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Financial Literacy Month: Is Financial Literacy A Fallacy?

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Donell Edwards, Blogger

DONED2014 SmallAbout Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service.  He is also a professional speaker, freelance writer, and entrepreneur.

 

 

Know Your Money
Thursday – April 10, 2014

Knowing Your Personal Finances
Financial Literacy Month
Is Financial Literacy A Fallacy?
By Donell Edwards

 

So, have you assigned your personal/family Chief Financial Officer (CFO)?  If you are single you may be your CFO by default, unless you do not feel capable of that responsibility.  In that case, until you learn, I suggest selecting someone in your family or inner circle that you trust and that has the knowledge and experience to be your CFO.  Or hire a professional.

 

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Did you take the Money Management International quiz  to assess your financial situation?  The quiz takes only a few minutes and we recommend that everyone should take it.  If you have some qualms about taking the assessment or don’t feel that it will benefit you, read Geri Detweiler’s  article about the importance of assessing your financial situation.

Have you begun the process of getting organized?  Good organization is essential to success in acquiring successful money management skills.

Another very important factor in setting yourself up for success in achieving your goals to improve money management skills is time management.  Have you given any thought to how to better manage your time, and have you begun to make the effort to actually do something about your time management if it is a problem?

The foregoing was just a quick review from yesterday’s blog.  One of the methods we use to encourage readers to act on what they read is repetition.  Most of the time we get a little more each time we read something or hear something. So we encourage you to make this month, Financial Literacy Month, the time that you begin to act to transform your personal money management skills.

Over the past month we have introduced some of the steps in our process, but very simply, to get off to a good start here are five basic initial steps:

STOP – Take the time to stop and think about your current financial situation, or as the people at Money Management International suggest, take a financial assessment.  Are you pleased with where you are financially?  If you are that is fantastic.  If not, think about why you are in the situation you are in, what you would like your financial situation to be, and what it is going to take to get there.

Think – Think about your spending habits and how they affect your financial condition.  Be as honest with yourself as you can and think about any wasteful spending tendencies.  Think about all of the external things, such as friends, hobbies, recreation, leisure, etc. that influence your spending decisions.  Think about the possible need to make difficult changes and how to make them.

Evaluate – Monitor your spending on a daily basis and make this an ongoing routine.  Account for every penny.  Then evaluate your spending so that you are not guessing about your spending, you have an actual record that you can use to evaluate your spending practices.

Educate – Make educating yourself about your personal finances an ongoing process.  Continue reading Know Your Money, but expand your education beyond our blog and develop a hunger for knowledge about personal money management.  Learn all that you can by reading and attending seminars.  Many of the articles and blogs in our suggested reading section are very short yet really informative.

Correct – As you stop, think, monitor, evaluate, and educate yourself, take action to make necessary corrections.  Making changes may be very difficult, but change is often necessary in order to overcome longstanding habits that may be detrimental to your financial health.  So be willing to change and make corrections.

Following these five basic steps will help you get started so that you may successfully follow the Know Your Money personal money management program.

We are very excited about promoting Financial Literacy Month, and in doing my ongoing research for this blog I found a rather interesting article in the Chicago Tribune Business section written by a former member of the  financial planning and money management industry, Ms. Jill Schlesinger, The Fallacy of Financial Literacy Month.  It is our intent to provide our readers with all sides of the issue and a variety of viewpoints.  So I do encourage everyone to read this article.  I will present my opinion on this article in tomorrow’s blog.

If you have questions or need help we are just an email away.  Send your questions to Info@KnowYourMoneyGlobal.com

 

We Would Like To Hear From You.  Are There Any Brave Souls Out There Willing To Share?:
If you would like to share with our readers how “bad” spending habits have affected you, anonymously or otherwise, for our upcoming special, “Confessions Of Spendaholics,” please send your experience to comments@knowyourmoneyglobal.com.

 

Recommended Reading:
The Fallacy of Financial Literacy Month
http://tinyurl.com/kymflmfallacy

 

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