Getting rich: how important is financial education?

Education is more important than ever because things will change faster than we have ever experienced before. How does this affect your Finance out?

Why doesn't the banker want to see certificates?

For the first time in history, those who do well at school face the same economic challenges as those who don't. We all have to listen carefully when our banker asks us about our financial statements instead of our certificates, because that is what he wants to tell us.

My two fathers were great teachers and smart men. But they weren't in the same fields and they didn't teach the same things. But as different as they were, both believed that all children are born clever and rich. Both were convinced that children learn to be poor and believe that they are less clever than other children. Both fathers were great teachers because they believed in the development of the talent that is in every child.

Develop talent instead of feeding it with knowledge

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In other words, they didn't think it would be beneficial to have children with them Background to feed. They considered it important to develop the child's talent. The English word for »Education«, education, comes from the Latin educare, which means »to take out«. When we at school and Vocational Training think, remember many People unfortunately only remembered long, agonizing hours in which we stuffed little chunks of information into our heads, memorized them for the test, and then forgot them again.

Both of my fathers were great teachers because they rarely tried to teach me theirs ideas impose They often said very little and instead waited for my question when I wanted to know something. Or they introduced me Askto find out what I knew instead of just telling me what they knew. Both of my fathers were great teachers and two of the greatest blessings of my life. And don't forget the mothers. Think Mother was also a great teacher and role model. She was my teacher of unconditional love and kindness, she taught me what caring for other people means. Sadly, she died at the young age of 48. She was ill most of her life and suffered from a weak heart brought on by rheumatic fever in childhood.

Education and humanity

Her ability to be kind and loving to others despite her own physical pain taught me an important life lesson. When I'm hurt and want to attack others, I often just think about my mother and about being kinder instead of getting angry. For me, this is an important lesson that I want to be reminded of on a daily basis. I once heard that men marry women who are like their mothers and it applies to me for sure .

My wife Kim is an extremely kind and loving person. I regret that Kim and my mother never met. I'm sure they would have been best friends like Kim and her mother are. I always wanted a wife who would also be my business partner because the happiest period of my parents' marriage was when they worked together in the Peace Corps. I remember the day President Kennedy died Foundation this Organization announced.

Arouse financial interest

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Both my mum and dad loved the idea and couldn't wait to be a part of it. When my father was offered the position of head of training for Southeast Asia, he accepted it and asked that my mother be promoted to be the company nurse. I think that was the happiest two years of their marriage. I didn't know my best friend Mike's mother very well. I always ran into her when I was there for dinner, which was a frequent occurrence. But I can't say I really knew her. She spent a lot of time with her other children, while Mike and I mostly spent time with his father at his Workplace were.

But when I was at their home, Mike's mother was very friendly and interested in what we were doing. I could see that she was a great life partner for Mike's father. They were both loving and kind to each other and interested in everything that was busy with each other. Although Mike's mother was a very reserved person, she was always interested in what Mike and I learned at school and at work. Although I didn't know her very well, I learned from her how important it is to listen to others, to let others talk and to respect others' ideas, even if they conflict with your own ideas. She was a very communicative person in a very calm way.

I am very concerned that we have such a high number of single mothers and fathers today. Having a mother and father as teachers was important for my development. For example, I was taller and stronger than most other children and my mother always had Anxietythat I would use my economies of scale and become a bully. That's why it was very important to her that I develop what is now considered to be my »female page« would denote. As I said, she was a very kind, loving person and she wanted me to be kind and loving too. And so was I.

The rules have changed

In the industrial age, the usual path was this: go to school, get good grades, find a secure job with many benefits, and be there for all of your life work life remain. After about 40 years one went in pension, and the Companys and the state took care of you for the rest of your life. In the information age, that has changed. The usual path now looks like this: go to school, get good grades, find a job and then work for it on an ongoing basis Job train.

Then you find a new company and a new job and continue your education. At the end of your working life you have to hope and pray, enough Money to have if one clear becomes older than 65 years. Because most likely you will be much older than 65 years. In the industrial age, Albert Einstein's formula E = mc2 was the governing theory. In the information age, the defining theory of the era is Moore's Law. The current world view that the amount of information doubles every 18 months is based on this law. In other words, to keep up with change, you have to relearn everything practically every 18 months.

Learn again every 18 months

In the industrial age, change was slower. What was learned at school was useful for a longer period of time. In the information age, existing knowledge is very fast outdated. What you have learned is important, but not as important as the speed with which you can adapt to new circumstances, store new information and learn new processes. Both of my parents grew up during the Great Depression. Job security was their top priority, which is why their votes always light seemed panicked when they said to me: »You have to go to school and get a good degree so that you can get a secure job later.« The challenge today is not to be left behind when the qualifications for the current workplace are no longer up-to-date. Here are some more subtle yet significant changes between the industrial and information ages:

• In the industrial age, the employer was responsible for old-age provision.
• In the information age, as an employee you are responsible for your own pension. If you run out of money after the age of 65, you have a problem yourself, not the company.
• In the industrial age, the older you got, the more valuable you became.
• In the information age, the older you get, the less valuable you get.
• In the industrial age, people were employed for life.
• In the information age, more and more people are self-employed.
• In the industrial age, clever children became doctors and lawyers. They were the big earners.
• In the information age, the high earners are athletes, actors and musicians. Many of the doctors and other experts earn less than in the industrial age.
• In the industrial age, you could rely on the state to bail you out if you and your family ran into financial difficulties.
• In the information age, we hear more and more politicians promise to save social security and other government support programs. You and I are smart enough to know that if politicians make promises to save something, the chances are very high that what they want to save is already lost.

Learning has a lot to do with your own attitude

My rich father was a financial genius and also a great teacher. Having been raised by my wealthy father, I was absolutely certain that I would be big wealth whether I did well in school or got a high-paying job. By the age of twelve, I knew that wealth had little to do with what I was learning in school. Knowing that I was going to get rich no matter how I did in school regularly caused me quite a bit of trouble there. Both fathers worked on that Problem to get a handle on my attitude towards school learning and made sure that I also completed my college education afterwards.

Finally, my rich father explains to me why his banker never asked him for his certificate: »My banker never wanted to know from me whether I had good grades. All he wants to see is my financial statements or financial reports. The problem is that most people leave school without knowing what an asset statement is. "My rich father also says:" Understanding how asset statements work is essential for anyone building a life of financial security want."

2 areas of education

If you look at the current education system, it becomes clear that System focused on two main areas of education:

vocational training

That's training to be a doctor, a lawyer, a plumber, a mechanic, or whatever you want to do to make money after school to earn. The United States and many western nations have done a good job of making both of these basic types of education available to their citizens. The problem is that the Regulate have changed. In the information age, we need new education and not even more of the outdated type of education. Every student now needs some of the basic education my rich father taught me:

Financial education

This is the education required to live a lifetime with the money one earns from one's profession prosperity and build financial security. The education that will help ensure your child doesn't end up in financial distress later in life and isn't left to their own devices after a lifetime of learning Family fed and worked hard.

Why doesn't the banker want to see a certificate?

The reason your banker isn't interested in your report card is because he wants to see how smart you are after you graduate from school or University have finished. He wants proof of your finances Intelligence see, not your scholastic or academic intelligence. Your statement of net worth is a much better measure of your financial intelligence than your report card. Part II provides some simple, concrete examples of things parents can do to give their child a financial head start in the real world Working world and get it with money. Part III explores some of the latest technological breakthroughs in education that will improve parents' ability to discover their child's natural learning ability and talent. In this way, you can give your child a head start in school and later academically. It is said that one of Albert Einstein's teachers scoffed at his student: "He'll never become anything." Many of his teachers thought he was slow-witted because he couldn't memorize anything. A year later, Einstein heard that a well-known inventor had declared that factual knowledge was vital. Einstein was different Opinions: »A person does not have to go to university to learn facts. He can learn them from books.

The value of a liberal arts college education is that it stimulates the mind to think." Einstein also said, "Imagination is more important than knowledge." When asked by a journalist about the speed of sound, Einstein replied, "I know not. I don't store any information in my Head, which are readily available in books.« Almost every father and mother I have met is certain that his or her child is clever or even a genius. However, once the child starts school, their natural talent is often repressed or given a secondary role. The child's natural talent and individual learning style are suppressed by the education system. My wise father, like many other teachers, realized that the school system didn't do justice to the variety of talents that children are born with. It is unfortunate that our current educational system is mired in controversy and old beliefs. The politics and bureaucracy surrounding the educational profession prevent many new and innovative ones Methodsthat nurture a child's talent become part of the system. My smart father was a teacher and worked in Hawaii's educational system. He did his best to change the system, but instead it destroyed him.

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