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November 07, 2010

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You are right- there are just a few basic tenets to follow to have your finances in order. Even if you only put your money in a savings account, you will be doing just fine as long as you don't spend more than you make. You definitely don't need an MBA in Finance to be a successful money manager for your family.

One of the first steps to becoming wealthy commences the day that you start elementary school.
If you aren't interested in learning, want to be the "Class Clown", goof off, disrupt the class, and don't do your assignments, then you are well on your way to ending up with a very poor education.
That poor education will follow you throughout your life. You will likely end up with poor grammar, a poor vocabulary, be a poor speller, be unable to write a good business letter, resume, or report, and many doors will be closed to you. It doesn't mean that you are doomed to financial failure, you may have skills other than academic ones and go on to great financial success outside of the business world. However, no matter how you earn your living it is an enormous help if you have good math skills. You don't have to have a university education but without some math skills you will be at a big disadvantage in managing your money and your investments. Even if you employ a financial advisor to manage your finances, math skills and a good education are a great help in making wise choices and understanding exactly what you are reading or signing in a lot of everyday situations involving money, such as loans, insurance policies, purchase agreements, mortgages, monthly statements, and even taking care of your checkbook and credit cards.

At age 76 when I look back on a successful life I realize the impact that several of my grade school teachers made. One in particular, a very stern, typical "Schoolmarm", 4th. grade teacher inspired a love of mathematics that had a huge impact on my life in countless ways.

Wasn't there a Saturday Night Live skit about this? It's all you need to know: "Don't spend money you don't have". Not exactly rocket science.

Great article and right to the point.
A lot of people in the US could have been in much better financial situation, if they had been more disciplined in their spending: live according their means, cut on credit cards and toys and start buiding wealth to be in good financial standing for the rest of our lives. Those few ones who figured it out, will survive no matter what kind of economy we are having.
Thansk for posting!

"he who cherishes understanding prospers." - Bible

"he who cherishes living prosperously, lacks understanding." - Me

What do American's cherish?

It's not the understanding, it's what you cherish. American's can be made to understand all you want, they cherish something else.

"Where your treasure is, there your heart will be also." - Bible.

I wish it were different but the knowledge is not enough for most Americans. You can try to give it to them. They don't want to use it.

Since we are on cliches, might as well end with another classic.

"You can lead a horse to water, but you can't make it drink."

Good observations can be pulled from this short post.

Sure, there are folks that just don't understand personal finance. They have no clue.

However, there are folks that do know better, but make mistakes anyway. This is where discipline comes into play. It's like knowing that the deep dish pizza you're about to eat is horrible for you, but you do it anyway because you just want to...whether it's because you just *must* have it, it's what the rest of the group wants to do, or because you're eating emotionally. In any case, it's not showing discipline.

Same idea goes for money - many people have a strong sense of the basics, but they just don't follow through. Discipline is important.

not quite what the passage is saying.

Money isn't the sum of all things.
A person of wisdom is the wealthiest person out there.

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