#Linkedin asked us what steps should be taken to boost financial literacy among younger generations.
My view? Make financial literacy fun.
But fun finance sounds like an oxymoron.
The math can sometimes be difficult and abstract.
Terms are hard to grasp.
Trying to put it all together, we can quickly find ourselves going down a rabbit hole and getting lost…
Getting lost sucks. You feel stupid.
No wonder some people struggle with personal finance!
- Money is emotional
- Money can cause contention
- Money can bring up negative feelings
So what can we do as an industry to teach financial literacy?
Money is more of an art than a science.
The science (the math) part is really basic.
- Spend less than you make.
- Save and invest for retirement.
- Have an emergency fund.
- Determine what the risk/reward is of the investment.
But where it gets fun, is the art part.
The art part comes from putting yourself in your own movie.
How are you the hero of your own story?
Your own financial life?
You are "A Hero on a Mission" (a great book by Donald Miller)
Just like when you watch a movie but instead you are the hero of your financial life.
It's like you are on a journey.
Here is my own financial journey.
After making a lot of money as a portfolio manager, I felt trapped, and I couldn’t continue in the rat race of NYC.
But I had everything a girl could want:
- A great husband,
- 3 healthy kids,
- a nice house but
I was miserable.
Through a major setback, like losing my job (a challenge. every formula following movie has an obstacle the hero has to get over), I discovered I wasn’t growing and didn’t have direction.
So I took action:
- read a ton of books including, "Grit, The Power of Passion and Perseverance", By Angela Duckworth,
- wrote down a goal of starting my own firm,
- went back to school to get a certified financial planning credential
In the seven years since I created my plan with a goal, I have felt a new happiness and am vested in how my personal investment decisions and personal branding regarding my career will play out.
Now as a financial advisor and investment manager, I guide others through their heroic journey and help them through a major transition.
Learning financial literacy is really about learning the game of life.
The world is your oyster.
It would have been nice to have a guide or a financial advisor when I was going through my transition ;-)
Thanks for reading!
Your Friendly Wealth Engagement Guide,
Tiffany Kent, Tiffany@wealthengagement.com
Empowering women to take control of their future!
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