Study Money in Order to Improve Your Financial Situation

A report by Oxfam notes that the world’s richest 1% hold 82% of the world’s wealth and the reason is that these have taken effort to learn the subject of money. What is more surprising is that a big number of these are college drop outs.

There is a simple explanation to this, do not be fooled that these people did not go to school, these people have studied but the difference is that as you were busy studying how to become a medical doctor, chef, engineer, developer, these were busy studying the subject of money.

What’s interesting is that most people think about money all the time but very few take the time and effort to study it. Think about it, you spend over 15 years in school studying how to become and an engineer, medical doctor, chef, developer but how many years do you spend trying to learn about money

It is said that in life you become what you spend most of the time learning, if you spend the majority of your time learning how to cook, definitely you will become a chef, if you spend most of your time learning medical science you become a doctor but what education do you need to become wealthy, ever thought of this?

If you really value something then you study it, learn it and master it and thus the reason as to why you need to study money if you desire it.

The rich people today have learnt that there is less education on finances/money in the world’s education system and have taken the efforts to teach their children about the subject. The rich usually involve their children in their business at an early age thus these pick the relevant skills, however the poor sell their possessions to raise school dues for their children and these end up failing to get jobs therefore remaining poor.

Here are some of the questions you can ask yourself and follow to learn about the subject of Money.

The beauty with this is that you do not need any academic qualifications to learn, all you need is the desire and a positive attitude.

Here is my five question guide.

How many money finance books have you read?

Knowledge is vital in the art of acquiring wealth. You must make a daily habit of acquiring knowledge. You must also, on a daily basis, hone your skills, perfecting them until you become an expert. Research on the subject, read books on the subject, be hungry and feed yourself with information and believe me you, you will not remain the same.

How many businesses have you started and failed and then started again?

Practice is paramount in the art of acquiring wealth. Many people usually neglect this issue. Practice follows the acquiring knowledge process, many people get stack at the stage of acquiring wealth end up missing the point. It is advisable you start up something small and you watch it grow following the attained principles.

You should keep in mind that acquiring knowledge does not end; you have to keep reading all the time in order to remain positive. Jeff Bezos, Bill Gates, Warren Buffet. Mark Zuckerberg, Amancio Ortega, Carlos Slim. Charles Koch will all tell you that they at least read something positive every day.

Do you have a mentor?

A mentor is often someone who has been where you want to be, done that.’ These usually have a wealth of experience from their careers which often allows them to spot issues and strengths in your efforts to financial freedom that you may not have thought about. This is so beneficial because it means you can avoid making mistakes, and also learn a lot on the subject of money. It is however important to note that you have to deliver tremendous value to your mentor as well and that often means working longer and harder and this improves your effectiveness.

Who is in your network?

If your desire is to improve your financial situation/ become wealthy, then you need to invest in rich relationships. This is also a great avenue to learn about Money. Forging relationships with other success-minded people is critical to success. These people open closed doors and through interactions with them a lot can be learnt, the rich are very generous with sharing information about the subject of Money once you express interest.

Above all, set goals, persist and finish what you always start.

Thank you; wish you a safe journey to your financial independence.

@tayangas.