Some years ago, I remember watching T.V in the new year 2000. I can remember as if it was yesterday, all the fuss there was about a new millenium. As I was quite young then I did not understand the significance of the season we just entered into. But as my learning has increased over the years, I have noticed a few things which I would like to share with you about changes between the last century and this as it relates to money.
Money, which is undeniably an important aspect of our lives, as evolved over the years and has brought changes upon our lives. Below are some of the changes between the 20th century and the 21st century economically speaking:
(1) Money had a stronger value. It could purchase more with less. The opposite is the norm today. The value of money has dropped drastically and its purchasing power(real value not money value) has reduced.
(2) Inflation was at a much lower level in most world economies. For instance, the price for a piece of land in Nigeria would cost less than a million naira. Today, that same piece would have risen high in value. Inflation makes investors win and savers lose.
(3) Money was in paper form,though it still is. But the difference is that money now is not 'money' anylonger but an I.O.U. Money today is knowledge. What you know is proportional to how much you earn.
(4) People depended on the goverment to take care of them when they retire from work. Not any more as employees now prepare for retirement by investing in retirement plans.
(5) People barely made a living out of being computer literate. Today, there are billionaires such as Mark Cuban and Mark Zukerberg who have greatly profited from the internet.
(6) The richest people of that age were people in their fifties and above. Now, millionaires who earned their money legally can be seen within the four walls of a secondary school.
(7) Finally, in those days,the best advice to give a child was "go to school, get good grades, earn a degree and secure a good job that will pay you a fat salary". That is a phantom today. Certificates are a dime a dozen. Its your financial knowledge that matters now. If you were to earn a million naira, how would you use it? Your answer to this question will show how quick witted you are with handling money. Money flows only to those who know how to use it.
Those and many more are just a few of the changes that have occured within that span of time and more is surely to come. So brace yourself up and prepare for the change!
To know more, read Rich Dad's conspiracy of the Rich- the eight new rules of money by Robert Kiyosaki.
Please post your comments and questions below. Thanks for reading.
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