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Are you a poor financial planner?

This is a blog for the doctorok business section.

Many people have no financial planning skills. When we look at the numbers of people who end up dependent on the state, particularly late in life, it becomes obvious that financial planning is not a feature of our education systems.

town-sign-749614_960_720Why are we not taught how to grow our finances in school?

Well, the truth is that in a capitalist financial system, the majority of people being independently wealthy is a really bad idea, because it makes the workforce too expensive and not even viable.

Unless you attended an expensive private school, you were only taught the skills you would need to work for someone else at a rate they want to pay you. When you have gone through this system it can often make you averse to taking charge of your own good financial management.

I saw Tom recently in my clinic. He was a highly qualified professional who had no real financial strategy.

Even though Tom earned a great deal of money each year, he had no plans for future income. Most of his money was going into building his dream house, which was far too expensive, overbuilt and a bottomless pit where he was throwing all his money.

At 56 years old he had no savings, no future retirement income stream and would probably be dead by the time he finished building his dream house. His health was failing and he had a wife who earned no income. When he reached retirement age the government would be paying him an old age pension that would probably be one twentieth the income he was used to; and he would not be able to afford private healthcare anymore nor live in his dream house.

Mary, at 28 years old, came to see me to consider how she might go forward in life.

She was a lawyer who lived in share house but already had an investment property that she rented out which paid the mortgage. Relationships had come and gone with various suitors and she had realised that if she did want children later in life, she did not want to be financially reliant on her partner.

Although she was a corporate lawyer she was very unsure how to build her personal wealth.

This, like for most people, had been a gap in her education that she did not know she had until she became confused around how to move to the next level of financial independence.

Most people do not want to talk about money.

They are deeply embarrassed around their lack of financial education to such an extent they would rather be broke than seek help, advice, education and coaching. They feel people will look down on them or think they are stupid because they do not have a good financial education on how to manage their money and build their wealth. They also feel that people who have good financial educations are a threat to them so they do not want to take advice from them.

To have better financial planning skills, you need to be willing to be educated and understand that education continues for the rest of your life as you build your wealth.

After 45 years in business I am not only teaching wealth building, but also learning something new every day. I learnt that you only make more money when you are willing to learn more.

Are you willing to learn how to grow your wealth?

If so, I invite you to join me at my next introductory event, live in Sydney, on Wednesday 25 May, 6pm to 8.30pm:

How to Build Your Wealth with a ‘Freak’ Who Beat All the Odds

 

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