In the game of Monopoly, one popular strategy is to buy as many properties before your competitors. What life lesson does this teach consumers about finances? Spend! Spend! Spend! And just like Monopoly, Americans are spending more, saving less, and investing less time and effort into financial planning.
According to The Office of Consumer Credit Commissioner:
Thankfully April is Financial Literacy Month!
In 2004 the US Senate passed resolution 316 naming April Financial literacy month and establishing the Financial Literacy and Education Commission to educate Americans about financial responsibility and planning.
5 reasons to get financially educated today:
1) “No one cares more about your money than you do!” –Ken Dolan
As a nationally recognized personal finance expert, Ken works with his wife Darla to explain that YOU are the only one who can take charge of your finances because you alone have the highest interest in your financial well being.
2) “Time is Money” –Max Jaffe
Author, entrepreneur, and business consultant, Max Jaffe, was a spoiled child until his fathers oil company was sabotaged leaving young Max curious about the worth of money. At a young age, Max learned to calculate them in hours of walking dogs and mowing lawns. Today, Max explains that consumers should value their time and purchases just as they value their time, because, in reality, they are one and the same.
3) “There are only two things we can do with disposable income: Spend it or Save it” -Max Jaffe
As Founder and CEO of Spending Solutions, Inc. Max emphasizes the value of disposable income. He explains that when it comes to consumer spending, we choose the house we buy and the food we eat. Because everything we spend money on is discretionary so be educated about purchases and spend wisely!
4) “There are going to be more recessions” –Gene Marks
As an author, entrepreneur, and consultant, Gene Marks explains that the 2009 recession that spurred savings among Americans was not the first financial crisis and it will not be the last. Our financial recession should serve as an educational experience in itself to help educate individuals about the importance of saving and the detriments of over-spending, even in times of economic growth.
5) “There’s never going to be a ‘good’ time to get started on your financial life” –Peter Bielagus
Peter Bielagus knows first hand that the time to save and start planning for the future is NOW. As a college freshman, Peter found himself thousands of dollars in credit card debt. Determined to fix his debt and turn his finances around, he took the initiative to educate himself on personal finances and financial planning by reading over 300 books and interviewing various professionals. Today, Peter has made a living educating others about financial planning and is know as the “Go to Guy” for young people and their money.
The saying “knowledge is power” has never held truer. While no one is suggesting that you need to read hundreds of books on financial planning or dedicate your life to understand the intricate details of finance, but being aware of personal finances and having a financial plan is essential.
So in honor of Financial Awareness Month, take a moment to assess your level of financial understanding. If it is not where it needs to be, than take time today to become informed about your personal finances through the Financial Speakers at Eagles Talent.
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