I often learn, including learning financial literacy, by teaching my children.
The rules for understanding financial literacy,and financial success, like the rules for succeeding in life, are simple to understand, and hard to follow. And once you know both of these truths, financial success gets a whole lot easier.
(N. B. With the first YouTube video to be posted November 4th, and the podcasts continuing into their 4th year, this space is now a summary, more like my speaker’s notes, pointing to both the audio podcasts and the videos.)
That is the subject of today’s 15 minute episode.
- Make more than you spend
- Spend less than you make
- Debt is a four letter word. Never finance anything that depreciates. Cars. Appliances. Vacations. 3a Car dealer information. Beater car.
3b Compound interest is the 8th Wonder of the Word. Einstein. Earn or pay interest on interest.
- Pay yourself first.
- Delayed gratification.
- What’s the ROI? School. Opportunity cost included?
Today’s Key Point:
Brookings Institute. 1. At least finish high school, 2. Get a full-time job and 3. wait until age 21 to get married and have children. Our research shows that of American adults who followed these three simple rules, only about 2 percent are in poverty and nearly 75 percent have joined the middle class.”
“Two bits” 2, 4,6, dollar–holler. My two bits. Gits were eights of a dollar coin.
We all have the personal responsibility to be financially responsible and to teach and help others to do the same thing. Speaking of personal responsibility, this principle does not stand alone; the two main and interdependent principles at Revolution 2.0 are:
1. Personal Responsibility; take it, teach it and,
2. Be Your Brother’s Keeper. The answer to the biblical question, “Am I my brother’s keeper?” is a ringing, unequivocal “Yes.” There is no other answer.
Where do you stand? What are you going to do? Remember, it does not matter where you stand if you don’t do anything. You can start by subscribing to these episodes, and encouraging others to subscribe with you.
As always, whatever you do, do it in love. Without love, anything we do is empty. 1 Corinthians 16:1.
As we get ready to wrap up, please do respond in the episodes with comments or questions about this episode or anything that comes to mind, or connect with me on Twitter, @willluden, Facebook, facebook.com/will.luden, and LinkedIn, www.linkedin.com/in/willluden/. And you can subscribe on your favorite device through Apple Podcasts, Google Podcasts, Spotify and wherever you listen to podcasts.
This is Will Luden. We’ll talk again soon.