“The number one problem in today’s generation and economy is the lack of financial literacy”

– Alan Greenspan –

Looking back at my early years, I wonder why it was required that I had to study things like social studies and world history when in fact none of what I was forced to study has any value to my adult years in life. Yet the ONLY financial class in high school that I recall offered was accounting, and that was an elective so it wasn’t required learning.

It really miffs me to know that so many people in society have very little, if any, financial knowledge other than how to balance a checking account. And some people can’t even do that correctly! A huge chunk of banking profits come from overdraft fees.

Our education system is broken and too many kids are entering into adulthood without the real world knowledge that they need to be financially successful. Not only that, they aren’t encouraged to pursue entreprenuership endeavors, but instead indoctrinated into the belief of “get a good education to get a good job”.

Also, kids are led to believe that going into student loan debt of tens of thousands… if not hundreds of thousands of dollars is justifiable to become wage slaves dependent on employment. It isn’t until they graduate from college and attempt to enter the workforce that the reality of loan repayment sets in.

Then if they’re even fortunate enough to find a job in the field that they pursued an education in the first place is questionable. Often they have to settle for a job that they could’ve gotten without going to college in the first place. Oh, and those student loans still have to be paid back and can’t be charged off in bankruptcy!

Once they’ve entered the workforce they are now dependent on their employer for that after tax deducted paycheck. It’s rare that the youth think to put money aside in case of an emergency for unexpected expenses. And lets face it, retirement planning and managing their money like the rich isn’t a top priority for most twenty somethings.

So they’ve started their key working years in debt with student loans. Then there are cost of living expenses such as rent/mortgage payments, utilities, food and transportation to factor in. Typically credit card debt has accrued at this point as well. Credit card companies target students for good reason… they tend to have limited finances.

By the time the desire to build wealth sets in, they’re thousands (often tens of thousands) in debt and have limited, if any money left to put towards that goal. That’s when they turn to the advice of “financial gurus” who never seem to advise them to ALWAYS pay themselves first with the mantra “part of what I earn is mine to keep”. But instead they’re told to get out of debt and then invest in mutual funds that earn 7% (magically in guruland) annually.

Financial literacy is something that we can’t afford to not be teaching/learning. Since we can’t rely on the education system to make it required learning, we have to make it required learning for ourselves. I implore you to make this a priority in your life and encourage everyone that you know to do the same.

The reason I started this blog was to connect with people who are in pursuit of financial knowledge and building wealth. Especially those who want to do so but can’t either because they are drowning in debt and/or have limited funds to do so.

The world is on the verge of bankruptcy and financial collapse. We as a society need to purge the consumerism obsession lifestyle out of us and make financial stability our mission. The societal financial safety nets of social security and medicare are unsustainable. Social security was never meant to be the sole source of retirement funding, but a supplement to it.

As unemployment surges and people have no financial reserves, they are turning to government assistance programs which are strained and reliant on tax revenues for funding. Food banks are maxed out and charities can only give so much.

So, let’s focus on solutions and strive to teach those willing to learn. Let’s be the change we want to see in the world by forging the path to financial freedom and lift up as many as we can a long the way.

As I like to say… “the journeybegins with the first step”.

If you see value in this article then please be sure to like and subscribe to the blog if you haven’t done so already. I’ll be putting up more wealth building posts in the future and you can have them delivered straight to your email account.

I’ll see you in the next post. Until next time… be sure to comment below and let’s get some dialogue going. I’m curious to know, what’s your opinion on teaching financial literacy?

One last thing, follow me on twitter for daily tweets and updates https://twitter.com/RFinancially

Follow me on twitter

 Click on the link and follow me on twitter for daily tweets and updates https://twitter.com/RFinancially


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