Financial Literacy With Families: Opportunity And Hope: Fill & Download for Free

Hello,What a question, Let me answer this with brutal honesty.Financial Literacy was never thought in schools or colleges or even your employer won't teach. Their main purpose for them is to make you a model citizen to work, earn, and pay taxes.Making you financially strong or rich is your own sole responsibility.Your friends and family will tell you to do something but will never tell you what to do (They themselves don’t know it actually)Let me repeat - it's always your responsibility!Of course, in order to invest or save or earn you need education and That is solely your responsibility.How can financial literacy impact your future?I will tell you what it did for me…It helped me manage my money.It helped me invest and grow my money.It helped me clear off all my family debt.It helped me become financially very strong.It helped me in my work-life too.If I do the right things with money, In the next 10 years, I will be able to live without a job, start my business and even travel without worrying. I will be even able to retire.All this is only possible if I learn and implement those learning.Financial literacy is critical and your lifeline for a better future.Hope this helpsRegards Surya SomeshwaraNote # I have started a Telegram Channel, where I discuss money, personal finance, and investing. This is already helping 2500+ people, I share investment ideas, avoidable money mistakes, and even show you opportunities. Come join us and learn better - Search for “ Invest_Better ” in Telegram

I’ll be honest: Because most simply don’t have the financial education to have made different decisions…I can talk about this pretty candidly because *I also* didn’t know better for a long time. I grew up on a farm in rural PA, no one in my family has ever done investing, grew or managed money - they had no money to manage.People are broke because they often make the decisions *they think* are right but cause problems down the line.I’ll give a personal example.All my life, people have told me I was smart and so I should “go to school and be a doctor” because that’s who rich people were to them (they’re not “rich” btw - talk to some hedge fund guys to know “rich”), so I got amazing grades, worked three jobs, went to college and grad school and *still* ended up with about $100K in debt.That debt was overwhelming. My life wasn’t better. It was depressing.I thought I was doing all the right things, but what society tells you is often not what benefits you….but what benefits society or businesses.So…I started reading and getting into three things: Real estate, Tech, and Finance.Those things changed my life.I am thankful every day for free resources out there that give people information that are motivated - because I was motivated.People stay broke because of lack of information that impacts their choices…or medical issues/circumstances that they cannot control.After you make certain choices, it becomes a landfall of other financial difficulties.You buy a cheap car because it’s all you can afford…then you need to constantly fix it (causing more expenses).You can’t afford to move for better opportunities.You don’t go to the physical therapy or get the medical care you need because it’s expensive, but then are in pain or have effects that linger for years.The list goes on and on….and it sucks.How do I know about these things? I’ve seen them firsthand in my neighborhood growing up.Anyone who romanticizes poverty has never been poor.So my advice to you?Find someone who is doing well, and “reverse engineer” how they got there…and start looking at how you can replicate this.Read all you can about retirement and investing *now* - not when you’re 60.Take care of your health problems to the best of your ability.Look at forums about financial independence, financial freedom, and financially independent retired early (FIRE). Learn from them.Read, read, read.Start applying this to your life, and if you have a partner, be sure they’re on board too.Get what you need to start living a better life…you will have to go out and find it, because believe me, no one will ever teach it to you if it isn’t in your family already.If I could make one shift that would make everyone’s life better, it would be to cut out home ec, wood working, and shop classes, and have mandatory financial literacy classes starting in 6th grade until graduation.I hope this helps someone. I used to be there - don’t be ashamed to get what you need to make your life better.

Firstly, I believe the entire premise of the question is wrong, I know so many people with a classic rags to riches story.Dhirubhai Ambani, Narayana Murthy, Shah Rukh Khan, Indra Nooyi.. the list is endlessSecondly, in the spirit of the question, I believe these are a few reasons:Limited Opportunities: With restricted job generation, conservative economy, lesser entrepreneurial spirit among Indians and many such reasons, the opportunities for Indians to break free from the circle of poverty are limited.Discrimination: In some cases, discrimination on basis on sex, caste, creed and religion severely restricts our ability to achieve financial success.Overpopulation: Despite being blessed in terms of resources, India’s resources are still scarce due its humongous population. There’s an everyday struggle to get clean water, affordable housing, nutritious and cheap food and other basic amenities for millions of Indian due to lack of resources and effective distribution systems. This severely curtails the abilities and means of Indians. Although the demographic dividend due to such a large population is high, it often acts as a burden.Faulty Education system: This can’t be stressed enough. The pitiable state of our education system focused on rote learning and an endless thirst for marks has long handicapped the amazing potential of our youth. No holistic learning, few skill development courses and the pitiable state of our public schools and institutions are just few of the reasons for this.Erratic Climate and Poor Agricultural systems: Being an overtly agrarian economy, the vagaries of monsoon often control the fortunes of millions of farmers and their dependents. The unending cycle of droughts and floods has reduced our farmer into a hapless being often driving him to suicides. This in turn also affects inflation and overall economic output of the country. Partial agricultural reform, insufficient irrigation systems, exploitation by middlemen, lack of agricultural credit etc. simply aggravates the problem.Handicapped Healthcare: Many relatively well earning families fail to break from the shackles of poverty because of long-standing illness of a family member mostly the breadwinner. Poor sanitation & living conditions, sorry state of our hospitals and negligible insurance penetration in rural India means that even non-fatal illnesses can turn fatal and cause a huge drain in pockets of the families. Often even well-to-do families slip into poverty for the same reason.These are just some of the reasons and this list is far from exhaustive.However despite everything, every year millions of India overcome all the hurdles and come out of abject poverty. And this number is only increasing. Our conditions are fast improving and the above reasons are fast becoming irrelevant. This gives me hope that we shall overcome :-).Edit 1:As per suggestions, I’m adding two more reasons:7. Lack of Financial Literacy and Poor Financial Management: An easy way to become rich is when your saved money makes even more money which doesn't happen in India. A majority of Indian suffer from lack of financial literacy and/or incapacity to invest their hard-earned savings in financial products. This is due to no or little financial education at school level. Gold, Cash and Real Estate continue to be where most of the savings of Indians lie and these avenues give no or very little ROI in the long run. FDs, RDs, MFs etc. are either unknown or perceived as too risky by a bulk of Indians. On the other hand some people squander away their wealth by investing in fraudulent money-doubling schemes or in some random stocks.8. Inefficient and Corrupt Systems: India ranks abysmally in the Global Corruption Index, Quality of Life Index and Ease of Doing Business rankings. This due to a variety of factors such as high level of corruption, low productivity amongst officers and politicians, faulty lawmaking and even more poor implementation of laws. Often the money and benefits marked for the poor never reaches them and when it does it is a paltry fraction from what was actually disembursed.