start to consume you and you will get burnout . On the other hand, doing something you enjoy waking up for in the morning can help you not only feel better but even get lost in the work if you’re having problems in other areas of your life .

According to a study , the time spent engaging in our passions contributes to lower stress and our happiness. Your work can be some sort of an escape. And when it plays out like this, your productivity may increase due to the focus you shift on your job.

5. Pleasure in the work environment

It’s no secret that a career you’re passionate about will, in most cases, provide you with a more pleasurable work environment. Chances are that your coworkers will be like-minded, and besides the working part, you’ll have fun during the hours spent interacting with them.

Even without that, there is comfort in spending time in a place that has intentions that coincide with yours.

6. Fulfillment

It goes without saying that you feel fulfilled when you work on something meaningful to you. And especially after achieving the end goal of it. Obstacles you find on your way won’t be as relevant because you will always find a creative way around them.

We spend most of our days working, and that alone should be a reason to follow something that leaves us with a feeling of satisfaction during the hours we put in.

Disadvantages of Doing What You Love

As with anything in life, choosing to follow your dream has another side to the coin. While it can turn into something beautiful and life-changing, there’s also the possibility of not being in tune with the current market. Thus, either not allowing you to make a living out of it or make as much as you would ideally want.

According to Forbes , when we tell people to follow their passion, we assume they have one, which is not always the case. There are people whose passions change over time, and that is entirely normal. Plus, you can have interests that aren’t necessarily something you love but merely something you find appealing and intriguing that can also serve as a money-making career.

Now, although it is mostly a personal issue whether you choose to chase your dreams or focus on a career relevant to today’s market, here are some disadvantages of doing what you love.

1. Your passion might turn into a job

This is a big risk when you start pursuing your dream. We know that work can sometimes be stressful, and it may seem as if deadlines are hovering over our heads, and that treads dangerously close to turning us against our passion. At some point, your passion may not be something you do for yourself, but something that brings in the paycheck at the end of the month, and it can lose the shine it once had.

Another risk you will be taking is that your dream career does not have a promising job outlook . Sure, if your passion lies in IT or business , it is likely that you will be getting a steady salary out of something you enjoy doing. However, more times than not, people have passions that either don’t pay well or the industry is too big to penetrate, which can be problematic and discourage them from pursuing it.

3. Passions can change

Although this is not always the case, for many people, passions change over time, especially if they have roots in their early years. It’s by no means a bad thing, but it can intervene in your life if you have chosen to pursue your passion as a career.

Because we are continually developing and learning new skills , it can be hard to say if your fascination with a certain field may fade over time, but to some, that’s just a risk worth taking.

Benefits of Choosing a Career with a High Salary

For some people, doing what they love and earning enough money for a normal life don’t go hand in hand. For others, it’s a matter of either not having a passion or growing out of a dream they once had. Consequently, these reasons make a high-paying career a valuable option. It is understood that without a steady income, it’s unlikely that passion will be the thing you want to follow.

Of course, following one’s dreams has the emotional rewards that a job that pays your bills is unlikely to offer, but if you aren’t able to afford rent or pay off your student debt, maybe it’s time to postpone your passion and focus on solutions. We’ve all heard that money can’t buy happiness, but is that phrase completely true?

There are many things money can’t buy, but sometimes having it can make many of our problems go away, which is why there’s a list of benefits to choosing a job that provides us with a high salary.

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1. The obvious one: money

This is a prominent perk of choosing to seek a job that will pay you well. A study shows that money can be associated with happiness, but not in the way you’d think. The study shows that people making under $75,000 a year tend to have lower happiness levels.

However, past that point, money doesn’t seem to have an effect on the human brain. Furthermore, having a steady income influences our mental and physical health. It is undoubtedly more comfortable knowing that you don’t have to worry about the price of something you like and how you will make ends meet from month to month.

People tend to respect those who are well off. Although it’s considered as an artificial way of gaining respect by some, most of the time, it works. Generally, a high income is associated with success, and we tend to respect successful people. In addition, there is a correlation between “important work” and high salaries, which leads us to think that only a high-paid job is respectable.

There is safety with high income, no doubt. You won’t have to worry about many things that take money to acquire. Plus, a high-earning career is oftentimes placed in a big industry that isn’t going anywhere, so you can find employment opportunities just about anywhere.

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Disadvantages of Doing Work That Pays Well, But You Don’t Like

As good as money and safety sound, there is a downside to pursuing a career in a field you simply have no connection with. For starters, it will never feel as if you are close to living your dream unless, of course, that dream consists of a high-paying job that you don’t exactly like.

It’s hard to enjoy working in a place that doesn’t seem to motivate you to do the job well, and even when the working hours aren’t long, they are likely to seem so. When you’re stuck performing tasks you see no point in, you may lose focus on working on your skills and may feel lost in the job.

Most well-paying jobs can cast a lot of pressure, especially when it isn’t something you feel excited about, and that can have an impact on your view of life.

1. Long working hours

Jobs that offer a high payday often tend to go hand-in-hand with long working hours. Even when they don’t, to see that large number at the end of the month, you will probably have to put in a few extra hours, and that can be tiring.

This is not always the case, but when it is, it can leave you little to no time to do anything else apart from work. A survey has found that executives and managers with smartphones—who are all well compensated—tend to spend 13.5 hours a workday interacting with work.

2. Pressure

Usually, in the world of big money, there is a lot of competition and a lot of things changing rapidly. You have to constantly chase the next big thing and keep fighting for your position within the organization. However, this is not the case with every job, and maybe yours doesn’t really come with this downside. But for those it does, the pressure can oftentimes be overwhelming.

3. Not focusing on skills

Money-focused jobs are mostly concentrated on making the best out of the skills you already possess. Meanwhile, with a job you start out with because of your love for it, you will probably take time in developing and nurturing skills, like critical thinking , that can guarantee long-term success. Nevertheless, there are jobs out there that guarantee a good salary as well as skill training programs.

How to Decide Between a Job for Money vs. Passion

Choosing between money vs. passion is an ancient dilemma that troubles the minds of many people all over the world to this day. The stakes are pretty high as only a handful of people are fortunate enough to find a job that pays well and fulfills them. This is backed by research, too; According to a survey by Harris Interactive , only 20 percent of people across America feel passionate about their jobs.

On the other hand, Pew Research Center found that about half (49%) of American employees are very satisfied with their job.

So, should you try and settle for a promising career without much passion, or should you risk it for a job that you love and fulfills you? Well, there is no simple yes or no answer to this question, and there are many important factors to consider before deciding between a job for money vs. passion. We will try to help you with this critical decision, so keep reading to learn how to choose between a job you love and career growth.

Making Money Vs. Doing What You Love: Things To Consider When Choosing

Both of the options have a yin and yang, and sometimes deciding between the two can seem like mission impossible. But, that shouldn’t be the case, and it won’t be if you study your options closely and decide based on facts and feelings equally.

At the end of the day, isn’t your fulfillment and ability to say that you’re happy with your choices the most important thing?

However, it’s not that simple; there are many things to take into consideration when making such a big decision for the path in which you want your life to follow. You have to look at all sides carefully and then decide how and what you should be doing and do it.

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1. Earning potential

Before diving into a field of interest, you should consider the earning potential it offers. There is a chance that your passion has great pay on the menu as well. Yet, the time when you should consider putting your passion aside—not forgetting it—is when you know you won’t be able to afford it.

If it keeps you from life’s necessities, then you can always opt for treating it as a hobby, giving it your free time of the day, and making money in another field.

2. What you want from life

This is honestly the most crucial element in your decision-making process. Maybe you want to turn your passion into a job you love, but there is a chance that you want to keep far away from responsibilities and only enjoy it in your leisure time.

Neither of these is incorrect; it’s merely a point of view. Clearly, none of us are absolutely sure in what we want from our lives in every aspect of it, but having a slight idea might help you come to a conclusion with this dilemma.

3. Sometimes, you can do both

Doing both does not have one final meaning. It could be that your dream job just so happens to be a career that makes you more than enough money, or you follow passion at the same time as following a different work pathway.

Maybe you get lucky and make money off of a passion that you thought would take you nowhere, or you happen to fall in love with a job that you didn’t feel strongly towards at first; the possibilities are endless.

The Bottom Line: Choose a Job You Love or One That Pays?

Choosing between a beloved field or the one that will pay your bills can sometimes send you into a spiral of thoughts that is hard to get out of. However, it is a significant decision that will follow you for the most part of your life. When making this judgment, you should look into all the advantages and disadvantages that come with either one of the possibilities.

From money and stability to happiness and fulfillment, these all play a role in this puzzle. But, most importantly, remember to listen to the logic and your heart simultaneously because they generally come up with the best verdict together.

Frequently Asked Questions (FAQs):

Is it better to love your job or make more money.

The answer to this question definitely depends on your priorities and values. Some prioritize job satisfaction and fulfillment over a higher salary, while others prioritize financial stability and security. Ultimately, the answer will vary from person to person.

Is salary more important than passion?

There is no universal answer to whether salary is more important than passion. Your decision should be based on your individual circumstances, values, and goals. It’s important to strike a balance that aligns with your overall well-being and allows you to lead a fulfilling life.

Should I follow my career or passion?

It’s possible to find fulfillment and success by aligning your career with your passion, but it may require some creativity, perseverance, and adaptability. The key is to make a decision that aligns with your values, goals, and circumstances and that ultimately brings you satisfaction and happiness in the long run.

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Advantages and Disadvantages of Spending Money

Everyone uses money. We all want it, work for it and think about it. If you don’t know what money is, you are not like most humans. However, the task of defining what money is where it comes from and what its worth belongs to those who dedicate themselves to the discipline of economics. While the creation and growth of money seems somewhat intangible, money is the way we get the things we need and want. Here we look at the multifaceted characteristics of money. Before the development of a medium of exchange, people would barter to obtain the goods and services they needed.

This is basically how it worked: two individuals each possessing a commodity the other wanted or needed would enter into an agreement to trade their goods. This early form of barter, however, does not provide the transferability and divisibility that makes trading efficient. For instance, if you have cows but need bananas, you must find someone who not only has bananas but also the desire for meat. What if you find someone who has the need for meat but no bananas and can only offer you bunnies? To get your meat, he or she must find someone who has bananas and wants bunnies.

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Without paying upfront

The lack of transferability of bartering for goods, as you can see, is tiring, confusing and inefficient. But that is not where the problems end: even if you find someone with whom to trade meat for bananas, you may not think a bunch of them is worth a whole cow. You would then have to devise a way to divide your cow (a messy business) and determine how many bananas you are willing to take for certain parts of your cow. To solve these problems came commodity money, which is a kind of currency based on the value of an underlying commodity.

Colonialists, for example, used beaver pelts and dried corn as currency for transactions. These kinds of commodities were chosen for a number of reasons. They were widely desired and therefore valuable, but they were also durable, portable and easily stored. Another example of commodity money is the U. S. currency before 1971, which was backed by gold. Foreign governments were able to take their U. S. currency and exchange it for gold with the U. S. Federal Reserve. If we think about this relationship between money and gold, we can gain some insight into how money gains its alue: like the beaver pelts and dried corn, gold is valuable purely because people want it. It is not necessarily useful – after all, you can’t eat it, and it won’t keep you warm at night, but the majority of people think it is beautiful, and they know others think it is beautiful. Gold is something you can safely believe is valuable. Before 1971, gold therefore served as a physical token of what is valuable based on people’s perception. Money is any object or record, that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context.

The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally, a standard of deferred payment. Any kind of object or secure verifiable record that fulfills these functions can serve as money. Money originated as commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money is without intrinsic use value as a physical commodity, and derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for “all debts, public and private”.

Everybody knows the value of money. Nothing is more powerful than money. In fact, if we have no money, we cannot buy goods, clothes and other necessaries we need. Without money, we cannot go to the movies, theaters or other amusements places. How can we spend our free time pleasantly on rainy evenings without a color television in front of us? Music from a new hi-fi can relax us quickly after a hard day of work. But how can we satisfy our needs, our desires and our pleasures when we cannot afford to buy them? Thanks to money we can improve our spiritual activities easily.

We can go to any schools; any universities we like to further our knowledge. If our parents are wealthy and powerful we may be sent abroad to study. Moreover, we can enjoy pure happiness by contributing our money to Charity funds to help the poor, the wretched and the victims of other disasters. But money not only brings us the good but the bad as well. This accounts for much of the wickedness in the world. The rich often depend on it to oppress the poor and millionaires sometimes treat their servants with great cruelty.

Many young people, being purse proud of their parent’s wealth and richness, neglect their school activities, always play truant and indulge themselves in alcohol, gambling and debaucheries. They often commit suicide after playing ducks and drakes with all their parents’ fortune. Money, in this way, is the root of all evils. To sum up, happiness does not depend on the quantity of money but on the way how we use it. We should use our money properly. The right use of money may bring us a comfortable life and a cheerful heart. What were you taught about money as you were growing up?

Something like “money doesn’t grow on trees”, or “money is the root of all evil”, or maybe “all rich people are greedy”? Well, how do you expect to become a success financially if you believe these things? You attract into your life what are thinking about and what you believe. If you think there is not enough money in this world for everyone you will never have enough money. That is called the Law of Attraction. First of all, believing that “money doesn’t grow on trees” is an example of what’s called lack or scarcity programming.

Our parents taught us that there was never enough money to go around, and that it was not readily available or abundant. But in truth, the universe is very abundant, and there is lots of money to go around for everyone. Just think what you could do if you have so much money how much your heart desires. What wonderful things you could do with it: travel to the countries you have always dreamt of, buy a house you even scared to think about it, attend meditation classes so you could spiritually grow, donate money to your favorite charity, spend more quality time with your family and the list goes on.

The key is to start thinking that you deserve the money and that there is lots of it available for you, and then you can start attracting it into your life. That’s abundance thinking, which is the opposite of lack or scarcity thinking. When you start thinking about the abundance the Law of Attraction will do the rest. You do not need to know how it is going to happen just make the first step, first thought. Starting is already winning. And what about thinking that “money is the root of all evil”? Can you really expect to become a success if you believe that money is the root of all evil?

Unless you have a desire to be an evil person, your subconscious will not let you have money if you believe deep down that it is the root of all evil. By the way, that quote is taken out of context in the first place. It was originally stated as “the love of money is the root of all evil”. So it has nothing to do with the money itself. Now that you understand that, you can start to think that money is in fact good. You can help people with money. You can stimulate the economy with money. Even the most kind-hearted spiritual person, who says they don’t eed money, can do more to make the world a better place with money than without it. And what about thinking that “all rich people are greedy”? Well, that creates us versus them, whereby you have labeled all of “them” greedy in your mind. You, on the other hand, are very giving in your mind. That’s why you don’t have money, because you’re not greedy. Sure, there must be some rich people in the world who are greedy. But there are also poor people who are greedy. There are both rich and poor people who are very giving as well. The amount of money you have has nothing to do with these character traits.

In fact, a lot of rich people got there by not being greedy. Having a giving attitude opens up a flow of money that often brings them more. You will find the same thing… give away money joyfully to a friend, and notice that it comes back to you in some other form. The world needs to be a balance of give and take, and being joyful both as you give and receive will ensure that you always go with the flow. And changing your mindset from what you were taught as a child to a healthier view of money will allow you to become the financial success you deserve to be, to become real you.

Money does change people either positively or negatively, GENERALLY, we may classify people in two types when it comes to their reaction to sudden wealth: FIRST TYPE: positive change: This is when money changes the way you live, you’ll be indulging yourself and enjoying a better living standards, better home better car, better education and better whatever. Sometimes and I say sometimes, your interests change I mean you add new interests to your old ones. This is a desirable and an expected change. SOCOND TYPE: negative change:

As a consequence, people as their income rise and as their living standards go up, their surrounding change, they can’t still go out with their old buddies’ coz they don’t share common interests with or because they seek wealthier friends, this is a negative change. Money mustn’t change the way you look at your people, it is possible that with money you’d have new interests and new friends but you can’t replace your old buddies, never but unfortunately some people fall into this pattern. Having lots of money can be like a drug.

It can make you feel powerful and giddy (frivolous). It can convince you that everything’s going to be okay. Years ago they asked the great fighter Joe Louis what he thought about money, and he said, “I don’t like money very much, but it calms my nerves. ” Money makes us unjustifiably feel that we’re better and more important than we really are. When money can make you feel humble (umile – modesto), then I think it’s really useful. But if it fattens your ego, which it often does, then look out. That way lays madness.

That’s what all the Greek tragedies are about — hubris — and that’s part of the problem with money. It is greatness, it is power, it is beauty. Money is about love and relationships. It has a wonderful power to bring people together as well as tear them apart. You can’t escape money. If you run from it, it will chase you and catch you. A great philosopher once said “Money is a barrier against all possible evils. ” Let’s explore and expand on this thought. Money can prevent the sufferings that come with poverty like cold and hunger.

While sickness cannot be totally obliterated by money, it can be considerably relieved by it. Generating wealth and giving away money to charity can also provide us with the satisfaction of relieving others from suffering. With money, we can obtain an advanced education that may aid us in the development of genius and extraordinary achievements. It gives us the leisure to devote a part of our time to culture and art. Money can provide a powerful diversion for all or our troubles by permitting distraction from society anxieties that assail us.

So we must try to get a thorough understanding of all that we may possibly do, in an honorable and legitimate way, to conserve wealth. Even to those who have inherited wealth, idleness can be a certain cause of ruin. A great fortune needs genuine labor for efficient administration. Those who leave this duty to strangers may pay a penalty for their negligence. This is why a rich man, who wants to create wealth, preserves and increase his fortune, should be his own business manager. Even artists must know the price that their work is worth.

It is necessary for the artist to be a businessman in order to have the right to be a genius. History is full of example of this. The great Shakespeare labored as a theatre manager to obtain the necessary leisure to produce his dramatic masterpieces. Edison worked as a telegraph operator to pay the bills while he “moonlighted” as an inventor. From the bottom to the top of the ladder, it is necessary to amass money in order to apply it to some great cause. Money is the means by which we may fulfill our purpose in a larger and better way.

Everyone should, in his own way, make an effort to amass some money. Some will apply money to their daily wants. Others seek to swell the fortune that they desire to leave to their children. Some only desire money so they can devote it to some noble enterprise or charity. Finally, a large number see money chiefly as a means of immediate gratification. Whatever the reason, everyone capable of earning money should learn how to manage it properly in order to ensure that they will have enough of it to apply to the causes that they choose.

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Students Loans: Advantages and Disadvantages Essay

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Loan is money or property that a person borrows from a financial institution and repays it at a later date. It has interest which is compounded on an agreed period of time. Student loans are similar to this. It is the money borrowed by students to finance their education and pay bills while studying. This is repaid either upon completing studies or at an interval enshrined in the loan’s terms and conditions.

There are advantages and disadvantages of students’ loan. One is that it enables the student to settle the bills and pay school fees. The other is that it finances student’s education which is a future investment. Gaining knowledge inclines the student to good job and pay in the future. Some students come from humble background and therefore financial aid comes in handy. Since students have fewer responsibilities as compared to old adults, a loan is ideal because they are unable to fend for themselves.

There are also shortcomings of students’ loan. One is that the students get more indebted to the extent that their studies are interrupted. With high interest rates, the amount to repay is huge. This becomes more difficult especially when the loan is paid in short installments. Loans with longer installment periods have high interest rates. The other problem associated with student loan is that young adults end up delaying marriages or family formation because they want to avoid financial responsibility. This happens since much attention is turned to clearance of debts. A huge debt limits the life of a student. This is because other forms of loan cannot be secured easily elsewhere before student’s loan is settled. It is easy for financial institution to trace students’ loan repayment details.

However, students have several strategies at their disposal to repay loan and live without debts. Some students have resorted to looking for part time jobs. This makes it easier to settle the bills and pay school fees. It also saves the student the need to incur debts due to borrowing. Another strategy is cutting down expenditures. When a student lives within his or her means, unnecessary debts are dispensed. Students can also form marriages at a later period to ensure that they settle their debts first.

The amount of loans taken by students is reported to have decreased nowadays. Many students are resorting to alternative means of obtaining money such as part time jobs. Lending terms and conditions have also become tighter and so students are shunning away from borrowing. This is healthy for the students but it has negative implication on the country’s economy. When students borrow less money purchasing power declines. Low purchasing power leads to less consumption as less purchase is made. When country’s consumption declines the economics growth follows suit. This is because economic growth is a function of consumption.

Therefore, a student planning to pursue a bachelor major in a costly university like Kent State University should consider the points for and against loan as I have outlined above. The ideal step is to be aware of the huge impending debt and getting ready to look for alternative sources of money. This includes a part time job and cutting down one’s expenditure. The debt to be incurred should be within the amount earned from the job or any other periodical source of money. The decision should also factor in the amount of income one anticipates to earn in future.

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August's Social Security Check Is on the Way: Here's When You'll Get It

The next round of Social Security payments for August are headed out soon. Here's when to expect it.

The Social Security payment schedule is a little different for August, and the second round of checks are headed out next week -- more than a week after the first payments were sent out. We'll fill you in when you can expect to see your payment hit your bank account. If you're still waiting on your check from July, check out  why it may not have arrived and what you can do about it . 

The day you get your money depends on your birthday and when you started receiving Social Security benefits. 

Keep reading to find out if you should expect a check this week, as well as how your payment date is determined. For more, here's the maximum amount of Social Security money you can receive each month and how to apply for benefits . 

Read more:   You Can Lose Your Social Security Benefits if You Do One of These 4 Things

When will I get my August Social Security check?

Below, you'll see the July schedule for when you should receive your Social Security check or SSDI money.

Smart Money Advice on the Topics That Matter to You

• August 2: Social Security payments for people who've received Social Security since before May 1997. 
• August 14 : Social Security payments for people with birthdays falling between the 1st and 10th of any given month.
• August 21: Social Security payments for people with birthdays falling between the 11th and 20th of any given month. 
• August 28 : Social Security payments for people with birthdays falling between the 21st and 31st of any given month.

How does the agency determine my Social Security payment date?

The Social Security Administration typically sends out payments on the second, third and fourth Wednesdays of each month. Which day you receive your check depends on your birthday. 

• If your birthday falls between the 1st and 10th of the month, your payment will be sent the second Wednesday of the month.
• If your birthday falls between the 11th and 20th of the month, your payment will be sent the third Wednesday of the month.
• If your birthday falls between the 21st and 31st of the month, your payment will be sent the fourth Wednesday of the month.

Payments for SSI recipients generally arrive on the first of each month, with a few exceptions that we'll explain below.

Will I receive both Social Security and SSI payments on the same day?

If you received Social Security benefits before May 1997, or if you received both Social Security and SSI, the payment schedule is different. Instead of getting your payments on a Wednesday, you'll receive your Social Security payment on the third day of each month and your SSI on the first day of each month.

Those payment dates change if the first or third day of the month falls on a weekend or a holiday. For instance, March 3 fell on a weekend, so Social Security recipients received their March payments two days early, on March 1. 

What if I don't receive my Social Security check?

If your check doesn't arrive on the date listed above -- or doesn't arrive at all -- the Social Security Administration advises waiting three additional mailing days before reaching out. After that, you can speak with a representative at 800-772-1213. (The SSA notes that wait times are shorter Wednesday through Friday and between 4 p.m. and 7 p.m. on weekdays.)

You can also access your Social Security benefits online .

Advantages and Disadvantages of Borrowing Money From Financial Institutions

Looking for advantages and disadvantages of Borrowing Money From Financial Institutions?

We have collected some solid points that will help you understand the pros and cons of Borrowing Money From Financial Institutions in detail.

But first, let’s understand the topic:

What is Borrowing Money From Financial Institutions?

Borrowing money from financial institutions means asking banks or other money-lending places for a loan. You promise to pay back the money, usually with extra money called interest, over a set time.

What are the advantages and disadvantages of Borrowing Money From Financial Institutions

The following are the advantages and disadvantages of Borrowing Money From Financial Institutions:

Advantages of Borrowing Money From Financial Institutions

Disadvantages of borrowing money from financial institutions.

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