Ignorance is not lack of intelligence; it is a lack of know-how. No one is born financially smart. We all need to learn. The problem is that the education system does not teach financial literacy. From high school to college, I did not have one course on how to manage finances and I have a B.S. Degree in Business Management!
My university professors where teachers, not business people. The average U.S family will make over 2 million dollars while working. Where is it going? Most people stop learning as soon as they leave school. We must all be lifelong learners especially in the financial realm.
Where to start? There are a lot of good books out in the marketplace by people like Larry Burkett and Dave Ramsey. Learn from them. Learn the basics. Budgeting and saving. It’s not rocket science. It’s about self control and living within your means.
People are concerned about their weight and they take action. People are concerned about their image, looks, status, etc. and they take action. Take ACTION in your finances.
Want some valuable insight? Read the Millionaire Next Door by Dr. Tom Stanley. You will be surprised at how they live under the radar and their wealth is not conspicuous. If you would meet them on the street you would never guess that they are millionaires.
If you weighed 500 lbs., you could not hide that fact, however, you could be in debt up to your eyeballs and nobody would ever know. Don’t’ look at the Jones’s. They may look fit and proper but they have a 500 lb debt load.
Get a good book (on finances) and READ!
Jacques
CreatingWealthThatLasts
4 comments:
Great post, your ending reminds me of the book the millionaire next door. Great stuff, right to the point.
Thanks,
Giovanna Garcia
Imperfect Action is better than No Action
Hi Jacques .. that's a very good post .. & yes we were taught by our parents to save and budget .. we could only have so many sweets otherwise our bicycle money savings would disappear .. well that was in my day! Now it's a computer I gather.
I've made a not of your book recommendation -
Thank you - Hilary - Be Positive Be Happy
The problem with teaching financial literacy is that kids don't want to read about this dry topic. A nice starting point is to get them involved in the saving process in a fun and entertaining way. I opened accounts in the Monetta Young Investor Fund which got them interested in savings with various games and activities.
Brig: Good idea. It starts the process!
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