Financial Fluency: Missing the Mark
I have been blessed to be surrounded by some of the best minds in "money" over the past 15 or so years. The industry I work in is college based and I am seeing a trend come up from the top down. It is Financial Fluency- a fancy way of financial literacy or money education. More important it is the Lack of Financial Fluency.
How many people can balance a check book? How many of you are under the age of 40? How many learned from their parents how to do a budget and plan for an expense? How many learned from school- grade school, high school, or college?
In our fast paced world of becoming prepared to be a world class athlete at age 6, get into the right high school, the right college, the right internship, the right career, live in the right home, have the right retirement, pay for the best medical plans, and so much more, we have left out the basics. Learning how money works and teaching our children how to plan based on financial fluency is the foundation we all need.
Let me take responsibility for helping all of us get the ball rolling. With all of the information the internet provides, all of the financial news papers, tv shows, blogs, radio shows, and more- how do we apply it to our basic lives, our homes, our plans? No one is teaching us how to find out what is relevant for our individual goals and game plans. We have been taught that you should chase a rate of return and plan for your future using the rules and strategies that worked in 1970. It is 2018 and we have different world and plans, issues, and problems that we face. Does a 401K help you with tax issues? Does a rate of return on a stock help with your unfunded future health care cost? Does a product solve your debt issue? Does a 529 solve the college cost problem? Let's ask a deeper question- If a 529 is the solution for college cost, why do we have over $1.4 trillion in combined student and parent debt?
How does an adult enter the work force with $27,000 in student loans for undergrad, a few thousand in credit card debt, a car payment and little to ZERO preparation for how to solve these issues? They don't. That is why they wake up at 45 with a student loan payment, mortgage payment, credit card debt, medical expenses for their children, less savings and retirement than they hoped for and not a single solution other than "make more money".
Who owns the solution? Is it the government? the Colleges? The companies? The health care providers? I can make a case for each. I am actually working with each to help educate families and young adults on the way money works. I have found that when recent graduates pay off their college debt in 4-6 years, have an emergency fund, and have permission to fund a ROTH or a 401K, they are more confident and make better decisions long term. They get married faster, have kids sooner, have less stress and are less costly to employ and less costly to insure for health care.
I love working with recent graduates who have debt and their parents who have debt, I can give them an organic knowledge based solution that puts them at the center of the solution instead of the IRS, lending institutions, FAFSA, or some one else. This all sounds too good to be true and that is what I hear all of the time. Maybe it is time we started getting back to basics and teaching our children the basics so they can have a leg up.
If I am talking to you and have wet your appetite, it is by design. I am working with some of the best companies, health care providers, colleges and universities to help solve this problem and know that now is the best time to continue this movement. You can reach me to learn more and see how easy this is to implement. By the way, this is not a sales pitch. I give this away all day and love helping people learn. Stan@client-connections.com
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