Financial Literacy and the Importance of Investing
One of the biggest problems our society faces is the lack of financial literacy. There are many people who are not educated about the right way to handle money and investing.
Based on my own experience, not having a good foundation when it comes
to financial literacy can create huge problems. My story from
knowing nothing about investing and now becoming a licensed financial
advisor. (This story is submitted by an unknown person)
When I got married to my wife, I didn't know anything about handling money in the right way. The problem was neither did my wife.
My wife had a nice job in the BPO industry where she earned a 6 figure salary.
I started out with the network marketing industry and worked on freelance stuff on the side.
I put up a business that I had no experience in and no idea how to run. It just sounded nice to have your own business at that time, I had the money and doors opened for me.
I lost money and got into debt after only six months of running the business. I had to cut my losses, so I decided to terminate contracts and not incur bigger debts by continuing operations.
My network marketing career never took off, so income was not coming in on a regular basis. During this time, my wife made a decent salary, so we just went on with our lives.
There were insurance agents who offered policies to us, but we never gave much attention.
Chances to invest in real estate properties also opened up for us, but we did not push through with them as well.
Investing was farthest from our minds, and we thought that the salary my wife made would last forever.
Then came a season where my wife's company had to close shop due to bankruptcy. We didn't get any separation pay even when it was mandatory according to existing laws.
Our savings started to dwindle as we tried different ways to earn and recover the regular salary that was lost.
Job applications here and there but no one was taking us in.
This was going to be a season of testing that we will never forget.
A door opened with an opportunity to become licensed financial advisors with Manulife.
We both grabbed the opportunity, and in a few months, we got our licenses by passing the mandatory exams and going through training.
Our eyes were opened to a lot of investing principles during our training period.
Insurance became an advocacy as we learned why everyone needs it.
It was great to learn that insurance instruments were not only beneficial for those you leave behind but are now investment instruments where you can earn from.
A product called Variable Insurance makes this possible for customers. Investing and insuring can now be done at the same time.
We both discovered that there are so many investment instruments out there that you can make good money from.
Finance Memes: https://www.financememes.net/
The stock market, real estate, bonds, starting a business and a whole lot more.
Given a second chance and armed with the proper education, we are now wiser and financially literate.
We are now recovering from all the past mistakes that we made. Not managing your finances can indeed have grave consequences.
Insuring and investing is now part of our lifestyle. Living a disciplined life when it comes to spending and working on a budget has given us a chance to increase our portfolio.
What was once financial loss and debts are now being translated to having savings, getting insured and making more money by investing in the right instruments and opportunities.
Experience has been a good teacher in our situation, and we are grateful to have a second chance at making money and managing it the right way.