“Today the greatest single source of wealth is between your ears.” – Brian Tracy
Learning about how to build wealth is something most of us desire. Yes, we know the basics of budgeting but we still need to gain a deeper awareness of financial management and literacy. We constantly need to learn better money habits – something we could have learned at school.
And, if you know your parents have difficulty managing their finances, sharing this journey with them while you’re also expanding your knowledge about wealth, can benefit you even more. John Joubert once said, “To teach is to learn twice”. So take your parents (and your children) along on your journey of better money management.
Just remember, in spite of all that you can learn as a family, you don’t have to share common life goals. Joining your parents in saving for retirement can be good but so is creating your own life and legacy.
If the greatest source of wealth is between your ears, then challenging yourself to keep learning is the best place to start.
And this all begins with asking questions.
The first questions to ask should focus on the life you want to create for yourself. This will be important when trying to understand your spending and investing behaviours. When asking yourself these questions, having a financial adviser can be very helpful.
Professional help is important when you want to grow and protect your personal finances. Having an expert who is knowledgeable about managing and reducing the risks of financial planning means that you can avoid making common mistakes.
After you’ve asked these questions you need to put the answers to the test. Action both affirms and tests the decisions that you’ve made and allow you to gain a deeper understanding of what you’re learning.
Actions also speak loudly to others around you! If you’re challenging your partner or your parents to make positive changes, seeing you doing the same will motivate them to take charge and ownership of their decisions too.
In so doing, expanding your knowledge and working on your financial literacy can lead to you attaining the solutions you’ve always wanted.