The last few decades have brought a string of financial literacy experts to the forefront of public awareness. In fact, some names have become very recognizable and have “celebrity” status.
Overall, this trend has provided an important public service by encouraging individuals to learn more about their own financial situation. The need is great because of the shocking lack of basic financial literacy in American educational institutions. It is a basic area of practical knowledge that is completely overlooked.
At a minimum, a basic understanding of financial literacy should be everyone’s goal for their own protection. The subject can seem overwhelming, but there are countless resources available in many forms (i.e. hard copy books, e-books, audio books, webcasts, blogs) and can often be found with no cost by utilizing resources such as public libraries. Such awareness allows individuals to make informed choices. It also brings greater confidence to address financial issues.
One word of caution is needed. While gaining a broad understanding of subjects which directly impact your economic well-being is important, you must also be aware that this provides an overview. Specific circumstances may change how general rules apply to you. For example, geographic location, age, marital status, income, and current health status are all factors that can impact your best course of action regarding certain financial issues.
The best approach is often to build relationships with several professionals as a “team” of advisors to guide you as needed. Depending on individual needs, this can include an accountant, financial advisor, and/or attorney. Professionals should always strive to educate their clients and encourage a dialogue and questions.
Ultimately, the final decisions must be yours because you are the one who will live with the consequences. We can help! Consider joining us for one of our FREE educational workshops. Just click here to rsvp for the dates and times that work best for you.