The Importance of Financial Education
Financial literacy helps individuals become self-sufficient so that they can achieve financial stability. Those who understand the subject should be able to answer several questions about purchases, such as whether an item is required, whether it is affordable, and whether it an asset or a liability. Remember to educate yourself don’t be ignorant or else you will pay a heavy price at the end of your journey.
POVERTY IS CREATED BY US AND NOT THE UNIVERSE.
I keep my eyes always on the Lord. With him at my right hand, I will not be shaken. – Psalm 16:8 NIV. If the Lord is with you – who can be against you? IS YOURSELF!! Stop pitying yourself and start your journey towards financial literacy. FINWAZE have lots of FREE COURSES – FREE CLASSES jump into those courses and start your journey. Proverbs 10:4 says, “Lazy hands make for poverty, but diligent hands bring wealth. Don’t blame anyone for your failure but wake and start to work hard once again.
Recently Finwaze had a chance to train Financial Planners from Sunlife; we at FINWAZE felt extremely good as we saw the hunger in the eyes of the Financial planners to educate themselves so that they can serve their clients at their best.
WHAT IS FINANCIAL HEALTH CHECK?
Financial health is a term used to describe the state of one’s personal financial situation. There are many dimensions to financial health, including the amount of savings you have, how much you’re putting away for retirement and how much of your income you are spending on fixed or non-discretionary expenses. How does your financial portfolio looks like. Assets & Liability, Liquidity vs. non-liquid investment you have at present. What is lacking and how does your formula look like – is it man@work or money@work. There are lots of questions that you need to address before you start your financial journey. Trust me, “no one plans to fail; but most of us fail to plan.”
WHERE TO START?
To get a better grasp of your financial health, it might help to ask yourself a few key questions—consider this a self-assessment of your financial health:
- How prepared are you for unexpected events? Do you have an emergency fund?
- What is your net worth? Is it positive or negative?
- Do you have the things you need in life? How about the things you want?
- What percent of your debt would you consider high interest, such as credit cards? Is it more than 50%?
- Are you actively saving for retirement? Do you have Income Generating Assets that will put money to work?
- Do you have enough insurance coverage—whether it be health or life or savings?
ESTABLISH AN INCOME GENERATING ASSET – LET THE MONEY GO TO WORK.
Examples of assets include income-generating real estate, dividend-paying stocks and interest-paying bonds. As an asset class, investment real estate has the advantage of providing rental income, appreciation and other tax advantages. They will eat your income even if you are working. Learn the art of creating assets that will work hard for you; so that you can retire early and do what you love to do. Work and work and work doesn’t make sense.
WHAT ASSETS THAT PAYS AN INCOME?
As you can see – if you leave the money in Bank A – man is always at work. Start moving your money to Bank B and start your financial journey.
- Open a Stock Market Account and start investing in dividends paying stocks
- Look for small businessman and start investing into their business
- Put some of your funds into Bond or Money market for liquidity
- Establish a Good Insurance policy that will keep your savings and risk in order
- Pay your home as soon as possible so that your home can be a collateral and could be used at the right time
- Look of R.E.I.Ts (Real Estate Investment Trust) and buy those stocks so that you can ride the property appreciation
- Educate yourself also into some speculative instruments – like – FOREX, CFD, Commodities, Futures, options & warrants.
START YOUR JOURNEY TODAY AND NOT TOMORROW
You may not have much but as you work hard each day – move some of the funds that you have earn to; Good assets– Income producing assets such as stocks, rental properties, real estate crowdfunding projects, bonds, and a business. Neutral assets – Appreciating assets such as your home, gold, artwork, antiques, and collectibles.
Come and Join us for FREE CLASSES @ FREE CLASSES; or call Sharon @ 09199104104
Article by: FINWAZE