Importance of Money and Wealth

The importance of money in daily life, the problems created by the money and everything which should be known by everyone about money is described in this article. This article will help you to understand everything about money.

Difference between black money and white money

Quite often we listen to people referring to money as either "Black Money" or "White Money". White money is that money which has been disclosed to the tax authorities. Unless such money is exempt from tax, it has been taxed. The society honors such money by painting it virgin white. On the other hand, Black Money is that money which has not been disclosed to the tax authorities. Consequently it has not been taxed. The "Society" unwittingly condemns such money by painting it with the darkest of all colors.

For many people the value of money is far more important than its color. Such people attach paramount importance to the uses and utilities of money and no importance to its color or character. These people feel that whether money is black or white, it continues to be money. They feel that the purchasing power of money hardly changes with its color. Some such people keep suppressing their income from the Government thereby amassing black money. By doing so they cheat their motherland. In sharp contrast to this, there are honest citizens of their motherland who never suppress their income from the Government. They honestly and wisely keep paying tax on their income. These people do not choose to blacken their faces with black money.

Importance of financial strength of a nation

The exchequer of a country is its financial strength. Our taxes are our contribution to our nation. When we evade taxes, we deprive the nation of its dues. By doing so we not only cause damage to its present position but also to the face of its future. As sons of the soil we have a duty to discharge. It is the duty of being loyal to our country. Our loyalty includes our honesty in paying our taxes.

By not paying our taxes honestly we create bottlenecks and barriers for the Government. We cause hardship to the Government in meeting its expenditure, both planned and unplanned. Such misconduct on our part disables the Government from meeting its objectives effectively and efficiently. The Government uses our contributions of taxes for various purposes. The key purposes for which the Government uses our taxes comprise of:

1. Safe guarding the barriers and borders of our country.

2. Equipping our country with adequate and appropriate armaments.

3. Training our soldiers for our safety.

4. Improving the image of our country in the international arena.

5. Research to ensure optimal use of the resources of our country.

6. Building roads and bridges for our convenience and comfort. Implementation of plans aimed at eradicating poverty.

7. Imparting education to the poor.

Importance of taxes and payments

When we see the purposes that our taxes serve, we discover the importance of our contribution to the exchequer. Those who circumvent their tax liability by resorting to dubious means ought to realize the damage they are causing their own country.

Cheating taxmen by black money

People possess black money thinking that it shall bring them safety and security. Ironically such money brings them tension and trauma. People are scared that the Tax Authorities might unearth their black money. If that happens they would be taken to task for having evaded their taxes. Such constant tension undermines their health.

If that happens then their black money is spent on Medicare. Some people alienate their assets that were purchased out of black money. This is done to ensure that they are not traced by the taxmen. Such assets are held in the name of their friends and relatives. At times, the legal owner asserts his/her title on such assets depriving the actual owner of the asset. Probably the legal owner feels that such assets are easy to usurp. These are some of the many misgivings of black money.

When we watch cricket matches or movies we can see the loyalty people have for their country. We also get to see the same sentiment at the time of war. All of us should ask ourselves a question. Why do we not show such loyalty when it comes to payment of our taxes?

What money cannot do?

I am Money. There is a lot that I can do for you and there is little that I cannot. The little may be little, but it more than makes up for the lot. I cannot trap time in my hand as it slips away just like dry sand. I cannot bring you ease as and when you please. I cannot decide my ownership. I cannot cut my wings. I cannot stop playing hide and seek with you. I cannot buy you peace of mind.

I cannot defeat the truth. I cannot justify your wrongdoing. I cannot change your past. I cannot impress you if you are an idealist. I cannot perform those miracles that can only be performed by God. I cannot forgive your sins that can only be forgiven by God. I cannot give you death that can be given only by God. After your last rites will be over, people may or may not speak about me. But they all would know that I had lived with you and you had lived with me. I cannot die with you and you shall die without me.


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