‘Financial education’? Big word! But for some people, they did not really spend too much attention to it. As a matter of fact, it’s such a boring word. They read it on social media newsfeeds or they came across with some financial blogs and probably some of them were invited to various events related to this. But, who cares?
Well, I based the above generalization to my personal experience. I didn’t really care. Until one day, I realized that this is extremely vital. I cited top 5 common situations that will justify its importance with corresponding true-to-life example scenarios.
Misinformation about how to increase cash flow and how to manage debt.
A common employee lived from paycheck to paycheck despite how hard he worked because he only depended on a single source of income and when he got short with his budget, the only solution was ‘debt’. He lived with this the same routine for years. Debts piled up. Stress intensified. Dreams never achieved.
Failure to build a strong financial foundation and proper protection.
Probably you heard stories about a rich family that suddenly became poor; maybe a friend, a neighbor or a relative of yours. Why? Because the breadwinner got sick and it was a major illness and this depleted all the family’s resources away to hospital bills.
Or worse case, the person died living the family unprepared and struggling.
Zero knowledge about asset accumulation and investing.
How many OFWs we know went home without any savings and started life back to zero? Why? Because he and his family members did not know how accumulate the allotments and remittances and invest it the right way.
How about the news that we heard about a lottery winner who went back being poor and filed for bankruptcy. Why? Because nobody educated him on how to make this money work for him.
Overlooked retirement planning and asset preservation processes.
One loyal employee spent decades in service to the government or to his private employers but still retired broke and poor because he only depended on social security for his retirement and these funds were never enough for his old age medical needs.
Or a wealthy person passed away and forgot to draft a last will and testament. Then, chaos erupted within the heirs because they were unsure who will own the house, the lands, the bank accounts, the businesses and his other properties.
Failure to consider learning about building a business in the financial industry.
People may came to a point that they decided to start a business. Whether it was food, fashion and other industries. Maybe few of them succeeded and most of them failed. Well, just an example: food gets spoiled, fashion gets out of style and or probably they encountered some other challenges around.
But speaking of the financial industry a.k.a. money business, it doesn’t get spoiled or falls out of trend. The other industries maybe big but the financial industry is still the biggest of them all because money starts and ends here.
Have you experienced one of the scenarios above? Or do you know someone who’s still going through those hardships? Build some ‘hope’ within you and for others. Maybe you are the answer to their prayers. Become a hope builder today! Or contact us for FREE Financial Education workshops.
Disclaimer: The above list is not based on any specific statistics but just pure personal observation.