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Understanding the Need for Financial Education (or growing old and poor on lottery tickets)
| Guest post by: Rob Bourne |
Article Overview: For most of us financial freedom and prosperity are challenges that we all seek in our lifetime. It’s the reason why so many of us spend money on gambling and lotto around the world in the hope of achieving that dream without the pain and effort needed to get there under our own steam
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Free Download - How Many Buckets Do You Need for Retirement? By Rob Bourne |
Understanding the Need for Financial Education (or growing old and poor on lottery tickets)
In today’s world of advanced technology there is no shortage
of information on just about any subject or topic you want to explore. Hard
copy magazines can be bought in any supermarket or news agency on any topic
from ‘how to plant tomatoes’ to ‘how to build an aero plane’. The internet is now the most used piece of
technology for sourcing information with over 1.6 billion users worldwide. If
it’s not on the internet then it hasn’t been discovered yet.
For most of us financial freedom and prosperity are challenges
that we all seek in our lifetime. It’s the reason why so many of us spend money
on gambling and lotto around the world in the hope of achieving that dream
without the pain and effort needed to get there under our own steam - and yes , I’m guilty too of trying to fast
track my way to wealth and glory. In fact, according to an unverified article
found on the internet $224.3 billion was spent on legal lotteries throughout
the world in 2007. $166 billion of that figure was purchased online.
I think that’s called something like wealth redistribution.
The fact is only a few out of millions get to share in the wealth. The rest of
us will grow old and poor buying lottery tickets. This emphasizes the need for financial
education.
Saving for retirement and enjoying a more prosperous lifestyle
along the way is not impossible to achieve but it does require an understanding
of the need for financial education. As
a 50 something year old who has spent a lifetime in financial services (I like
to call it salt and pepper experience!) I still come across too many examples
of people who do not understand the need for financial education. Only the other day I was speaking with a 21
year old apprentice carpenter who believed that superannuation (retirement
savings) was an imposed burden on his earning capacity and belonged to the ‘government’
until he retired. This is a common
belief by many young people today and surely points to the failure of
governments and older generations to pass on and educate people about the need
for financial education.
The need for financial education is not limited to just the
younger generations either. It’s why more than 95% of the currently retiring
baby boomer generation will retire on less income needed to support a
comfortable lifestyle.
With the advances in technology and information, particularly
the internet, everyone has the opportunity to become financially educated. That’s
why I called my blog ‘Wealth Happens Online’. The internet is not only a place
where you can learn about every aspect of financial education from saving for
retirement, investing in shares/managed funds, property investment, a variety
of alternative investments and business opportunities but it’s also a place
where you can source information on the need for financial education.
Understanding the need (or what your goals are) is the first
step to meeting the challenge to financial freedom and prosperity. Since the GFC hit, the world has become wary
of financial advisers and others who give advice on investments. If you are
compelled to use the services of a financial adviser rather than sourcing your
own information on the internet then look for an adviser who understands the
need for financial education before ‘selling’ you on investments.
No matter what your age, understanding the need for
financial education is the safest and surest way to financial freedom and
prosperity. The alternative is to grow
old and poor on lottery tickets.
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Referred by: http://jaykubassek.com
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About the Author: Rob Bourne RSS for Rob's articles - Visit Rob's website Rob Bourne has been involved in the financial services industry for over 35 years. As a practising financial adviser he focuses on the need for practical and down to earth financial education. The aim is to educate people through financial education so they can take control of their own financial future. Visit Rob's website here for more information on business opportunities, investing and financial education. Click here to visit Rob's website   How to become Self Employed and perhaps even Rich Secrets to Success with Financial Education Part 2 How to Succeed in any Home Based MLM Business Opportunity Honey Ive lost my Job and Why Self Employment is on the Rise Secrets to Success with Financial Education Part 1 |
Related Forum Posts
Re: Avoiding Impulse Spending
- In the past, I wasted way too much money buying lottery tickets...
I've won a few times... $400 a piece...
And yet if I've broken even I'm lucky....
So I don't do that anymore!
Selling out the venue without upsetting the fans
- How can a promoter sell the most number of tickets for a venue without hurting the customers? i.e. prevent scalpers from buying up all the tickets and re-selling them at higher prices.
Most venues will limit sales to 8 tickets per customer, which is still too many in my mind.
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: Gap Between Rich and Poor Widens
- yes very true...
In under-developed countries the gap between the poor and the rich is getting wider day by day. This has created frustration in the people because survival has now become a question mark for the poor...
Just a simple comparison & contrast of our truths in crisis.
- We are one nation that’s it so blessed that our complaints are just a breeze of air to most in the world...
If you were to look at South America and Central America, there is are a few which are wealth, only a fraction and they are the ones that move the government and culture ...Not counting the ones that made their money enriching themselves illicitly and robbing the poor countries. Mix that and what you get plus add this: You have the college graduates, but once they are done with their career they can't find work or what they get paid in some cases is less than a kid makes at McDonalds... They get taken advantage to the point that people don´t feel it is good to study. All that Education is lost in a system that everyday doesn’t advance or worsens.
You also have the drug lords that can buy absolutely everything; they even get the pretty poor women that sell them for better lives sad is it not. Something else that is mind boggling is the fact that if you review the CIA World fact book, you can clearly see that there is more women than men in the world. Can you imagine old widowed women trying to care for their young ones, with petty help or none at all from the government, friends or family? On times desperate trying to find a piece of bread to feed their families. Sometimes not finding anything and not eating at all some days.
People should say” better than some and worst than others”, not we are in a crisis!
Crazy what a great country is the USA and what we all have? We have it all. Besides with that tremendous system that is ours in my view we can’ fail.
Just a simple wakeup call never degrading anybody just speaking how it is to be in crisis.
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