In the book that Donald Trump co-authored with Robert Kiyosaki, they say there are three levels of financial education in this country (when education happens at all).
First is the education of the poor, they are told that they are entitled to rely on the government for everything. I can see that, 20 years ago when my husband lived in Arkansas third grade math consisted of filling out welfare forms for the parents and calculating what food stamps would buy. How will that encourage a child to improve?
Second, is the education given to the middle class – go to school to get a good job, don’t incur any debt and invest in mutual funds for retirement. This is the class that disappears as the dollar devalues and savings are useless.
Third is the education of the rich. The rich realize that money is just a commodity with which you trade. Time is not money, time is everything. You can replace money, you cannot replace time. Money allows you to have time. Do not do anything yourself that you can pay someone to do. Do not pay retail, negotiate for a better price. Do not buy liabilities, buy assets. It’s only an asset if it makes money for you. Debt may be necessary to leverage a deal. It doesn’t matter what an asset costs, it’s what the return on investment!
So, where does your money mind lie? and what are you doing about it.