The Truth about Money for Young People and their Parents
It dawned on me that I was not educated very well on how to deal with money when I was young. I can’t remember from elementary to high school that I was taught about money. In college I was a computer science major and I took some basic accounting where I learned about credit and debit. That's about it. I don't know why schools don't teach about money which is very important aspect of life.
Maybe Bill Gates, Steve Jobs, and Michael Dell figured out that school will not teach them about money so they drop out of college. The Forbes Youngest American Billionaires 2014 list includes Mark Zuckerberg net worth $30 Billion, Elizabeth Holmes $4.5 Billion, and Jack Dorsey $2.7 Billion. They were college drop outs. Please don’t get me wrong, college education is good, keep studying, and do not drop out. I was just wondering why these successful people dropped out; maybe they started at their very young age to learn about making, saving, spending, giving, and investing money. If you know their secrets, please let me know or share it here in STLB.
I am decades behind to catch up on how to deal with money; however, I am resolved to teach and prepare my daughter to manage money with diligence, responsibility, and correct mind-set that will give her a head start later in life. If you are a parent, I hope you have the same resolve as mine.
80% of graduating USA college seniors have credit-card debt --- before they even have a job!
Please allow me to give you a different perspective about money:
Our wealth: house, car, clothes, and money are blessings from God after we work hard and utilize our talents. We must be thankful and grateful for all the blessings because everything belongs to God.
We are stewards (or MANAGERS) of the blessing which is really nice because if you are blessed with abundant money it will allow you to accomplish stuff that would be difficult without it. However, like what Uncle Ben said in the Spiderman movie, “With great power comes great responsibility”; in finance point of view you must manage your money responsibly and use it for good purpose only.
Always remember that abundance of money is not success or happiness but it will help you achieve your purpose in life.
When you have money:
You are ready for opportunities of great endeavors, events, and adventures.
You are generous to those who are in need.
You are can control circumstances, not circumstances controlling you.
You are free from the debts that caused struggle and pain.
You are confident with much potentials as leader, but be humble in many ways.
It is good to acquire more money. For this reason, you must study and learn about wealth building; get advice from a successful finance or business mentor; and apply the good principles of money STARTING NOW to ACHIEVE YOUR LIFE PURPOSE.
This series will include the following topics:
Disclaimer: If you need detailed information about finances please seek a financial or business advisor.
Reference: CFC Principles of Christian Finance