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According to educators, the lack of financial literacy has been blamed in part for the United States’ recent “mortgage crisis”. The USA News reads:
As most of us whine and complain on the continued rise of petrol fuels and inflation rates, and the ineffective policy of the government to deal with these problems which even made it harder for us to cope with the recession, we failed to realize that we are part to be blame. Our lack of fundamental financial management skills is the main culprit for our financial woes. We run into huge debt simply due to our ignorance.
Ignorance of basic financial management practices is not bliss! You have to know the basics. You need not spend a dime to get this kind of information. The web offers this basic information for free. Money.co.uk, for example, a brand new financial portal with 1,000's of articles and high quality content about credit cards, debt settlement, mortgages, insurance and anything money related, is a good source of financial management notes you can refer from.
It's not too late, you can start today!
Spend time in building your financial knowledge base and skills. It is not rocket science. You do not need to a degree in bookkeeping or accounting to learn these financial management fundamentals. Read, digest, and absorb. Most important of all, apply these principles in your personal and business financial affairs. Ask your friends who are good in this area, or better yet, ask for professional help. My friend, the only way you can survive this economic slowdown without hurting your ego and without begging is by educating yourself.
"There are probably millions...of households who have gotten themselves into mortgage products they never should have gotten themselves into. Most of them didn't understand what they were agreeing to do," says Alan Blinder, economics professor at Princeton University.
The current credit crunch, along with consumers' burgeoning debt loads, has led to a flurry of programs and initiatives aimed at promoting financial education, including the first President's Advisory Council on Financial Literacy, launched by the White House in January.
"We don't know any less than our grandparents—we just need to know a lot more now," says Dan Iannicola, deputy assistant secretary at the Treasury Department and federal coordinator for the president's council. Self-directed retirement accounts, easy access to credit, and complicated mortgage options all make the financial world difficult to navigate without some kind of education, experts say. (Source: www.USANews.com)Needless to say, it is sad but true!
As most of us whine and complain on the continued rise of petrol fuels and inflation rates, and the ineffective policy of the government to deal with these problems which even made it harder for us to cope with the recession, we failed to realize that we are part to be blame. Our lack of fundamental financial management skills is the main culprit for our financial woes. We run into huge debt simply due to our ignorance.
Ignorance of basic financial management practices is not bliss! You have to know the basics. You need not spend a dime to get this kind of information. The web offers this basic information for free. Money.co.uk, for example, a brand new financial portal with 1,000's of articles and high quality content about credit cards, debt settlement, mortgages, insurance and anything money related, is a good source of financial management notes you can refer from.
It's not too late, you can start today!
Spend time in building your financial knowledge base and skills. It is not rocket science. You do not need to a degree in bookkeeping or accounting to learn these financial management fundamentals. Read, digest, and absorb. Most important of all, apply these principles in your personal and business financial affairs. Ask your friends who are good in this area, or better yet, ask for professional help. My friend, the only way you can survive this economic slowdown without hurting your ego and without begging is by educating yourself.
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