Your Journey to Financial Freedom
Published: September 09, 2008
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Do you consider yourself financially literate? Unfortunately, most people are not and financial literacy is more important today than ever before with increasingly complex financial service offerings. Most people have not been give the proper education, tools, and resources to be effective managers of their own money. Consider the following:
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Were you educated on managing personal finances in school?
Has anyone educated you on how to best chart your course to retirement?
If you answered “no” to any of these - - you are not alone. Only 10% of Americans receive financial education in school. If you have never been taught how to manage money how are you supposed to leave an inheritance for your children’s children. This lack of financial literacy is something most people do not want to discuss. Most people are often afraid to face the realities of their financial situation. The time has come for you to stop sweeping the realities of your financial situation under the rug and acknowledge that there is a problem and tackle it head-on. Once you acknowledge the problem, seek help, and take control of actively managing your money, then you can begin to have a positive impact on your future.
As the old adage goes: the first step to fixing a problem is acknowledging that there is a problem. Let’s take a look at a few facts that highlight the problem.
- America is the richest country in the world, yet, ironically, we have the highest percentage of people living paycheck-to-paycheck. (Source: Kiplinger 10/6/2005)
- From 1992-2002 disposable income rose 47%, but personal spending increased 61%. (Source: http://www.remtech.biz/factsandstats.htm)
- 30 year olds could be the most indebted generation in modern history (Source: BusinessWeek 11/14/2005)
- More than one-third (36.1%) of Americans report that they do not use a budget to manage their family expenses. (Source: http://www.remtech.biz/factsandstats.htm)
- Approximately 35 million Americans pay only the required minimum payment on their credit card balance each month. (Source: http://www.pbs.org/wgbh/pages/frontline/shows/credit/eight/)
Can you agree with me that there is a problem? Are you touched by any of these facts? If you are not living paycheck-to-paycheck, if you are not living above your means (spending more than you make), if you are not living with a high debt level, if you are not living without a personal budget, or if you are not paying the minimum on your credit cards, then you are among the select few that are financially literate and effectively managing your finances.. If you are a part of these statistics its time that you seek counsel and take control of your finances. Without counsel plans go awry (Proverbs 15:22).
Finding counsel can be a very daunting task. Where do you start? Who can you trust? Will the information that is shared be helpful to you? Theses are just a few questions that you may have if you are ready to become financially literate, secure your future and impact your future family generations. You will not only be able to impact generations with money, but also by passing on the ability to build wealth. Thus you will positively change the financial mentality of future generations. Only 32% of American parents talk to their children regularly about personal finances. (Source: http://www.remtech.biz/factsandstats.htm)
Until next time stay Faithful, Prayerful, and Thankful!
As a personal financial coach I have dedicated myself to help people just like you become excellent personal money managers. I have a great deal of passion and experience and have done extensive research that can help you navigate the sea of information and resources that are available. As a featured guest on G•Talk I will provide you with information and tools to help you become financially literate and a wealth builder. For more information on my coaching services please send .(JavaScript must be enabled to view this email address) an email.
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