Tweet

The need for Financial Education

Written by: Rob Bourne

Article Overview: Not long after the start of the global financial crisis I became aware of a material difference between the so-called wealthy and the wannabe wealthy. Apart from the obvious difference in fortunes held, I have observed there is a difference in the financial education levels and approach to life.

The need for Financial Education

  Not long after the start of the global financial crisis I became aware of a material difference between the so-called wealthy and the wannabe wealthy. Apart from the obvious difference in fortunes held, I have observed there is a difference in the financial education levels and approach to life.

 

In the years I have spent as a financial adviser I have met only a handful of people I would consider to be in the 'wealthy' group or true 'entrepreneurs'. None of them were my clients and in fact I don't believe any of them used the services of a financial adviser.

 

Not only did they have an advantage in material assets but they also had a different outlook on life which encompassed enjoying a healthy life.

 

On the whole financial advisers do not advise these entrepreneurs because these people already understand the importance of acquiring their own knowledge, skills and information about financial education. They take responsibility for their own investment decisions and do not let others (financial advisers) make decisions for them.

 

There are some other key differences between these entrepreneurs and the wannabe's which I think points to why investors need financial education if they want to become a true entrepreneur.

 

Some of these differences are:

 

• Wannabe's mostly believe what they're told. Entrepreneurs will do their own research and make their own decisions. Do your own due diligence and follow your instincts. It will rarely lead you astray.

 

• Wannabe's will seek a perfect plan and wait for the perfect time. Entrepreneurs will accept educated risk and take action quickly once they have compiled all the information.

 

• Wannabe's get distracted by focusing on positive thinking without taking appropriate action. Entrepreneurs understand the importance of positive thinking but also know that it only gets you so far. They will combine positive thinking with a specific plan for action.

 

• Wannabe's do not share their ideas for fear of looking stupid in front of their friends or family. Entrepreneurs will openly share their ideas with like minded people. It's important to not listen to family and friends as in most cases they have no credibility. Entrepreneurs seek out financial education.

 

• Wannabe's generally believe they can do anything but have no plan or falter at the first sight of any problem. Entrepreneurs on the other hand will use all available resources to put a plan into place and find solutions to wannabe's problems.

 

• Wannabe's are focused on 'making money' and quite often lead lifestyles with no focus on their health. Entrepreneurs are focused on combining all elements of being wealthy, healthy and wise.

 

Financial education is available to everyone, particularly with the aid of the internet but also through excellent courses, publications and conferences which the true entrepreneurs will seek out.

Related Articles
  Secrets to Success with Financial Education – Part 1
  How to Explode your Business Financial Opportunity
  The Conspiracy Against Your Money Documentary
  Secrets to Success with Financial Education – Part 2
  Looking For a Financial Success Opportunity-Dont Look any Further

Article Tags: financial education, global financial crisis
Referred by: http://jaykubassek.com



Related Forum Posts
Ivy League vs. Affordable school - To play devils Advocate .... Prestigious school vs. Education I can afford? Does going to a prestigious school gaurantee success? I'm sure it helps - imagine the contacts made - powerful I assume. Also there is the pressure of being an alma mater of a school where everyone else is driven to succeed by thier parents. But, what if you got the "Education you can afford". It's still education. You are forced to analyze, engage in relationships, manage your school mates, and deliver on deadlines. What's the common denominator when you get out of school? Is it the ability to take action? The ability to see the big picture and then take the necessary actions to bring a project to completion? There's that action word again! what do you think?
Re: Internet Marketing is the best business in the world - 17. Education is freely available
Future Financial Corporation - I've never heard of Future Financial Corporation is this a new company?
Re: 10 ideas to make you money in 2010 - I think Education would be hard to break into. Baby Boomers, Life Support and Trading Down, however, seem like good markets. As for Green technology goes, I don't think the business has to be entirely based on Green ideologies, but rather a business that embrace Green philosophies and use that as a marketing tool.
Landmark Forum Education - I was at an Introduction to the Landmark Forum meeting yesterday and I heard from a lot of people that own businesses there state that the Landmark Education was a key ingredient in their Business Success. Has anyone on the this Forum been to the Landmark Forum 3 day Course? If yes, how has it impacted your business? Thank you for sharing.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

How To Become A Member of the Paparazzi

12 Principles to Spark Innovation

Track Your Time for Increased Productivity

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.