Is your lifestyle you Imagined it would be if you were a kid? Are you living your life that your parents wanted you to possess? Can you afford to take the vacation you always dreamed of? Are you driving the vehicle you deserve? Like most people, I’m Unable to answer all of these questions with a resounding yes. If you are like me, you are delighted with the life you have but know there’s much more than what you have. I know I work hard for what I do have and wonder why I do not have more.
The changing of America’s economy has shifted how each of us views the world. The days where we could work for one company for 40 years, have a dinner in our honor, and get a retirement income and gold watch have been gone for decades. The majority of us will be facing a fiscal nightmare as we start to reach retirement. This is the reason financial literacy is so important now.
High School and College teach valuable skills to pupils. These Kuran Malhotra skills are intended to help them become valuable assets in our community, our companies, and to their families. What these institutions do not teach them is the way to become financial literate and why it is of vital importance. If you ask the majority of these pupils, they simply see traditional professions as a legitimate company choice.
We know the Fundamentals of Cash; we work for this, we get a pay check, we place it to the bank, and we invest it. What we have yet to be told is the way to make our money work for us and how we could make even more money with the amount of money we have. We have never been told the value of compounded interest or why we should choose term life insurance policies rather than whole life or cash value policies. If I were told in high school a simple $1000 deposit to a 8 percent interest bearing mutual fund would equate to over $100k 40 decades later, I am certain that I would have listened.
We all will be Facing bigger and more intensive financial choices than our parents and grandparents did. We are confronted with working longer and retiring later; we also have the capacity to live longer lives thereby making financial plans harder. We are confronting different wealth building plans and investment choices which are not as transparent as the basic savings and checking accounts our grandparents and parents were used to using.
What each of us needs To see is that as the times change, our reactions to our lives, our Jobs and professions, our perspectives on money and finances, and our relationships with Each must always be challenged and evaluated for success plans. In Order for future generations to succeed we have to help them understand the value Of money, time, interest, and how to use them to their benefit.