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Knowledge applied is the foundation of economic transformation
If you don’t come from a wealthy background, if you don’t come from a financially educated background, and if you aren’t “good with numbers,” none of these are legitimate excuses for not making financially prudent decisions.
Since you know these things about yourself, you’re in a powerful position because since you know that you don’t have financial privilege, you can take an active role in improving your economic status.
Most people don’t come from an economically sound background.
Most of us aren’t taught about money in school.
Most of us are taught that financing is the best way to afford things.
The ability to cover a $1,000 emergency expense is an uncommon privilege for your average person who doesn’t have access to $500 in their bank account.
We all know how to spend money, but for some reason, most need help mastering the concept of keeping money.
We don’t mind learning about what new things we can buy, but we don’t enjoy spending as much time learning how to increase our wealth, and that’s a problem if you’re tired of living in unhealthy economic circumstances.
Education Is Essential To Improve Your Finances
I had to re-read Rich Dad, Poor Dad several times. Though it’s a simple book, the concepts didn’t fully register when I was first exposed to it as a kid at the dinner table.
None of my family grew up around wealthy people or had much economic background.
The subject was all new to us.
However, I knew I wanted financial independence and didn’t want to be broke. I continuously read financial books and articles to cultivate these circumstances for myself. And I will never be done learning.
There are still so many terms and concepts I still don’t understand, but I’ve realized I don’t need to fully understand them to do better with money entirely.
I will be financially successful as I consistently expose myself to information and practice what I learn as much as possible.
The difference between people who have and don’t have is actions and education.
Of course, there are other complexities, but access to information and then applying the knowledge from that information should never be underestimated.
Are You Willing To Learn?
A famous teacher always asks his students, what is your willingness to learn and what is your willingness to change; it’s called the teachability index.
The more willing you are, the more positive change you will experience in your life.
If you don’t know how to invest, be proactive and pick up a book on investing.
If you don’t understand what an index fund is, be proactive and read some articles explaining how they work.
If you don’t know how much money you’ll need in retirement, research how much it will cost to live the desired life at your ideal retirement age. Then, use an investment or retirement calculator to help you plug in the figures. Once you have your number, break it down by years and months to learn how much you’ll need to invest to reach your goal.
Financial success is all about proactivity.
Never take a passive role in your finances, and never allow someone else to completely control your money or limit your access to your money.
Stay an active participant in your money.
Key Takeaway: Educate yourself about personal finance, implement what you learn after you understand it, and be proactive about your money situation.
If you do these things, you will notice an improvement in your financial situation. It worked for me. So it can work for you.
If You’re Not Teaching Your Kids About Money, Who Is?
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.