Anne-Jennell Burke of Burke Financial Services Courtesy Photo
You know the old saying, â€œmoney is the root of all evil?â€ In todayâ€™s economy, from Bernard Madoffâ€™s Ponzi scheme, to our government continuously bailing out big business, financial institutions, and other government funded programs; and with the continuous rise of unemployment; this saying is proving to be more true. However, if we really learn to grasp how money works and how to get out of debt, money doesnâ€™t have to be the root of all evil.
Undoubtedly, money plays a central role in all of our lives. Yet, we must have a clear understanding of what money is and how it works. Simply put, money is something generally accepted as a medium of exchange, a token, which is used to obtain goods and services. Money can be in the form of currency, credit, trade-off agreements, gold, silver, etc. Of course we all want more currency in our bank accounts but, we have to learn how to use the other forms of money as well in order to have more liquid currency.