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22ND NOV 2008
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One of the key ways in which many schools, and even colleges, are failing our young people is in the world of financial education. In the world today, it is entirely possible for teenagers and young adults to graduate from high school, or even from college, without understanding how to balance a chequebook, or knowing how to calculate simple interest. That lack of financial education has many negative repercussions, from spiraling credit card debt to the inability to prepare a simple household budget. The sad fact is that if you are to get a solid financial education, you just may have to get it on your own. If your school or college offers some sort of financial education, use it as a base and learn all you can. If no such education is offered, hit the library and start reading all you can about the world of finance and investing.
Anyone who has visited a bookstore or library lately knows that there are shelves full of books devoted to all aspects of finance, from how to make a killing in the stock market to how to buy real estate with no money down. When it comes to putting together your own financial library, however, it is important to focus on investing, not on get rich quick schemes. The average get rich quick scheme puts far more money in the pockets of the person who invented the scheme than in the pockets of those who invest in them.
True investing looks at the long term picture, and focuses on reaching long term goals. It is important, therefore, for your financial education to focus on the big picture as well. It is important to use the education you obtain to create a solid financial plan, and a plan of action for long term goals. Some of these long term goals may be the purchase of a first home, the education of children or retirement. It is important to create a savings plan for each life event, while not losing track of your overall financial health.
www.1stcall.com
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Provided by The Student Zone (United Kingdom) |
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