When you break it down, there are only 5 things you can do with money. Finding a balance of these uses, regardless of age or stage of life, is what brings financial contentment.
Uses of money:
- You can Earn in
- You can Live on it
- You can Give from it
- You can Owe money in Taxes
- You can Owe money in Debt
- You can save and let it Grow
Said another way, Earn-Live-Give-Owe-Grow, which was coined by retired CPA and financial planner Ron Blue.
Realizing this has been a foundation of how I see money. This principle applies to those with a lot of money and those with less. Our personal convictions are what drive how much of any piece is filled into this financial puzzle.
Each use of money can be examined, and tell a lot about a person.
Do you ever feel tension about how much room is given to any of the uses of money? Every day we are going to be confronted with how to spend money. Taking time to reflect on where our money is sent can help bring relief to the tension that's felt.
I hope thinking of money in this aspect brings as much clarity to you as it did to me.
Over time, I will be breaking down different aspects of this Earn, Live, Give, Owe, Grow concept.