By Peiying Peng & Liz Zed
Most people want to be rich. The rest are just lying. We are still covering the basics here today. Financial literacy is more than having the ability to keep and maintain a record, more than having the ability of reading a balance sheet or budgeting. An accountant might not have the financial literacy as someone else with a sound investment strategy.
The government realized that this country is in dire need of people who are fiscally responsible, and so the US Treasury established its Office of Financial Education in 2002; and the US Congress established the Financial Literacy and Education Commission under the Financial Literacy and Education Improvement Act in 2003. The Commission published its National Strategy on Financial Literacy in 2006. Still, are you trusting the government to help you to manage your financial future?
I have known people who put aside 200 dollars a month aside and feeling that their financial future is taking care of. And those are the people doing better than the other 4 out 10 Americans don’t have any savings for their retirement. Still, 200 dollars a month will not save your skin in anything; unless you are 10 years old right now, and rely on compounded interest to have a meager living after retirement.
Robert Kiyosaki shook the ground when he came out with his Cashflow 101 game, in which all players start within the rat race and through understanding their balance sheet coupled with sound investment strategy, one will then move onto the fast track.
Most people were never taught financial literacy while in school. Now that we are earning money, how to multiply our income and getting out of the rat race is a huge concern. If you feel you are lacking in the financial literacy department, let me help you to get started. If you have not read the book Rich Dad, Poor Dad by the aforementioned Robert Kiyosaki, please do that now. This book has become a classic in gaining new perspective on what exactly is financial literacy and what you need to do in order to reach financial freedom. In our resources, you will find forms to help you plug in the numbers and get a clearer picture on where you are and where you want to be. There are lots of other articles that described in detailed steps to help you further paint a clear picture on why and how to get started no matter where you are on the totem pole of making money. And ask us questions if you don’t find answers in the articles and resources. Enlist the community’s help, too. Being a financial literate is powerful, exhilarating, puts money in your pocket, and create wealth opportunities where others see none. Join the club.
