The Language Of Money: A Needed Skill To Survive In The Modern World
Every field has its own jargon, which is the technical terminology to explain the finer details of a particular topic. It's one of the ways we recognize who's supposedly an expert and who is not. However, the jargon can be utilized as a tool against those that know nothing about said topic.
It is often wondrous that many are struggling financially despite the general fact that we're living in a very prosperous or abundant times. I think one of the reasons is the lack of understanding towards the language of money.
For me, the language of money is more than words or terms to describe financial concepts. It is also a way of thinking, communicating and acting in relation to money.
Since it isn't natural to us, it is a skill we have to develop through learning and implementation. Because whether we realise it or not, it influences our financial decisions and outcomes in more ways than we can imagine.
Think of the young college graduate who has a job offer to work for free in exchange for 5% equity in a startup company but declines it because his perception is that a salary is the best way to earn money.
Most of us weren't taught the language of money at school or at home. So we're left to figure it out on our own through trial and error. Or following the advice of others who may not always have our best interests at heart.
A Tool Against The Uninitiated
Naturally, individuals that understand the language of money will have an advantage over those that don't. This advantage can become a tool that they use to create systems than benefit themselves usually at the cost of those who don't.
Some banks and financial institutions offer certain loans that appear to be convenient or risk free. But in reality, they charge high interest rates, fees and penalities that trap the borrowers in a continuous cycle of debt.
On the same breath, financial consultants or planners will utilize the language of money to persuade their clients to invest in risky schemes that enrich themselves handsomely but harm their clients in the long term.
The movie The Wolf Of Wall Street is a good example of that, a stock broker who built a fraudulent empire by selling penny stocks to unsuspecting investors. Most of these unsuspecting investors were uninitiated into the language of money.
Through many not knowing the language of money, a knowledge gap and a power imbalance are created giving the possibility for financial elites to exist and try to control things.
Almost everybody has access to the same information nowadays thanks to the internet. But do we interprete it the same way?
If the information is about finance and money, those who speak the language will be better able to decipher the information and its layers of meaning and create more opportunities from it(if there are any) than those who don’t.
Based on 'information authority', they can also shape the rules and norms of the financial system. And 9 times out of 10 it usually suits their interests and agendas rather than that of the general populace.
A Skill To Learn And Use
When it comes to finances, ignorance is far from bliss. It could lead to big financial regrets.
Suppose the company that offered 5% equity to the young college graduate (who refused it) becomes a billion dollar startup company, that 5% equity will be worth $50 million. Supposedly, he'll work a job all his working career and not earn half of that amount at the end of it.
Learning the language of money will improve our financial literacy and competence, helping us avoid financial traps set by the financial elites or even the non financial elites that are looking to make easy money from us.
In a way, it levels the playing field as it neutralizes the advantage of those that have it over us since we both now have the same tool.
This is what the internet does by and large, it levels the playing field in many domains, especially from an information viewpoint. Anyone can acquire the basic fundamentals and build from there.
When it comes to the jargon, there are many resources available to help us absorb that, such as money books, websites, or podcasts.
Figuratively, I often see it as acquiring the ingredients to create my recipes and cook my own meal(s). More ingredients doesn't neccesarily help cook the best meal and quality is of the utmost importance.
It is only through constant practice that we will be able to understand the jargon. Because it will take time for it to sink it. But when it does, it starts becoming almost like a second nature to us. This broadens our financial understanding in both depth and breath.
A favorite benefit of mine is the ability to know and protect our financial interests and rights, and negotiate better deals and terms.
Thanks for reading!! Share your thoughts below on the comments.
From one financial mistake to another I keep learning on the aspect of money language. I have been doped so many times.
There was this time after secondary school while in search for a job, I came across a group on Facebook that was just like MMM, invest and get double your investment within 24hrs. Wow! How easy it is to make money... I thought to myself. So ... I chose the lowest domination I wasn't even thinking of the risk. But at the end it was all a scam and I lost my money. After waiting for 24hours to become a bit rich🤷
It easy for one to make terrible decisions when it comes to earning and investing money, but if one has this knowledge on language of which money speaks one would be able to detect a risky scheme.
#dreemport brought me here.
hehehe.
You are right in one aspect. most people dont know money speaks and if we cant understand the language, we would be able to commune and control it.
we mistake and experience we can understand it well. people who trade, from their mistakes they became expert and that has kept them on the top
#dreemport
Lol, exactly. Money has a language and many of us don't know how to speak it. This puts us at a disadvantage in money related matters.
Yes, the more we learn from our experiences, the better we get at the game and start influencing things in our favor.
Thanks for stopping by from #dreemport :)
You are welcome boss
Understanding is one of the secrets to success in every field in life. I totally agree with you where you said those who have the understanding of money language have advantage over those who don't. The younger college graduate has a very little understanding of what money really is and like you said, one won't blame him, possibly his idea about money is all about getting salary at the end of the month, he is totally ignorant that most salary work can not make a man rich. His thoughts are so shallow and limited, unfortunately many of us are still like him today, instead of looking of paying the price and getting it once and for all by doing what is really worth it. We often times prefer the easy way and end up making the rich more richer.
Those with the knowledge will continue to manipulate those ignorant and keep amassing wealth. I can't count the number of times I lost money to ponzi schemes. I came to understand that the quest to make quick money always end up making one poor. Like you said, getting the knowledge, working on it and allow the law of process do it's work with time is the best way.
Thanks for sharing this with us
#dreemerforlife
Indeed! One wouldn't really blame the college graduate because he wasn't aware. But that unawareness has cost him on becoming wealthy in a relatively short amount of time. I think if we just understand the basics of money, we will be able to do well in these sort of situations and come out on top. Most of us have no foundation about money matters, so we have to build it on our own through learning from the trial and error we encounter.
For me, people should prioritize learning about the language of money especially in this day and age as there are more scams and ponzi schemes that are looking to manipulate us take away our money from us.
Thanks for stopping by from #dreemport :)
You are always welcome sir.. it's was really a blessing coming across this article
Hmmm what an insightful read that was, and I agree with you that sadly, many do not know the language of money and the fact that it isn't taught in schools and well enough by families made it so.
That's the thing with getting debts with banks and lenders who are after high interest without considering the borrower's situation.
This seem like a movie I'd like to see, maybe I'll check it out.
Thanks for this, I am glad to have the opportunity to read 🙂
#dreemerforlife #teamflash
Indeed, we're simply ignorant of it right from am early age. Most of us default to what our emotions tells us or the false beliefs we've accumulated when it comes to making money related decisions.
Banks are really sneaky! They'll tell us that is risk free but the cost of it is high interest rates and crazy penalties when we don't pay on time. They mostly prioritize their business than of considering the situation of the borrower.
It's an interesting movie about how investors are duped of their money, do give it a watch when you have the time.
Thanks for stopping by from #dreemport :)
Don't mind those banks and their sneaky moves 😅 It's always best to have alternatives than borrowing but I guess we can't help it at some point.
I'll check the movie out, thanks too 🙌
Indeed. Sometimes, we're boxed in and we have to pass through hell to get to heaven. The goal is not to stop at hell no matter how overwhelming it gets.
You're most welcome :)
Haha I get that totally!