Learn Turkish: Param yok. - I have no money.

Turkish doesn't usually use a verb for "to have" like English does. Instead, you say "my [thing] exists" (var) or "my [thing] does not exist" (yok). Literally, param yok means "my money does not exist", which translates to "I have no money".

How does the word para become "my money"?

You add a possessive suffix to the end of the noun. Since para (money) ends in a vowel, you just add -m to mean "my". So, para becomes param (my money).

Do I need to say benim param yok?

You can say benim (my) before the noun for emphasis, but it is completely optional. Because the -m at the end of param already tells us whose money it is, native speakers usually drop the benim.

Can I just say para yok to mean "I have no money"?

Not exactly. If you just say para yok without the -m suffix, it literally means "there is no money" in a general sense, like saying the store or the ATM has no money. The -m is required to show that it is your money that is missing.