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Personal Development, Self-Help Tips & Financial Education – Why it is important to have a solid financial education?

Most of us go to school to get a good formal academic education; getting the right foundation for reading, writing and learning how to function in the real world.

After basic schooling, we go to colleges and universities to get our diplomas or degrees so that we can get a good, secured and high paying jobs.  And whilst working in our jobs or careers, we get further professional education to help us to be successful in our careers; like pursuing a professional qualification or MBA that will enhance our career prospects and opportunities in the corporate environment.

However, our school systems right from the schools, colleges and universities don’t teach us about financial education and because of this lack of financial education, most people were never taught from young about money and finances and what they need to know and do to take control of their financial lives in their adult lives. Many end up in debts or bankcruptcy because they were never taught how to manage their finances.

Why Financial Education and Financial Literacy is important?

Financial education is important to all of us if we are to get ahead in managing our money and finances. It teaches us what we should be doing with our money to be successful, like increasing our earnings, increasing our savings and increasing our investment returns and reducing our expenses, learning how to manage our debt, learning about compounding, and increasing our wealth.

In today’s world, financial education is crucial with the economy in recession or depression. We need to spend time, energy and efforts to be financially educated, to learn about money, finances, business and investments and choose an area of investments to become an expert and start investing so that we can make our money work hard for us instead we continually working hard for money.

Therefore, we have to continually learn and grow and get financially educated with the various investments strategies so that we can become financially successful.  A good starting point to get financially educated, is to read “ The Richest Man in Babylon” a simple book about personal financial thrift and understand about the concept of paying yourself first, controlling your expenses and multiplying your wealth through compounding, guarding your wealth from loss and understanding the importance of building assets and reducing liabilities.

The true measure of wealth is Net Worth and not working income. Understanding why it is important to focus on your net worth by increasing your earnings, increasing your savings and investment returns and reducing expenses by simplifying your lifestyle.  It is only when you are financially educated, then you are able to take control and manage your own personal finances properly to create the financial freedom you truly deserve.

“ The future is great… the future is you… and you are the key to your great future “.

To your personal development, and financial education.

I hope you have enjoyed my sharing. To your personal development,  success, financial education and abundance.

By Michael Tay   www.michaeltay.com