Money Essay

An essay on money is a topic that is an integral part of anyone’s life. Hence, the money essay helps us understand the importance and types of money. Money is essential to everyone. It provides a source of income, as well as many other things. People all have different reasons for earning money; some need it to support their family, while others need it to provide for themselves. There are multiple ways to attain and make money in various fields, but the most important thing is staying motivated and adhering to your plan to make money.

The importance of money is something we take for granted. Especially in today’s age, it is vital to understand the importance of money. Money is an important thing; without it, we wouldn’t be able to live our lives. It allows people to buy the necessities and luxuries in life. Money also allows people to travel, be creative, and express themselves through selling or creating. Money can’t buy happiness, but it can help make your life easier. It is important to know how to manage your money and spend it wisely because you cannot work forever and live off of savings alone. Money essay in English is a key topic that kids must learn by perusing this BYJU’S essay.

White Money

White money is the income that is earned legally. It is a taxable income and is earned by the people who earn a regular income.

The best way to earn money is to follow a safer path, such as employment. However, this income will be limited. This is why many people choose the entrepreneurial approach to create their own company and make a profit.

Black Money

Black money, the opposite of white money, is your hidden assets that you harvest with corruption. Corruption involves charging extra money, taking bribes and many more. Corruption is the leading cause of the lack of proper growth in the country.

Black money, the money people who have authority over others unlawfully earn by misusing their power, needs diligent follow-up, or else they will be behind bars. Furthermore, the earnings may not meet documentation requirements and often do not pay income tax.

Money Laundering

To help you understand better, money laundering is an illegal activity, converting black money into white. Money laundering urges people to take unlawful or criminal paths to earn more money.

Moreover, the government is taking numerous measures to eliminate money laundering, including linking bank accounts to the Aadhaar Card. This ensures the government oversees a person’s transactions from an illegal source.

A KYC (Know Your Customer) is required for every type of customer. This makes it easier for those in high and medium risk groups to manage their finances and fund education and property.

To conclude, money is vital because it allows you to do what you want. It can also buy things, pay for services, and provide for your family. Without money, you would not survive in society, and it would be harder for people to live. Help kids read this money essay and ask them to write an essay on money.

Frequently Asked Questions on Money Essay

What is money laundering?

Money laundering is an illegal activity, converting black money into white. Money laundering urges people to take unlawful or criminal paths to earn more money.

What is white money?

White money is the income that is earned legally. It is a taxable income earned by the people and can be deposited in the bank account and spent in any way they want.

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