“How many want to be financially successful in life?”
“How many think they will be financially successful in life?”
Almost every time I ask the first two questions every hand rises in the air. Then I ask the magic third question:
“How many have taken a course in school on how to be financially successful in life?”
Not one hand rises in the air, ever. Clearly every student wants to be successful and thinks they will be successful but none have been taught by their parents or their school system how to be financially successful in life. Not only are there no courses on basic financial success principles but there are no structured courses teaching basic financial literacy. We are raising our children to be financially illiterate and to fail in life. Is it any wonder that most Americans live paycheck to paycheck? That most Americans accumulate more debt than assets? That many Americans lose their homes when they lose their job? Is it any wonder that most Americans cannot afford college for their children and that student loan debt is now the largest type of consumer debt?
What’s worse is what our children are being taught by their parents, the school system, politicians and the media. They are teaching our children that the wealthy are corrupt, greedy, have too much wealth and that this wealth needs to be redistributed. What kind of a message do you think that sends to America’s future generation? It is teaching them that seeking financial success by pursuing the American Dreams is a bad thing. The Occupy Wall Street movement was a manifestation of this “wealth is bad and needs to be redistributed “mindset. .
Here are some statistics from my five-year study on the daily habits that separate the wealthy from the poor?
- 72% of the wealthy know their credit score vs. 5% of the poor
- 6% of the wealthy play the lottery vs. 77% of the poor
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