In a world that spins on the dollar, it is a deplorable, but amazing, fact that most of us complete our schooling and attain to adulthood with very little in the way of financial skills. At the same time we are about to take on the added care of a family, so we mull through several years – or several decades! – trying to make sense of the fact that our paycheques are always, apparently, way too small, that our obligations always seem too large, and the new understanding that it is much more expensive to keep a spouse and children than we would have ever imagined, if we had ever thought about it at all.

Eventually, when we realise that the various elements of our financial lives are not relating well to each other, we come to the momentous decision that we probably should look at using a budget. Step in the right direction, hey. (Now where did I put all those bills?)

This really is a step in the right direction. We need to be aware of our money is being spent on and where we need to cut down so we will be able to have more to use on what we really would like. A budget, of course, is only the starting point of the financial literacy education we actually require, because it only brings to light what we currently spend, and those areas where we might be able to cut down our spending, but it doesn’t give us any idea of how we can make the most valuable use of what we are going to accumulate as a result of using the budget.

Here’s a quote worth remembering! -

Knowledge applied is the key to wealth

It behoves us to go further than just a budget. Much further, in order to realise the lifestyle we want to live and have the ability to do the things for our children and grandchildren - and others! - that we want to do.

During times of economic recession or depression, the people who make it through with flying colours are those who know what is happening and know how to turn it to their advantage. Were you aware that more millionaires were made during the Great Depression of the 1930’s than at any other time in history?

As a result of the global recession people have lost their jobs, their homes, and their retirement funds, which is exactly what happened during the Great Depression. We are now going through a time which is seeing the greatest transfer of wealth of modern times. The middle class is shrinking and may not be around much longer, at all.

This is a fact of life, brought on largely by mismanagement in positions of authority, and happening through many decades. But, we are all responsible for our own life. Those who are prepared will reap the rewards.

What we must know is not only how to protect what we have, but also how to live successfully in the ‘new economy’. You can receive the knowledge you need. Opportunity has never been greater.

What will your life look like in 5 or 10 years’ time?

Take a stand for your future:

Author's Bio: 

I have been an administrator and manager of offline and online businesses for many years. As a ‘Baby Boomer’ I have been increasingly concerned with the lack of financial literacy prevalent in today’s society, and when the global recession slashed my retirement fund in half, I decided that I needed to have more control over my financial future than I had previously had. You can join me on the path to building wealth and a secure future here: