How can you plan to achieve financial freedom from the early age of your life?

 

Many of you find finance subject boring and uninteresting, but what happens when you reach in your adult age you find it essential to study this subject.

And that is the reason why millennial has a low understanding of financial education. What makes finance so boring? The technical jargon, financial concepts, multiple uses of financial terms according to varied contexts.

Now just look Into the mirror and ask yourself, many of you are spending your time right now for the purpose to earn a good amount of money, desire to live a sumptuous life, making efforts to reach your goals. It’s true you are also following your passion but you also seek newer ways to convert your passion into a business so that it becomes interesting to earn money whole-heartedly.

I truly believe that knowledge is power and education is key. Parents send you school and college for the education so that you can take your responsibilities for your own, it is upon you how you transform acquired education into knowledge which helps you providing wisdom to see the things with the broader perspective, and understand the ways in which things are going to happen. Schools and colleges impart you the subjective knowledge, to understand  that how can you apply it practically so that you can plan your future. But knowledge is something which you acquire yourself with your own personal interest to keep you acquainted in that particular field of interest, it makes you creative and helps you to personally developed therefore knowledge is a self- acquiring process and you are choosing multiple streams, interests because it makes you more skilled and outshine among others highlight your ways to conceive the things in an appropriate manner.

In the process to become knowledgeable, what happens is, when you are listening lecture in your classroom it becomes your input (information feeding phase), that goings to be process into your mind for assimilation (processing phase) and when you finally get the things cleared in your mind, it will trigger a need to give some output ( execution  phase).

Discussions about finances in the home, early on, may help you obtain better financial habits, ultimately it impacts in your adulthood, this cycle will pass onto your next generation which will help in culminating in a larger group of educated and financially literate people equipped with future-ready skills.

How have you channeled your professional efforts to close the gap between what is taught in school and what is needed to live productively in society?

Difference between education and knowledge will help you in understanding the importance of financial literacy:

Education makes you competent with your SWOT Analysis, like it provides you the wisdom that how can you use your strengths to overcome the threats or in your challenging situations thus it gives you a chance in which you can do your self-assessment to capitalize your skills and find an opportunity to do something creative and innovative, you can find enormous opportunities in your challenging times according to your interests and that is the time when you effectively apply imparted education and makes you more knowledgeable about execution and implementation. Knowledge gains your confidence in whatever you want to execute, it signals your brain in such a way that before  you  take any action it pictured the whole story and aware you about the right and wrong, do’s and don’ts thus directs you to choose the right way in the financial journey. For instance, if I take a mathematics subject which you start to study from an early age of your life, this gives you an understanding of how the calculations can be done, how can you play with numbers, makes you wiser in numeracy, and also gives you critical thinking skills by relating the real-life concepts with numerical concepts, on basis of which you can make a better decision, you can call it a statistic it helps you to analyze each and every consequence with respective outcomes But they don’t teach  how you can make your budgets, how you should maintain your cash flow, income statement, and balance sheet which provides you with the whole picture of your financial position, varying forms of debt to avoid and helps you to better make future financial goals. Investment decisions, trading decisions everything which relates you directly and indirectly financially must have you own understanding concepts, teachers , guides, experts, advisors, virtual assistance will assist you to make an understanding of these financial concepts but it depends only on you that how you will make the right decision according to your goal, your earnings, savings and many more things that affect your financial planning decisions. Therefore, education makes you knowledgeable in diversified fields so that you can take your action by yourself.

In this way, no one will teach you about how should you have to manage your finance, you must take an active interest and include it in your habits so that you can make your financial plans and this the way to take  one step forward towards financial freedom.

Every one of you tries different thing to set your business, to earn money but still, you find financial education boring that helps you to teach how you can multiply your earnings, escape you from a personal financial crisis.

It might be possible who are reading this stuff doesn’t feel the need to educate oneself financially, but I want to tell you it is not a need, it is a necessity which all you must have too aware about this. Feasibly, today you don’t realize this necessity but the diversification of financial products, increasing scams and frauds of money, rising needs of funds, upgraded technology,  and a huge amount of risk will trigger you how important it is if you understand this thing in your this stage, you can make your next generation aware about this necessity.

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