Which is a contributor to why they’re struggling financially
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Ask the average person what they’re reading, and they’ll likely have one of two answers:
1. Nothing
2. An entertaining fiction book
Though there is nothing wrong with reading fiction or entertaining books (you can learn a lot from these books, they’re de-stressors, and reading, in general, is a productively positive activity), unless the fiction book has a lesson to be learned, it’s for pure entertainment, which is what we already consume in high quantities.
Reading Statistics
– What percentage of people read?
– What percentage of people read personal finance?
According to Yahoo, 96% of individuals don’t read personal finance books.
According to World Rate, 55% of Americans watch TV leisurely. 5% spend their leisure time reading.
So many people complain about money problems, so why don’t more people read?
With the millions of books available on the market, you’d think more people would take advantage of the knowledge available.
Of course, these numbers don’t account for the people who learn about personal finance from advisors, podcasts, videos, seminars, and other sources.
But even with these available options, people have never binged personal finance resources like they did for all the Game of Thrones seasons.
It’s almost as if people are comfortable living with financial ignorance — even though they desire to better their situations.
Society Has Mastered Learned Helplessness
Seligman and Maier (1967) theorized that animals learned that outcomes were independent of their responses — that nothing they did mattered — and that this learning undermined trying to escape (National Institutes of Health).
Even when all the financial tools are available to many, they willingly flounder. It’s easy to accept mediocrity, and the longer you accept it, the harder it is to escape.
“According to the most recent data, 83 percent of consumers in the United States were using a subscription video-on-demand service in 2023, an increase of over ten percentage points in five years. It is no secret that one of the most popular platforms (and certainly the one with the most U.S. subscribers) is Netflix.”
You have to pay for a TV provider service. But you can rent a personal finance book from the library for free.
Most people don’t watch educational documentaries like “Get Smart With Money.”
So What’s The Solution?
Easy.
Consume more quality finance content if you want to shift your financial situation.
The resources are available to transform your money.
Becoming financially successful isn’t a secret; the educational resources are ready for you if you give up your TV and social media sometimes.
And your financial education doesn’t have to come from books (though several quality and timeless books are available).
The goal is to learn in whatever format works best for you.
Podcasts, mentorship, conferences, webinars, YouTube videos, articles, etc.
All of these are free sources of content for you to take advantage of if you invest the effort.
Your Responsibility Is This, Though
As you’re consuming all of this content and knowledge, you must learn how to filter out what will work for you and what won’t.
Not all knowledge will be sound or legitimate. And not all knowledge will apply to your unique situation.
Some knowledge is solid but completely inapplicable. Learn to identify when this is true, so you don’t waste countless time, effort, and dollars on solutions built for others.
Aggregate as much knowledge as you can. The more knowledge you intake, the better you become at recognizing and identifying worthwhile patterns.
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This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any major financial decisions.