Why young Adults Need To Seek Wealth Literacy, Not Financial Literacy

Today there is a lot of talk about how young adults can learn as if financial knowledge is enough to build wealth. Millions of people have read one of the best financial literacy books out there called “Rich Dad, Poor Dad” but there is a loss of translation somewhere between rational principles of financial literacy and their use in wealth creation. Elsewhere, there is still a bridge to build wealth books such as “Rich Dad, Poor Dad” have failed to cross. This bridge is not for financial literacy, but for learning about wealth. If I were the President of a university, I would make sure that my business plan offers the following courses: (1) How to Invest (2) Four Pillars of Wealth (3) How to Invest (4) Gold and Precious Metals (5) How to Use Time (6) Debunking Wide Investment Tales; and (7) Communication There will be a few more lessons to offer after the completion of this basic curriculum, which include: (1) Political and Investment Links; and (2) Using Technology for Creating Wealth With a sufficient knowledge base in all of these subjects, a young adult can prepare to build wealth without making too many mistakes, struggles, or direct failures. Instead, there is no standard for traditional educational institutions that teach these subjects and instead remain immersed in theoretical and non-functional subjects such as mathematics, economics 101, marketing and finance. When you think about it, even at the Master level, none of these traditional business or financial literacy courses can teach any student how to build wealth. This is one of the reasons why young people need to look for a completely different foundation in order to understand how to actually build wealth. The various surveys I have found that examine young financial information have not been properly structured because they focus too much on traditional thinking. Such as stocks, options, real estate, etc. compared to providing a test of whether young adults are aware of any concepts needed to build wealth. Learning about “finances” and “riches” are two very different things. I believe that one can study finance while not one can study wealth. The difference between finance studies and education courses is this. Financial literacy courses focus on topics such as budgeting, basic understanding of investment ideas, financing of retirement accounts and more - ideas that young adults rarely consider but still not ideas that will help them build wealth. Financial literacy courses teach young people what they need to do to build does not give them the tools they will need to build wealth successfully. In addition, they never inform you of the steps that can be taken to create wealth without common sense such as how to learn to invest, the amount of your 401 (k) donations and so on. For example, if a person is a basketball player, the comparative level of financial literacy can be a powerful predictor that he needs a good series of back-to-back moves near the basket, a nice outdoor shot to make his opponents respect his team. Breadth, a quick first step in creating a dribble and a strong defensive game so that opponents can exploit him by becoming a one-sided player. But after telling the power ahead of that, there can be no explanation other than the desire to "wish good luck" and pat him on the back. A rich literacy lesson can actually teach an athlete exactly what he or she will need to do to achieve success in each area of ​​his or her sport that will make him or her the best athlete or making a successful transition from seniors to financially independent adults. Providing a toolkit on how to do that is very important. To this day, looking for courses that teach adults to study wealth instead of financial studies is very important.