THIS IS KEEPING YOU POOR

Kim Kiyosaki of Rich Dad Poor Dad explains the 3 different types of income as part of his Millenial Money video series

How the value of the pound affects you

In this video The Telegraph looks at how the fluctuating value of the pound affects people in their daily lives. It covers everything from the impact on imported food and cars to how UK pensions paid to expats overseas will be affected.

When money isn’t real: the $10,000 experiment

Adam Carroll talks about his $10,000 Monopoly game with his kids and how to teach finance management in a cashless society.

Investing for Those Starting at Zero

Over the past decade and a half I’ve had the chance to teach investing and money concepts to tens of thousands of people all over the world. And I’ll tell you, the results for each of these people is exactly the same. As you pursue your journey to become an investor, you can gain an important new vision of how money works. You’ll never look at it the same way again. Your confidence will grow. And you’ll have a great time along the way.

I’m the author of two books, Stock Market Cash Flow and 401(k)aos that help people learn some of the problems they are facing with retirement. I also show you how we can solve these problems.

The road to becoming a successful investor might have some bumps along the way. It’s completely normal. Bumps in the road do not mean that you are failing. It just means you’re on the journey.

With each of my own failures along the way, I have faced a point of decision to either move forward or quit. When you decide to stand up and move forward, you transform that failure into a lesson learned rather than an ending point to the story. I’m so grateful for my mistakes. I know that sounds weird. I’m not saying they were fun, and I’m not saying I want to repeat them.

One of my greatest mentors is Robert Kiyosaki. He’s the author of Rich Dad, Poor Dad, the best-selling personal finance book of all time. I’ve had the chance to work closely with Robert and his personal team during my time as a Rich Dad Advisor for paper assets.

For those who really know Robert, he’s much more than an author. He is an entrepreneur and an investor extraordinaire. One of the most powerful lessons I’ve ever learned from him is this: “We must know the difference between an asset and a liability if we are going to invest successfully.”

My purpose isn’t to help the person who already has millions of dollars. Instead, my goal is to help the single mom starting from scratch. It’s for the father who was wiped out by medical bills and is trying to climb out of bankruptcy. This is for the college student who is struggling to find a field of study she feels passionate about, and deeply wants to become an entrepreneur.

I have started businesses and purchased real estate without any money. The purpose of this article is to help you begin to see how anyone can start at that same beginning point and find success. Whether your desire is to start a business, invest in real estate, trade stocks, or buy commodities, this information is designed to help you achieve your goals even if you have nothing to start with.

At this point in your journey, don’t become too preoccupied with getting across the finish line. Instead, I want to help guide you to the starting line. I don’t believe there’s any one recipe I can hand you that will magically make you millions. What I can give you are the principles used by the rich every single day. As a result, you will gain an understanding of how you can create something valuable from nothing.

In my travels I have met tens of thousands of people who have the heart and desire to succeed, yet feel the heavy challenge of starting at square one with nothing.

Doesn’t It Take Money To Make Money?

All of us carry a lot of beliefs about money, and our beliefs tend to guide our actions, our feelings, and our thoughts. By the time you finish going through the Nine Secrets of the Rich that I have put together for you, I am willing to bet that you will no longer believe that it takes money to make money. If you do, perhaps investing on your own isn’t the right path for you.

There are two reasons why I believe this notion of needing money to make money is false:

1. My personal experience has taught me that it’s 100% possible to achieve good success when starting with no money. I have personally reaped many thousands of dollars in cash flow for me and my family starting with nothing. And I’m going to show you examples of that, large and small.
2. In my circle of friends and mentors, I’ve seen firsthand how other people have accomplished the same thing. They have shown that it doesn’t take money to go out and make money. I’m going to show you many of their techniques, philosophies, and how simple it can be for an average person to do the same thing.
   
   

Here’s even more proof for you. Consider the following famous wealthy people:

• T. Boone Pickens is an oil and gas investor worth about $1.2 billion
• Donald Trump is an icon in real estate, and his wealth is worth somewhere between $3 billion and $7 billion
• Richard Branson is an amazing businessman with multiple companies under his Virgin brand, currently worth about $4.5 billion
• George Soros is known as a master of paper assets (my favorite, of course) and is worth about $20 billion dollars
• And Warren Buffet, perhaps the greatest investor ever, is worth about $53 billion according to Forbes, and he has had success in almost every asset class

Now think about this: What if we took away all of the wealth of these people by taking every last penny from their bank accounts. Where do you think they would be in five years?

Since they don’t have any more money, do you think they would be destined for poverty?

Would we see them on the streets homeless without hope of ever getting it back?

Or do you believe that they would find their way back on top?

When I ask this question to groups of investors, almost everyone realizes that these icons would become rich again. If that is true, how could they do it? If it takes money to make money, how can a person that is absolutely penniless climb up to the highest levels of wealth again?

Is it because of dumb luck happening again and again to the same person?

Or is it because they possess some type of knowledge that other people don’t have?

The Answer Is Education

These people, and many others, have risen to the top for a reason. They have taken responsibility for their financial education and learned how to invest properly and wisely. They didn’t take shortcuts. They continually improved their financial education levels until the inevitable outcome was huge success.

If a person wants to be a concert pianist, the only thing that stands between where they are now and performing on a stage is training, mentors, hard work, and time. The catalyst for everything is education.

You will see that the secret ingredients to every worthwhile investing strategy are education and effort. If you are willing to put in a little work, a little time, manage risk wisely, and get out of your comfort zone, you can begin to experience your own success.

My greatest concern in showing you how to invest with no money is that some people may assume that they don’t have to do anything. There will still be important lessons to learn and legwork to be done. There are no shortcuts. In the end, though, I believe you will find it’s worth the effort.

Source: http://www.richdad.com/Resources/Rich-Dad-Financial-Education-Blog/April-2018/Investing-for-Those-Starting-at-Zero.aspx

Getting Quick Money Without Diving Into Shark Infested Waters

Every household does their best to be financially responsible. Even though the prospect of raising a child in the 21st century, we do our best to be frugal while still ensuring that our kids get all the benefits we had in our own upbringings along with some of the luxuries and experiences that we didn’t. Thus, every family walks a financial tightrope, week in week out. In the UK, while other economies have weathered the storm of the economic crisis of 2007-2008 pretty well, we still seem to be struggling a full ten years later.  Aside from debt ravaged Greece, we’ve had the most sluggish post-crisis recovery rate in Europe. In real terms this means that while the cost of living (especially rent) inflates, many of us are experiencing the most prolonged wage repression in history, so our wages fail to meet the rising cost of living. And that’s before we even take into account life’s little emergencies.

When the Diesel Particulate filter gets clogged in the car, the plumbing springs a leak or the washing machine breaks down, we need to lay our money on cash quickly. This can cause us to react in desperate ways, and unfortunately there are a great many less than scrupulous businesses that are happy to capitalise on your desperation. In panic we may run headlong into the arms of payday loan companies or less reputable credit card companies. These may be able to offer quick credit, but this inevitably comes at the cost of high interest and hefty monthly repayments. This can be ruinous to your carefully balanced household finances. Here we’ve come up with some ideas to help you lay your hands on quick money without swimming with the sharks…

As we and our loved ones walk the path of life, we find ourselves picking up a lot of stuff on the way. A lot of stuff. So much so that we don’t realise just how much surplus stuff we have until we move house. Some of this stuff brings us joy and enriches our lives… But a lot of it doesn’t. Wander from room to room and do an audit of what you can’t live without and what can go. If you put the effort into cataloging and listing your wares, you’d be astonished at what you can make within a week. Instead of trading in your old phones for an upgrade you can make a lot more selling them on Rapid Phone Buyer. Not only will you get a same day payment, you will get a whole lot more money. If your home is cluttered with too much furniture, stick some of it on Gumtree. Moreover, if your drawers and cabinets are full of unwatched movies, unplayed games, and CDs that haven’t seen the light of day since 1998 (in fact, do you even own a CD player anymore) Amazon Marketplace, eBay or MusicMagpie are great places to get rid of them quickly and for a reasonable price.

Box clever with credit cards

Credit cards can be a helping hand or utterly ruinous. It all depends on your ability to box clever with them. Many cards have low or 0% interest introductory rates and some have instant approval, giving you the number straight away so that you can start using them before the physical card even arrives. Just bear in mind that these rates do not last forever and it’s important that you manage your monthly repayments to clear your debt before this introductory rate expires. If you still haven’t paid it off by the end of the introductory rate, it’s not a huge problem per se, it just means that you’ll have to move the debt onto another card with another 0% interest rate until you’ve cleared it.

Use money making apps

The wonderful thing about living in the digital age is that there are no shortage of side hustles that virtually anyone can adopt and make money from. Unfortunately, however, many of these take time and startup costs to establish, but you can still make money on the side to supplement your income using apps.

Help out your friends and neighbours

Making money in the digital realm is all well and good, but sometimes the old school methods are the best. What did you do when you were a kid and you needed money? You hustled your friends and neighbours. You asked if anyone needed their car washing, their dog walked, their cats fed or their kids babysat while they enjoy a night out. There’s absolutely no reason why you can’t approach these in your free time as an adult. Indeed, there are many freelancers in a wide range of fields who supplement their income doing exactly that which great success.

Collaborative Post

Source: https://blog.themoneyshed.co.uk/getting-quick-money-without-diving-into-shark-infested-waters/

Seven Stages Of Empire - Hidden Secrets Of Money Ep 2 - Mike Maloney

Mike Maloney bares all in the second episode of the Hidden Secrets of Money! 

In this episode he talks about the Seven Stages of Empire... hit play now for a deep dive!

The History of Paper Money - I: Origins of Exchange - Extra History

Ever wondered where money came from? Or perhaps how it evolved from people trading animals and food, to gold, to paper money?

Well look no further as all is revealed...

Your Personal Wealth Diary

There is a difference between getting rich and having wealth. I want to teach you to get rich, but I really want to teach you how to get wealthy. You can get rich quick but nobody gets wealthy quick. Wealth is the abundance of something in such surplus, that no condition can destroy it. It’s abundant—you can’t get rid of all of it. There’s so much that no matter what happens around the world, it can’t go away. Making a lot of money is one thing—getting wealthy is something entirely different. How do you learn to do what wealthy people do? To start, stop saying things like, “Money won’t make me happy” because that’s false. People who are just getting by talk about money as though it’s a bad thing—but I promise you having buckets of money isn’t going to be a reason you’ll ever be unhappy. I want to outline the mistakes that most people make that the wealthy don’t.

#1 Not Using Debt—You’ve been told don’t use it, never use it, it’s evil. My boy Dave Ramsey says all debt is bad debt. If you do your homework and don’t just listen to the popular thinking that debt is somehow killing everyone, you’ll understand there are different kinds of debt.   There’s time to use debt and there’s time not to. When do you use debt? There’s no always in anything. All big companies use debt. Debt can be used to expand a business. Debt is my ability to go into the marketplace and produce more income, not buy more things. I never use debt for consumption. Consumption is things like groceries or cars. Not all debt is created equal.   I use debt to build income. Debt is me going to the bank to borrow money to build my business. Look at Apple, they have $270 billion in cash. They borrow money from Japan. Why? Because they can use debt cheaper to explode income, to invest in equipment, and to do research to blow up their top line. I have over $200 million in debt. I’m not paying it—the tenants who live in my apartment buildings are paying down my $200 million debt while I get the write-off from the interest they are paying. So when do you use debt? When it makes you more money, when you get a write-off, and when you can expand your business. Don’t believe that all debt is bad—get wealthy by using debt smartly. 

#2 Money Shortage Mindset—If you were brought up poor or middle class you have a certain mindset. You believe that there is a shortage of money. Money doesn’t grow on trees, right? Well, there is more money on this planet than there are trees. You can print money faster than you can grow a tree. Money, here in the US, was actually printed from a cotton bush. By definition a bush is a tiny tree. That paper was cotton, so it’s not true that money doesn’t grow on trees. Money is everywhere. Go outside and look around—the cars, the buildings, the people wearing clothes and ties, the retail centers, and the purses. There is no shortage of money. If you were brought up poor or middle-class you were brought up by people that believed money was in shortage. Turn the lights out, eat all your food, save the pennies—look, a penny is a PENNY. Fix this money shortage mindset. Start looking for money. See how much money is around you. There is abundance and opportunity everywhere. Get wealthy by seeing abundance. 

#3 Looking at Prices—You know the old saying that if you have to know the price you can’t afford it? That’s actually not true.   Why are you looking at prices? If you’re looking at price you already have deceived yourself. Price is not your problem.   The price is not what you are buying. I did this for years—I’d go to a restaurant and look at the prices on the menu. Do you think the super wealthy worry about the price of a steak or a cup of coffee? Wealthy people don’t worry over price. They aren’t worried over a $30 book or a $1000 program. Their attention is focused on success. Be focused on your income. The average American makes $52,000 a year where the average cost of living is higher than $52,000 a year. 76% of all Americans live paycheck to paycheck in the wealthiest country in the world. It’s no different for a person in America than it is for a guy in India making $2 a day. Neither has enough income. It’s no different. All the attention is on what things costs. Shift your attention away from price because price is not your problem. The problem is you don’t make enough income. Looking at prices is an indication that you’ve contracted financially. Get wealthy by focusing on your income, not prices. These are just a few ways you can get started on the road to wealth. This is not a get-rich-quick scheme where if you start doing these things you’ll be a millionaire next week. These are rather broad principles that you need to embody if you ever want to become wealthy. Have you dreamed of becoming not just rich, but even super rich? Quit focusing on prices, refuse to see money as a shortage, and know that not all debt is bad. Get on Playbook to Millions for much, much more to get you on your way to your first million. People are doing it, when will you? The reality is there are two options, invest in yourself or give up on ever being wealthy. Which will it be?

Source: https://grantcardone.com/blogs/grantcardone/your-personal-wealth-diary

When’s the Last Time You Calculated Your Wealth Number?

Written by Kim Kiyosaki | Thursday, December 14, 2017

Read time: 4 min

Surprisingly, it’s time (not money) that will gauge how much you need to be financially free

Brace yourselves. I’m starting off with a question that could very well make your palms sweat and pulse race: If you (or you and your partner/spouse) stopped working today, how long could you survive financially?

If your answer is less than a month, sadly you’re not alone. According to a 2017 GOBankingRates survey, more than half of Americans (57 percent) have less than $1,000 in their savings accounts. And even worse, 39 percent have no savings at all. Now that’s a number that makes my palms sweat.

I’m sure you can see why I asked this critical question—it’s one that most people will never stop to calculate. Perhaps that’s because they feel invincible. Or maybe because it’s just too darn scary.

This is why, when the unexpected happens—like a job layoff, an illness, an accident or a divorce—so many people are not financially prepared. Unfortunately, it’s precisely at the time of the unexpected event that most people, for the first time, experience the reality of where they are and how long they can survive financially. And that’s the exact moment where you will be faced with the cold hard truth of your situation.

What Do Need to Live On, Anyways?

For most people, calculating what they want and need means thinking in terms of money. For instance, “I need $1 million to live on for the rest of my life.” And even when you talk with financial planners, they will mention your nest egg, and discuss how much money you should set aside for retirement.

However, there is a far better way to answer the question. Instead of measuring your wealth in terms of money, it makes more sense to measure your wealth in terms of time. And that, ladies, is what I call the Wealth Number.

When it comes to discovering your Wealth Number, there are two important parts to the question: “If you (or you and your partner/spouse) stopped working today, how long could you survive financially?” Let’s break them down:

1. If you stopped working today…
   That means there are no more paychecks coming your way. Something has happened and you can no longer work for a business or job. Therefore no income is coming in from those sources.
2. How long could you survive financially?
   We’re talking about survival at your current standard of living—not if you downsized your house, sold your car and rode the bus, stopped eating out, and gave up your manicures. With your current level of expenses in mind, how long would your money last?

Defining Terms

Let’s get clear on some basic definitions to make sure we’re on the same page. When it comes to calculating your Wealth Number, your money consists of your savings, CDs, retirement accounts, liquid stocks (stocks you could sell today), physical gold and silver you have in your possession—basically anything that can be converted into cash today. It does not include selling your jewelry, your furniture, or your second car, for example, because that would lower your current standard of living. It does include cash flow from dividends, rental real estate, and other investments that produce income without your effort.

Perhaps you’ve done this calculation for yourself before. Well, I encourage you to do it again now. Why? Your finances are dynamic; they are constantly changing. You may come up with a similar answer as the last time you completed this exercise, or you may be surprised by your new outcome.

Do the Math

It’s all too easy to lie to yourself (or incorrectly guestimate) about how much you actually spend on monthly expenses. So be sure to include all your expenses because you want to expand your financial means to meet the lifestyle to which you aspire, not live below your means.

Use this equation:

Your wealth number = Your available money / Your monthly expenses

Once you put these numbers into a spreadsheet and divide how much money you have available by your monthly expenses, you end up with your wealth number. What does that mean?

Your wealth number is measured in time—in this case, in months. So if your wealth number is 24, that equates to 24 months. If your number is 6, that equates to 6 months. And what does that mean? Your wealth number is the number of months you could survive if you (or both you and your partner) stopped working today.

So, what’s your number? Less than you thought? Hint: It’s rarely more than people think.

Welcome to Reality

For most, the outcome of this calculation is sobering. It brings you and your money face to face, which can be uncomfortable. But it is the most realistic and telling demonstration of exactly where you stand today financially.

For many people, their number is 3 or less. That means they could only survive without paychecks for three months or less. That means they are pretty much living paycheck to paycheck. And in some cases, people actually have a negative number, which means they are spending more every month than they are bringing in.

It really doesn’t matter what your number is. Your number is simply your number. You don’t need to make it right or wrong or continually stress over it. It is what it is. Period. Now you know something that most people will never take the time to figure out. And most importantly, now that you know, you can take action and change it if you choose.

So take a look at your finances. If you are unhappy, or even upset and sad, about that number in front of you—good. That just means it’s time to take some action. Consider enrolling in a free education workshop to learn how to build streams of long-term cash flow, or explore some free tools to help increase your financial intelligence. It’s never too late to start making some changes that will enhance your future.

Source: http://www.richdad.com/Resources/Rich-Dad-Financial-Education-Blog/December-2017/When%E2%80%99s-the-Last-Time-You-Calculated-Your-Wealth-Nu.aspx

5 Things that Will Actually Make You Poor

I was not born with a silver spoon in my mouth. I have worked hard my whole life to create wealth and success for myself, my family, and my community. I do not ever blame someone or fault them for being poor. But I do not tolerate people who continue to stay in the mindset that being poor is a permanent condition. Throughout my life, I have built my success by showing others how to increase their income. I have heard the worst cases, people who were handicapped, people who were addicted to drugs, people with too much debt. I have heard it all and I tell you that there is nothing so severe that you can't overcome it and create massive success.

HERE ARE 5 THINGS THAT MIGHT BE MAKING YOU POOR: 

1. Living in the past. The successful don’t live in the past, they’re always looking to the future. Surround your environment with the images of the things you want in the future. Look, you don't have it now. You don't need pictures of what you got now and what you had in the past. It's keeping you stuck in now and the past. You don't want to be in the now or the past. Look, the now is what? It's the past now! Do you get it? I want to be in the future.
2. All talk, no action. You must readily take action and not just talk. Whether it’s by way of getting others to take action for them, getting attention for their products or ideas, or just grinding it out day and night, the successful have been consistently taking high levels of action – before anyone knew of their names—that’s how they became successful! Stop talking about a plan for action but instead, assume that your future achievements rely on investing your time and energy in actions that may not pay off today but when taken consistently and persistently over time will produce unlimited success.
3. Punching the clock—People who struggle with money usually work for time, not production. This means they get paid for working a certain amount of time (usually 40 hours) and after that they quit working. People who work with the idea of production don’t care how long they’re working, they are after producing. Nobody gets rich just working the clock because there isn’t enough time to accumulate a big payoff. Flip your mindset and start focusing on how you can produce, not count the hours until 5 o’clock.  
4. Having small goals—Successful people dream big and have immense goals. They are not “realistic.” They leave that to the masses who fight for leftovers. The poor are taught to be realistic and average, whereas the successful think in terms of how extensively they can spread themselves. The greatest regret of my life is that I initially set targets and goals based on what was realistic rather than on giant, radical thinking. “Big think” changes the world!
5. Talking about hump day and TGIF—Successful, rich people aren’t always telling their co-workers every Wednesday about hump day, they’re not high-fiving on Friday mornings shouting out “TGIF!” Monday morning, for the successful, is a new chance to make their dreams a reality. If you find yourself on Sunday evenings dreading the thought of Monday morning, you are probably not doing well financially.

If any of these 5 things hit close to home, just flip the switch. You can change, it all starts with a simple decision to do so. Then you must make a commitment to not go back. Real commitments require time and money. If you’re serious about it, you will commit time and money to investing in yourself to make sure you become a person living toward the future, take action, work towards production, have big goals, and look forward to Monday morning.

Be great,

GC

Source: https://grantcardone.com/blogs/grantcardone/5-things-that-will-actually-make-you-poor

HOW MONEY-SAVVY IS YOUR TEEN?

WHY WE NEED TO GET SERIOUS ABOUT TEACHING KIDS TO BE FINANCIALLY LITERATE

Posted by: Team Tony

Legal Disclosure: Tony Robbins is a board member and Chief of Investor Psychology at Creative Planning, Inc., an SEC Registered Investment Advisor (RIA) with wealth managers serving all 50 states. Mr. Robbins receives compensation for serving in this capacity and based on increased business derived by Creative Planning from his services.

Meet Megan. Megan just graduated from college and has about $35,000 in student loans and $5,000 in credit card debt. Fortunately, Megan was able to secure a job, which pays $45,000 annually — the average across the country for recent college grads — which means that every month, she will take home roughly $2,700.

Like most recent grads in her position, Megan doesn’t set a budget for herself. She’s not thinking about saving for the future or putting money into an emergency fund. After all, retirement is 43 years away and as it is right now, she can barely afford rent. And rather than making a concerted effort to pay down her credit card debt, she pays the minimum balance due. In fact, some months, she misses the payment altogether, because she’s not completely aware of how important her credit score is.

Fast forward 15 years. Megan is still making many of the same financial mistakes. But now, her credit card debt has increased substantially, the interest on that debt has skyrocketed, and she is still paying off her student loan debt. And because of missed payments and increased debt, her credit score has plummeted. On the plus side, she has started thinking about retirement, but she still only has less than $25,000 put away.

Does Megan’s story sound familiar? It may, because it’s the story of tens of millions of Americans today.

The alarming truth is that, in total, American consumers owe $918.5 billion in credit card debt and $1.19 trillion in student loans. As for retirement, most Americans are grossly unprepared, with 57% reporting to have less than $25,000 put away in savings or investments for the future. And money continues to be the leading cause of stress for Americans and the most common cause of conflict in a marriage, with a whopping 76% of people saying that they feel out of control when it comes to their finances.

How did we get here? If money is such a critical factor in the quality of our lives, why were we never taught the importance of personal finance?

What if we were able to go back to Megan and give her better guidance on her personal finances? What if she were required to learn the basics of paying bills, building good credit, budgeting her income and paying off debt in high school? Would this make a difference in her financial future and ultimately, her quality of life?

Perhaps.

A recent study conducted by the Center for Financial Literacy at Champlain College in Burlington, Vermont, graded states on their efforts to improve financial literacy in high schools. Only five states across the country scored an A. These states — Alabama, Missouri, Tennessee, Virginia and Utah — require students take a dedicated semester of personal finance courses. Utah, the only state to receive an A+, mandates students learn about savings, investments, credit and online banking. Students there are also required to take and end-of-course financial literacy assessment administered by the state. And teachers of the personal finance course receive special training on topics like financial training, credit and investing.

On the other end of the spectrum, nearly a quarter of the states — including California, Massachusetts and Pennsylvania — received a failing grade. These states have, according to the report, virtually no requirements for teaching financial literacy at the high school level.

In lieu of high school courses, a number of students have to rely on their parents for financial guidance, which can be particularly problematic. For one, parents may be uncomfortable talking about money. In a 2014 survey from T. Rowe Price, parents were more inclined to talk to their children about alcohol and drugs than finances. Many adults may also lack the necessary financial knowledge to give sound advice. According to a recent survey from GoBankingRates.com, more than 60% of adults do not have a financial cushion for emergencies.

“When you look at the adult behavior, you can’t help but wonder whether or not these adults are doing a good job teaching their children,” said John Pelletier, director of the Center for Financial Literacy and author of the report.

This means students will ultimately have to learn financial lessons through trial-and-error, which can deal a hefty blow, especially considering that the majority of young people have no baseline to attach their expectations to. Pelletier has noted that he’s walked into a number of classrooms where the bulk of students believe their chosen career will make them at least $100,000 a year.

“You can see how people, based on that flawed analysis, think that they can afford $70,000, $80,000 or $90,000 in debt,” he said. “What needs to be taught is more career exploration, more understanding about income.”

This is particularly critical for the 71% of bachelor’s degree recipients who will graduate with a student loan. According to a recent survey from the Pew Charitable Trusts, nearly a third of white student loan borrowers and roughly a half of black and Hispanic student loan borrowers under the age of 50 said they would have found a different way to finance their education if they could make their borrowing decision again.

Of course, whether or not high schools should be responsible for teaching students personal finance skills is still up for debate. If financial literacy were mandated by the state, schools would have to train or hire new staff and implement new resources, which could put additional strain on already strapped budgets. But it is clear something must be done. Students need to understand that no matter what career path they pursue — whether they become a teacher, a physician, an artist or an engineer — they will need personal finance skills. And in an age of predatory lending, speculative investments and rampant consumerism, the earlier they can begin to become financially literate, the more prepared they will be to make the best financial decisions for their future.

Header image © TylerOlson/Shutterstock

Team Tony

Team Tony cultivates, curates and shares Tony Robbins’ stories and core principles, to help others achieve an extraordinary life.

Source: https://www.tonyrobbins.com/wealth-lifestyle/financial-education-in-schools/