“When I was young, I thought that money was the most important thing in life;
now that I am old, I know it that it is.”—Oscar Wilde
***
When it comes to money, everyone listens. So, allow me to start today’s column with an anecdote.
A delegate from a prominent academic institution approached Jean Louis Rodolphe Agassiz, a Swiss-American biologist and geologist renowned for his significant contributions to the comprehension of Earth’s natural history, with a request for him to address its members. Agassiz declined the offer, explaining that such engagements took up precious time that he preferred to dedicate to his research and writing projects.
The delegate persisted in promoting the invitation, suggesting that a considerable fee would be provided for his lecture. “That does not inspire me in the least,” Agassiz replied. “I cannot afford to waste my time in pursuit of monetary rewards.”
That brings us to a particular scene in Harry Potter and the Sorcerer’s Stone. “As much money and life as you could want!” wrote J.K. Rowling, author of the novel. “The two things most human beings would choose above all – the trouble is, humans do have a knack of choosing precisely those things that are worst for them.”
Dorothy Parker also said: “If you want to know what God thinks of money, just look at the people he gave it to.” And what did Will Rogers say? “Too many people,” he pointed out, “spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.”
Money serves as a means of exchange, enabling individuals to acquire the necessities for their existence. It possesses widespread acceptance and value both within a national economy and on a global scale. Among all assets, money is the most liquid, signifying its ease of conversion into various goods or services.
There are four functions of money: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfills these four functions can be considered as money.
“Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money,” Wikipedia explains. “Fiat money, like any check or note of debt, is without use value as a physical commodity, it 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.’”
The word “money” is believed to have originated from the temple of Juno, on Capitoline, one of Rome’s seven hills. “In the ancient world, Juno was often associated with money,” Wikipedia claims. “The temple of Juno Moneta in Rome was the place where the mint of ancient Rome was located.”
The name “Juno” may derive from the Etruscan goddess Uni (which means “the one,” “unique,” “unit,” “union”, “united”) and “Moneta” either from the Latin word, “monere” (remind, warn, or instruct) or the Greek word “moneres” (alone, unique).
Money manifests in various forms and at different phases. Employees acquire it, while those who are extravagant deplete it. Financial institutions provide loans. Women utilize it for purchases. Counterfeiters produce fraudulent versions. The government collects it through taxation. As individuals pass away, their assets are inherited by their beneficiaries. Savers accumulate it, while those who are stingy desire it. The affluent grow their wealth, whereas gamblers risk losing it.
Matthew J. Ritchie shares this story: There were some Mexican Indians on their way to market with pottery. Some wealthy tourists stopped them on the way and offered to buy their entire stock for a good price.
The Indians refused and explained, “Señora, in my town no one can read and write; there is no electricity, so there can be no radios. Some must go to the city every week to get the news of the world, and without pottery we cannot get a place in the market to sell. So, we cannot sell you all the pottery jars, for they are a means to our end. Señora, we would be disgraced if we returned home without money.”
Money isn’t everything. It’s not how you spend your money but how you use it. I was reminded of the words of Frank C. Clark. “Many folks think they aren’t good at earning money,” he said, “when what they don’t know is how to use it.”
When they have money, some people spend it all as if there is no tomorrow. That should not be the case. Take care of your money and it will take care of you. Aristotle was damned right: “Money is a guarantee that we may have what we want in the future. Though we need nothing at the moment, it ensures the possibility of satisfying a new desire when it arises.”
When it comes to life, William A. Ward gives this advice: “Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give.”
Ward’s statement seems to jibe with the words of British statesman Sir Winston Churchill: “We make a living by what we get, but we make a life by what we give.”
By the way, money is not the root of all evil; it’s the love of it. As the Bible puts it: “For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs” (1 Timothy 6:10).
