Monday, February 26, 2018

Money Tips Daily - Financial Education is Your Key Wealth and Success in Life

Welcome to Money Tips Daily this is Money Kelly bringing you money tips to help you save and make more money!

Financial education is one of the main keys to managing and building your wealth. Financial ignorance will be extremely costly throughout your life, especially when you put everything into the hands of advisers and accountants.

In my forthcoming book, Yes, Money Can Buy You Happiness, I include section on the “Stars Who Lost It All”. One of the main reasons most of these celebrities went from extreme wealth to bankruptcy in a few years is a lack of financial education. They thought everything was being “handled” and didn’t have the common sense or knowledge to check what their advisers were doing with their money.

Unfortunately, they don’t teach you this stuff in school, right?

One way of gaining the knowledge that most advisers have and keep to themselves is to take a financial adviser course.

Take a basic course in becoming a financial adviser, which can be done as a home study course and are widely available in countries where there are financial regulators or just Google it. The CII (Chartered Insurance Institute) have been training financial advisers for decades. They offer courses in financial planning from Award and Certificate level right up to Advance Diplomas.

Early in my career, I spent many years as a financial adviser in the bank and running my own business. The knowledge I gained from the courses which I took, and exams I passed, to become a financial advisor had been invaluable to me throughout my life, long after I left the industry.

The courses taught me about taxation, pensions, trusts and wills, mortgages, insurance, saving and investing. More importantly it taught me about borrowing money and using the infinite benefits of leveraging 'other people's money'.  

In short, the knowledge gained through financial services courses have literally been worth many millions to me over the years. It helped me in my business and I would never have got into property investing without my financial adviser training.

I'm not saying you should become a financial advisor, just take the courses so you can educate yourself towards their level. As Tony Robbins says in his book, Money, if you lack financial education how can you know what questions to ask your adviser?

How can you know what type of adviser you are dealing with and whether or not they are right for you?

One of the biggest financial decisions you’ll make in your life is buying a house or obtaining a mortgage. In my experience, the vast majority of home buyers have little or no knowledge about the mortgage product they are taking on, a loan which will cost hundreds of thousands of pounds over the term! Listen to my earlier podcast on mortgages and finding a better deal.

Pensions is another area where there is much confusion, which is why so few people save into pension schemes to fund their retirement. Millions of people are facing a bleak retirement or being unable to stop working.

Taking a financial adviser or financial planning course could literally save and make a fortune.

Check out my podcast episode "Financial Education is the Key to Wealth" on Anchor!

Check out my podcast episode "Money Tip Review you Mortgage" on Anchor!

See also: 

NEVER Borrow Money on Expensive Credit Cards to Buy Depreciating Consumer Goods

How to Make Money Online Without a Website or Inventing Your Own Product

2 Tips to Save and Make You Money

Model the Rich and Successful

No comments:

Post a Comment