“Through knowledge, understanding and faith, there’s no limit to what you can accomplish in life”
Most people in the U S think it is impossible to get ahead financially in today’s economy.
Five years after getting their first job most young adults (over 70%) are living paycheck-to-paycheck with little or nothing left after paying their monthly living expenses
According to recent reports, many young people believe that, achieving the American Dream is out of reach—that owning a home, starting your own business, or building long term wealth is not affordable in today’s economy. For many, financial success means getting a job, a new car, purchasing the latest gadgets, and keeping up with social trends— never realizing their full financial potential. As a result, they accept debt and financial struggles as a normal part of life, rather than recognizing them as consequences of their mindset and what they have been taught about life and money.
There are another set of people who feel that the system is rigged against them, believing that no matter how hard they work, financial success is unattainable. Like in my own life, many have a negative self-image– feeling as though their race, gender, or family background is what determines their future success. They see themselves as victims of an unfair system, blaming external factors for their lack of success (See Dwight’s Story). Unfortunately, this mindset can confine you to a cycle of poverty and financial hardship which is often passed down through generations—this is especially true in poor communities and with minority families.
On the other hand, there Is the 30% who have a different way of thinking. They believe that success is possible, regardless of where they start in life or what happens in the economy. They believe that success is governed by the application of proven principles and that people who apply these principles to their life are more likely to achieve financial success than those who do not regardless of their family backgrounds. They believe that through education (practical knowledge), and persistence, it is still possible to overcome negative circumstances and achieve the goals and dreams you set for your life.
The Beginner’s Guide to Personal Finance focuses on three foundational principles: 1) Spending less than you earn, 2) Avoiding long‑term personal debt, and 3) increasing your earning potential through investing and Entrepreneurship
The Beginner’s Guide to Personal Finance