Financial literacy is important in everyone's life, and people can learn about it in many ways.
Some people learn it from experience: There is a saying that a child will waste his first earnings because he doesn't know the right thing to use it for... and there is truth in this adage because most people end up using their first salary and a few that follow to buy irrelevant things... Some end up learning why it is good to be financially educated after losing their source of income, and life becomes so hard for them; family and friends didn't turn up for them, if they were given another opportunity to earn, they would make use of the opportunity well.
Some just have it within them: I started to save money before I started earning, all the little changes I got from running errands for family and visitors are saved up, and I was able to use my money to buy what I needed.
Some learn it in school and online: I am not sure if they take financial literacy as a course, but some subjects and courses discuss budget, savings, and investment, which is what financial literacy is all about.
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I have a friend who always complains of being broke, and he earns quite well. Once he has money, he vanishes, and it is when he is broke that I will see him... I am his comforter and go-to when he is broke... what does he do when there is money with him? he stays with 3 of his friends, they practice one act, which I find silly... Whenever any of them has money, he will take the other 3 to the boutique and will buy clothes for all of them, and they also take themselves to the restaurant to eat.
I advise him against the act, that he would be stuck. There won't be room for progress with such a lifestyle, but he never listens until one of them turns his back on them. When that one has money, he doesn't give it, so with time, the rest also change, but it was during the time he had no money again. Still, he learnt his lesson and with time, he was able to fend for himself again...People without financial literacy tend to make some poor financial decisions that make it impossible for them to manage their money.
Why will you fund your friend's lifestyle until your bank account turns zero? It makes no sense... As I am, I have my broke limit, I don't wait till my bank account is zero... Once the money I have can only take care of myself for like 3 months, then I'm broke!.
Financial literacy teaches us how to live within our means, why and how to stay out of debt, and also teaches us how to stick to a budget and how to make our money work for us.
It should start at an early age. We do not need to start working before we learn how to manage or save money; we should let it become a habit when we are still young, so when we become an adults, we won't depart from it.
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I think you mentioned your that friend once and I also find his action unreasonable. I just hope that he will learn his lesson very soon.
In my case, I learned about saving from my mother but most of the financial matter I learned from online and from my experience.
You have a retentive memory, yea I have mentioned him in one of my old posts.
Sending you some Ecency curation votes!
Omo some people are just Dumb oh, they lack financial literacy true true, how can you use all your money to fund another person's own, not even on life and death situations but buying clothes and eating, I believe Original Sapa never catch the guy, He might learn the HArd way o, but thank God for your advice, maybe he will learn sha
He has already learn his lessons, he has changed now....
There was a time when I told a friend to invest 100k in my business and I’ll give him 20k monthly. It’s more like dashing him but taking the 100k from him was just to show his dedication
Then, he said to me one day that he’s in debt and as soon as he gets his 20k, he will pay back.
Then I asked how he got into debt. He said he went to his friend’s bday party, they smoked weed and stuffs
Omo, I stopped that investment right away
I only did that because I was pitying him
omo it was a bad investment for you or I didn't get it right? you will be paying him 20k monthly for how many months? or is it 20k monthly forever?
he who loves party and wine will find it difficult to progress in life.
It lasted for seven months till I decided to stop
You tried. That was a quick way to make money for him without stress.
That kind of lifestyle will always be hard if not impossible to maintain. I personally wished I've learnt financial literacy way earlier in life when reminiscing on all the stupid expenses I've made. I think trying to prove a point or play the status game is a dumb thing to do when a person is young and isn't financially secure.
The fact that you realize your mistake now is good, it is never too late ... just pray and hope you see another opportunity to correct your mistakes.