Wealth and the lack of it is a popular discussion, why? Why,when attending school, whether high school or college even acquiring a business degree, such as an MBA, do they still not teach financial literacy. We are a consumer driven society, hard pressed on every side to increase our spending to match or exceed our income. This coupled with a false view of what an asset versus a liability is, often leads us down a perpetual path called “the Rat Race”.
The funny (read ironic) thing is we can teach financial literacy but intellect alone is not enough. Wisdom(applying knowledge) and discipline are necessary in order to put a financial house in order. It leaves me wondering what or how might someone be willing to learn and change? My experience has been that even crisis often is not enough to change ones habits or perceptions, add to this a sense of hopelessness that even change will not bring results and we end up with a vast majority of people unwilling to even try!
The old adage “you can lead a horse to water, but you can not make him drink” comes to mind here. In spite of all we have said here, I have a passion to teach and see people find control and freedom in their financial lives. Because of this I continue to ask why people feel the way they do, and how can I help to bring hope and help in practical ways to those who feel trapped.
How are you doing in your financial life, why is it so hard to talk about, what ideas can you share that would make it easier for you or others to seek help or make lasting changes, based on your understanding, what things in your financial life do you consider assets and what do you consider liabilities?