In this article, I would like to address certain tips I have learned involving money. I will discuss a little with you, concerning a few valuable lessons that stand out to me: 

I knew the basics, like why it is important to save for emergencies and how to avoid high-interest debt, but I had a lot to learn. For the last several years, I have been on somewhat of a crash course, as I prepare to obtain additional information to share with you.  

For example, money is relevant to everyone, and that is why I enjoy researching and learning about it. It is also inspiring to see people conquer the financial challenges that they once thought were insuperable. And it's inspiring to help others concerning their goals for the future. And it is sobering, but essential, to appreciate how much harder women and minorities must work to catch up.

Hundreds of stories later, here are four of the best lessons I have learned about money so far:

There’s no universally right or wrong way:

While there are some universal best practices — living below your means is at the top of the list — the financial decisions you make should be based on your circumstances. 

Renting for your entire life is not wrong. Buying a house is not the right choice, or even an option, for everyone. Likewise, credit card debt is generally labeled bad, but if it is your only option to pay a medical bill or help a family member in need then the benefits might outweigh the costs. It helped me start and finance a small business in the beginning. Everyone has a different scenario in life financially. So, for this reason, it is safe to say that indeed money is based on your induvial conditions.

Rarely is there a right or wrong way to spend, save, or invest your money. There are proven strategies that work for a lot of people, but that does not mean they all will be the best ones for you.

Not even a financial planner will tell you there is only one way to manage your money. A fiduciary is there to help find the best path forward for you and your unique situation.

Financial success probably will not land in your lap:

I have also learned that achieving financial success takes effort.

Read any story about someone digging themselves out of debt, buying their dream house, retiring a millionaire, or overcoming some belief about money that was holding them back, and you will find a common theme: It takes work and planning to make it happen.

Unfortunately, some people must work much harder than others. Some inequality reached a record high in America in, partly because of the advantage families with generational wealth — the vast majority of whom are white — carry. The reality is that people of color (minorities) start with a disadvantage because of issues like lower pay and institutional discrimination. To me, this is a disadvantage and needs to be addressed as a continuous problem today. Also, I wanted to address this issue by stating that PayPal has also recognized this to be the case, and so they just came out with a pledge of over $500 million to support minority-owned U.S. businesses.

Whatever your challenges, chances are it will take a commitment to expand your knowledge, making informed decisions, and creating a plan to overcome them and make progress. This is true with anything in life.

Risk is necessary to build wealth:

I learned early on that building wealth is highly contingent on finding your ideal risk-reward level. The stock market is the most obvious example: To grow hard-earned money into more, one must be willing to put some of it on the line. Remember the adage, “it takes money to make money?”

Now, some of you will not trust yourselves to make those bets, so you can maybe use index funds and target-date funds in your retirement accounts if they are naturally diversified and automatically rebalanced. Understand that your balances will rise and fall, but it should occur at a level you are comfortable with.

Money is a tool, not a chore:

I have learned that the people who make real progress financially view money as a tool rather than a chore. Budgeting or rebalancing an investment portfolio may not be your idea of a good time, but it is essential to work if you want to move forward.

Instead of looking at saving money as an obligation, for instance, think of it as a gateway to your next vacation, or the entry pass to early retirement. After accounting for your living expenses, your money should be serving your goals. If it is not, then it is time to recalibrate.

Many of us share a common desire to do better and have more — more wealth, more time, more knowledge, more freedom of choice. When paired with intention, money can help get us there.