It is unfortunate to note that education systems around the world are failing to provide proper financial education. Education systems in present times teach anything but money. To some people, education gets completed wasted unless one finds a high paying job for himself/herself. Hence, the whole purpose of education has acquired the connotation of getting jobs and waiting for increments.
According to finance consulting leaders in Canada, we must get ourselves financially educated all the time as without it the whole purpose of education i.e. to have a better lifestyle will not serve its purpose. The worst part of it is that even the academically brilliant students find it hard to manage money. Hence, to have control over your finances leading to financial freedom, you must know how money works. “With little to no education about the money, you may believe that the only way to get rich is to work hard, get a job and save for the rest of your life, says LaMar Van Dusen, prominent finance consultant in Canada.
Believe me; no one would like to talk about it. Nobody will teach you about it. Maybe they too don’t know it. Maybe they don’t want to let you know about it or maybe the idea of how to increase financial IQ is too boring to them although they do like to think about money all the time.
As you have understood the importance of financial education and why you must have the charge into your hands. You must start increasing your financial IQ. Below are the habits that you must develop to get yourself there:
1) Reading About Personal Finance
No one has ever got super-rich without reading about personal finance. You need not be necessarily a commerce or economics student to know about the terms such as compound interest, investments, and liabilities, budgeting, debt repayment, etc. You can get started reading simple books about finances which can get you to have a new perspective about money as expressed by Dusen.
2) Getting Money Conscious
To get money-conscious may not seem the best of the advice to some whereas some may feel that they are already enough money conscious. Before getting into the meaning of the word you must make sure that you must not confuse it with getting money-minded as there is a thin line of difference between both. Being a money conscious person, you are not only interested in making more money but you do track your spending also which is unlike being money-minded.
3) Taking Professional Help
Do not mind meeting with professionals such as financial advisers &/or tax planners. Being in the industry for years now, these professionals can help you with tax changes. They may even come up with strategies so that you don’t have to pay much tax and that too without breaking laws.
People are the greatest asset anyone could have. This is why you must network effectively with them. You must reach out and connect with more people who could open new doors of opportunities. Some of these could be in your line of work and some of these could also be from different backgrounds. As per the famous business people around the world, one’s ability to get along with others or to network effectively does increase his/her chances of excelling in professional as well as personal life.
Conclusion: It is unfortunate to note that education systems around the world are failing to provide proper financial education. Education systems in present times teach anything but money. Even the academically brilliant students struggle with matters of money. Hence, you must start investing in yourself. You must read about personal finance, get conscious about your spending habits, take professional help, network effectively to increase your financial intelligence. All the before-mentioned tips have a stamp of approval from the best finance consultants in Canada such as Van and others.