Author: Ben Semommung
Financial education is crucial to the wellbeing of families nowadays. It is therefore time for all of us to get serious about financial education. In law, they say “ignorance of the law is no excuse”. I think the same thing should apply to ignorance of financial matters or money issues.
You need financial education no matter who you are, where you are, and what you do in life. Henceforth it is a necessity to seek financial education, as a matter of urgency, if you don’t have it. We need to agree that ignorance is not a good thing because without financial education, you don’t have a hope of building a lasting and functional relationship with your money. Moreover, without financial education, you cannot process useful information into financial knowledge.
It is apparent that without financial knowledge many people struggle financially and encounter many social problems in their households. Without financial education, you cannot tell the difference between good debt and bad debt. As a result to delve into more and more debt without even knowing that you are digging deeper into bad debt. People who don’t have financial education cannot tell the difference between an asset and a liability. As such, they accumulate liabilities and end up failing to get out of debt or even defend themselves when creditors want their money.
Lack of financial education leads to lack of budgeting and poor financial spending. As result, some people say that budgeting doesn’t work. It is because of lack of personal financial education that most people work their whole lives only to remain poorer and poorer. When someone doesn’t have proper financial education, he or she leads a tough life of stress and depression.
Some businesses fail because of lack of financial education. Those who run businesses without proper financial education cannot tell the distinction between revenue and profit. Some even think that an overdraft facility will be an answer to their cash flow problems, only to find that it only exacerbates their indebtedness. They bond themselves to financial institutions and loan sharks that prey for people who don’t have financial knowledge.
Personal financial education is an important personal endeavor worth undertaking for the good of all. Financial advisors may tell you so many stories to get you buy their products that there is off-shore this or off-shore that. If yu don’t have financial knowledge you won’t understand what they are talking about because you don’t have financial education. The greatest enemy of mankind nowadays is the lack of financial education.
As Robert Kiyosaki, one of the financial gurus of all time puts it, “… it is not the love of money that is evil-it is the lack of money that causes evil… it is being deeply in debt that is evil …it is fighting with the people you love over money that is evil. Money by itself is not evil. Money is just money.”
Unfortunately most of the people hold on to these negative beliefs about money simply because they lack of financial education. In most of the households, talking about money has become a taboo subject. Money issues are a secret and yet they are root causes of many family problems. It is important that there is kids financial education in families and in schools. There is a need to break the silence with our children in schools and start exposing them to financial education.
There is need for in-service training who are employed and earning money because it is never too late to learn. We encourage you to take it upon yourselves to buy a financial education book or get a financial audio program to learn more about money management. You need to see to it that you attend a seminar on financial education. Many parents tend to pamper their children by giving them truck loads of money to silence them from nagging. This is no good!
I hope this helps.
About the Author
Ben Semommung is a professional social worker, a writer and motivational speaker. His life purpose is to inspire and empower people from all walks of life to develop their full potential.
He has been involved in network marketing since 2004 and is one of the promising internet marketing geniuses online today who actually ‘walks the talk’. Ben is the owner and CEO of Dauphin Holdings (Pty) Ltd. His hobbies include reading, writing and surfing the net. He would like to meet new friends online and start networking.