A financial success book is information that someone has taken the time to write down and publish to help people grow financially, or solve a financial problem. (E.g. Get out of debt, manage a checkbook, etc.)
What I will be talking about today, is why I believe financial education can be some of the most important education you will ever receive.
The different types of financial education, the impact of it, why your goals influence what you study, and how financial education is far more than just a book.
Maybe you are part of the masses who have a pre-conceived idea or belief about financial education and don’t think you need to learn about financial freedom or money in general.
Maybe you simply don’t like learning about money and would rather read a comic.
(Shout out to you Star Wars Comic fans out there) Maybe you enjoy learning about money, and for you, books and courses about these topics are readily accepted.
Regardless about where you stand about money, it is my hope that this article will help you in some way, the same way so many books and courses have helped me.
Importance of a Financial Success Book
Most people have a common idea or plan for when they grow up. They are going to grow up, go to school, graduate, go to College, and then get a “safe”, “secure” job and hopefully retire before they get too old.
Does that sound familiar, because it should. That is advice that you would be given during what many people call the “Industrial Age”.
In the “Industrial Age”, the advice listed above was far more applicable and relevant.
If you know American History or World History, you will see that there wasn’t always a time of prosperity and economic success everywhere you looked.
In fact, looking back, getting a job was often difficult, and the benefits of being an employee were more substantial compared to today’s society.
Companies were also far more motivated to take care of their employees, and would take care of those retiring after they had worked for them their entire lives.
When was the last time you saw a retiree getting a gold watch and money being given to them every month for retirement?
This idea revolving around “Working for the Man”, is not only impractical, but is now completely obsolete because of the laws passed which made the employee responsible for their retirement instead of the company that they had worked for.
Unless you are learning new ways to handle your money, prepare for retirement, and become financially free or successful, you must invest in your financial education.
There are numerous books covering different ways to become financially free, manage your money, get better jobs, prepare for retirement, be motivated, have the right mindset, be ready for success and failure, and how to pursue your passions!
Financial Freedom Vs. Financial Education
People often confuse financial freedom with financial education.
That may seem a bit odd at first glance, but believe me, there is a big difference.
“Financial freedom” varies by definition for people, and consequently, not only do they not understand what financial freedom really means, but they think they don’t need it.
Or they don’t believe it’s attainable at least.
Because of these beliefs or the ignorance of not knowing what financial freedom really means, they never spend any time learning about money at all. They believe in working at a job their whole life.
Thus the average person is drowning in debt and can’t manage even simple amounts of money or their spending habits.
They hate their jobs, they can’t manage the money they have, they have no plan for retirement, and have no goals.
It’s one thing to seek financial freedom and incorporate some kind of vehicle or way to achieve it, it’s another to learn about money and how to grow in your capability to handle said money.
This is because of 4 things. People generally don’t achieve financial success or freedom because they lack what both require.
- Financial Education
- And Meaningful Actions
Interestingly enough, people are often using these things in different ways, and are usually not using all of them to propel them towards success, leaving them wondering why they aren’t achieving the level of success they desire.
A good example of this would be someone who is great at “getting things done”. They are action takers at their core, and are often good at doing something with a passion and motivation. These are the “Doers”.
They prefer to just do it, not over analyzing the situation, or what needs to be accomplished.
Unfortunately, this is often the very thing that makes so many people get stuck in their tracks in terms of financial success.
These individuals often carry a mindset of, “I know that”, and don’t take the time to prepare for what they are going to do.
Rather than reading a financial success book or watching a video to learn how to do something, they rush in and find themselves falling short of their goals and wondering why.
The same can be said for the people who really do over analyze the situation and never take any action. Education doesn’t equal success, and taking action without education is like sky diving without a parachute.
You might be motivated, but you don’t have the tools to get where you want to go. At least not safely or effectively.
Think about it, when you achieve success financially or in anything, you want to get their safely, with the least amount of time spent, and the most profit gained as possible.
(I’m speaking in financial terms here, but the same can be said for when you bake a cake, you want that cake to taste good when it’s done, and not be burnt, right?)
How Financial Education Will Change You
To put it simply, financial education, regardless of it’s form, should impact you in some way. If you read a book about making money in Real Estate, you should now have some knowledge about how to make money in the Real Estate market.
If you are taking the time to learn about something, that information should change and improve you.
Financial education, is not academic education, just like a book about working at a job, is not a book about running a business.
The idea that your academic education is enough to be financially successful, regardless of your goals, is not realistic.
You wouldn’t study algebra, when your test is about Science. So financial education is different from what you learned in school.
Financial Education is Vital to Success
Many people hold the belief that they will never be financially free and consequently, don’t invest in their financial education, what a shame!
Whether your goal is financial freedom or not, you are still practicing financial “literacy” or proficiency every day.
Here are some common examples of financial knowledge you are using on a regular basis.
- Depositing at a bank
- Withdrawing at a bank
- Filing your taxes
- Using a credit card
- Managing your money or pocketbook
- Funding for your expenses
- Working at a job for money
These are just a few of the many things we do in the area of finances and money on a regular basis, and I bet you don’t even think about doing some of them because they’ve become second nature, after doing them so many times.
That’s right, even going to work, is financial knowledge. If you didn’t know that people would pay you to do something for them, you wouldn’t have a job now would you? Financial knowledge and education makes all the difference.
How 1 Book Can Change Your Life
Don’t get me wrong, there are many great pursuits in life, and there are many things to learn.
Financial education is just one of the many things that I have spent time learning. But all too many people overlook it and don’t take time to improve themselves in this area.
We spend innumerable hours working for someone else throughout our lives, and I’m not talking about working for charity or contributing your time and energy for a good cause.
I am talking about getting up in the morning, getting that holy cup of coffee that wakes you up in the morning, and going to work to build someone else’ dreams.
I’m not saying working at a job is bad. Being that I currently work at job myself right now, and can appreciate the experience and the income, jobs being bad couldn’t be farther from the truth.
My point is that you are already spending time in the area of money or finances.
This is not a question of whether you should spend time learning about money and success, you are already learning and working on the area of money in your life.
With that in mind, I urge you the reader to consider your future now and start preparing! Don’t underestimate the value you will get out of just 1 book that helps you move towards your financial goals. Again, goals are especially important here.
Invest in your education, learn from those who have achieved the level of success you desire, and be open-minded! Success is possible.
Patience, dedication, purposeful actions, and proper education are key to your financial success.