Michael Shane Gibson of Lexington, Kentucky is a financial expert, investor, and advisor. In the following article, Michael S. Gibson discusses the importance of obtaining a strong financial education for building wealth across multiple generations.
Finances are one of the biggest anxiety-inducers for the modern-day individual. And as the costs of living continue to rise at an alarming rate, it appears that many feel trapped in the never-ending paycheck-to-paycheck cycle. But breaking free and building long-term wealth can be achievable with financial education.
From financial planning to saving to investing to making savvy money decisions, financial education ensures prudent choices are made by all who receive it, bolstering the quality of life and ability to build long-term wealth.
Michael Shane Gibson Says to Focus on the Fundamentals
Just having a lot of money isn’t enough to create wealth that stands the test of time. Even big-name celebrities who earn millions per year wouldn’t have generational riches without making smart decisions. The same goes for lottery winners.
Situations akin to “Lotto Lout,” a UK lottery winner who blew roughly £9.7 million in three years, happen more often than publicized. Without robust financial education, people can’t hang on to the money they make, win, or inherit.
Michael S. Gibson of Lexington, Kentucky says that its teachings vary wildly, depending on the resources used to receive a financial education. However, its importance never dwindles. When individuals know how to save money, make smart financial decisions, budget, invest wisely, and avoid, they have a lifetime of monetary security ahead of them.
High-Net-Worth Individuals Say Financial Literacy is The Driving Force
Many entrepreneurs and self-made millionaires attribute well-rounded financial education to the success of their enterprises and bank accounts. Ramit Sethi, Christoph Neuwirth, and Michelle Schroeder-Gardner are just three of them.
Sethi, the founder of I Will Teach You to Be Rich, turned his personal finance blog into a successful business. And he credits this positive growth to his financial education, since authoring a few books on the topic.
Likewise, Schroeder-Gardner had a personal finance blog, Making Sense of Cents, that turned into a profitable business. She has spoken publicly on the importance of financial education, and how it has allowed her to achieve all her entrepreneurial goals so far.
Neuwirth is an online entrepreneur who built a business teaching individuals how to earn money from home online. Throughout his career, he’s emphasized the role that financial literacy played in his climb to cloud nine.
Michael Shane Gibson explains that whether starting a business or building long-term wealth from employee salaries, financial education is the power ensuring people’s successes.
Developing Long-Term Wealth Strategies with Financial Literacy
In the modern world, there is no excuse for limited financial literacy. The advancement of affordable technology has opened an array of learning avenues — finance apps, podcasts, YouTube videos, websites, etc. There’s something to suit everybody’s learning style.
Michael S. Gibson of Lexington, Kentucky says that such resources couldn’t come at a more opportune time. The most critical skill for long-term wealth in 2023 and beyond is financial education. The global economy isn’t a certain, steady place, but it must be conquered by all who hope to be successful whatever the general weather — only financial literacy will divulge the skills individuals need to navigate the ever-changing waters and make wise investment decisions.
Developing such strategies begins with education on money’s fundamentals like budgeting, investing, and saving. Experts also note the value of simultaneously tracking spending, inspecting cash flows, and setting attainable financial goals. This is the cornerstone of reducing monetary worries.
Getting Started with Financial Education for Wealth Building
Unfortunately, such an essential life skill still isn’t taught in schools. Thus, people must go out and acquire it themselves. Thankfully, technology has made that easier than ever before.
Udemy and Coursera are just two high-quality platforms offering online courses in financial literacy. From the basics to accounting to financial management, such sites cover all the bases.
There are even options for on-the-go learning. Podcasts present unbridled access to professional advice on personal finance while driving, cleaning the house, or working out. With many popular shows to choose from (The Tim Ferriss Show, The Side Hustle Show, and The Dave Ramsey Show, for example), one is bound to suit all manner of learning tastes.
Learn and Apply
Michael Shane Gibson of Lexington, Kentucky says that there’s no denying the importance of financial education. However, the knowledge is only useful once it’s applied. As new concepts come up, learners should apply them to their own life for maximum wealth-building impacts.
