I’m a big fan of financial education. Mastering finances is an important life skill because it has such a drastic impact on how you get to live your life and when you get to live it. The more skilled you are in handling money, the less susceptible you will be to making financial mistakes that can derail your efforts to live the life you want. Financial education can help you manage your money more effectively, leading to saving more, earning more, and spending wisely on things that matter.
During my seminars I ask my audience this question: “Why do we learn how to calculate the area of a triangle but not the power of compounding interest?”
I’d pause, scan the room, and continue by asking: “Why are we taught art, music, and physical fitness, yet the banking and investment industry remains a mystery?”
Many, if not all, in the audience nod their heads in agreement.
I have yet to meet someone who hasn’t agreed with me on the importance of financial education. Yet even with that truth, I find very few people who actively engage in financial education. Let me get this out of the way: Money is fun. Spending is exciting. But financial education sounds like a bore. Think about where you get most of your traditional financial education from: banks, financial services companies, government agencies, and nonprofits. None of these institutions scream fun and exciting.
Without the right financial tools and personal finance skills, ...