Nature and function of money

Money is anything that is generally accepted as a means of paying for goods and services. Before it was invented, people “bought” what they needed by trading they services or possessions. But today if you try to buy an airplane ticket and if all you had to offer in exchange was milk from the family cow, how much milk would the ticket may cost? With money in your pocket, you can go to travel agent and get a ticket without any trouble.
Money is a token of wealth with three main functions. First, money is a medium of exchange, a tool for simplifying transactions between buyers and sellers. Money also functions as a measure of value, so you don’t have to negotiate the relative worth of dissimilar items every time you buy something. Furthermore, money serves as a store of value. Unlike many goods, it will keep. You can put it in your pocket until you need it, or you can deposit it in a bank.
Know your current financial status, your current needs for money – and your goals.
Don’t procrastinate. If your goals are ambitious, it will be easier to achieve them if you start right now.
Put aside a part of every paycheck for your own future. You won’t get anywhere if everything you earn goes to pay others.
Buy only what you must, and buy wisely.
Avoid high-interest loans.
Don’t buy too much life insurance. You only need to leave your dependents with enough to maintain their current lifestyle.
Learn about income taxes.
Distinguish between spending and investing (it is better to buy computer you need to work, but not if you just want the prestige of having an expensive computer).
Learn about all the different kinds of investments and the way they make your dollars grow.
Invest only in things you understand.
Seek investments that meet your...

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