Financial teachers from Napoleon Hill to Robert Kiyosaki have complained that today’s youngsters don’t get finance education. It is widely known that the current school system was made for the industrial revolution whereby workers were expected to be conformist like machines. Additionally, employees were never expected to aspire for higher positions or to become industrialists themselves.
However, we are now in the information age and financial knowledge is necessary for survival. Individuals should not expect to pick up financial education from schools or colleges. Instead, they should venture out and educate themselves through the internet or by reading financial books. This article discusses 5 reasons why individuals should pursue a finance education.
Finance Education Improves Your Quality Of Life
Having financial knowledge prevents you from getting into a debt cycle, helps you have a portfolio of savings and investments and enables you to earn the maximum amount you can for your potential. A society of financially educated individuals would indeed be a prosperous society with a high quality of life. If one investigates poor societies you would find a lack of financial awareness or literacy so the best way to end the poverty cycle would be to increase financial education in these areas.
Finance Education Cuts Your Investment Costs
Financial Advisors and Brokers can be very costly to your investment portfolio. This is because they regularly charge exorbitant fees for financial advice and knowledge that is freely available. With a little bit of time spent reading financial books and blogs, you can come up with an investment portfolio that can match or even outperform the portfolio that a financial advisor would charge you for.
Education Safeguards You From Conmen
Being knowledgeable about finance will help you protect your capital from conmen that prey on ignorant investors. Savvy investors know how to poke holes into investment proposals and can quickly identify ideas that won’t work. A recent example is the pyramid schemes that many investors have lost money in. Had they asked the right questions stemming from financial education they would have identified the investment schemes as a fraud.
Finance Education Enables Youngsters To Take Advantage Of Their Productive Years
Young people that get quality financial education by their teens or early twenties make wise decisions that pay off when they retire as millionaires by the time they reach their thirties. We really fail our youth when we fail to give them guidance on how to properly invest in their retirement while they are still young and productive. Youngsters that go out of their way to get a quality finance education will have a quality of life far greater than that of their non-educated peers
Information Is Freely Available
There has never been a better time to get a finance education than at the present time. The internet provides a large amount of financial information for free. Financial gurus regularly go on YouTube to give lectures on investment and how to plan your finances. Additionally, smartphones and tablets now have books for free and you can access them at the touch of a button. Ignorance is no longer excusable under these circumstances.