Financial literacy is something that every money guru stresses. I have included some brief notes from two recent books that I have read that will increase your financial education. Both books are worth buying.
Why worry about financial literacy anyway?
Most people have money problems, and human nature is such that you can never have enough. For example, something inside you says that what you have is not enough. That voice inside you says you can’t be content until you acquire more.
Robert Kiyosaki discusses six lessons he learned from his rich dad and the poor dad. His biological father was the poor dad and a University Ph.D. professor. The rich dad was a business owner and didn’t finish the eighth grade. Not surprisingly, they both stressed education but not the same kind of knowledge. For example, the rich dad stressed financial literacy, but the poor dad wanted him to attend the University and land a safe and secure job.
Unfortunately, the public schools do not focus on financial literacy, and are not concerned with your personal finances. Instead, they care about academics. Consequently, most of your knowledge about finances and money will come from home or your personal study from books such as this and others like The Financial Fitness Pack.
Additionally, financial literacy is a greater source of financial power than money itself. That is because hard cash eventually always runs out, but financial education arms you with skills to build continuous pipelines of cash in the form of assets.
Hence, building wealth is difficult if you don’t know how money works.
That is why financial literacy is your greatest wealth asset. Robert’s rich dad stressed repeatedly and continually the importance of financial education. Money spent on quality financial products is money well spent.
The wealthy employ Robert’s first lesson by exploiting the power of residual income and compounding interest. They don’t pay compounding interest but make money from it. On the other hand, the poor and middle class work for money by trading their time or labor for dollars.
The rich have assets that automatically increase their cash flow.
You need courage and tenacity to be an entrepreneur. That is why most do not become one because at first you are vulnerable. Additionally, fear sets in because at first it is not safe and secure but if you succeed it is the safest and securest financial lifestyle there is.
Is the initial failure worth it if you eventually succeed?
Dave Ramsy didn't want strictly leaders or entrepreneurs. For example, leaders have distinctive characteristics such as integrity, servant, loyal and driven and several others listed in the book. Similarly, risk taker, maverick, and visionary are qualities that entrepreneurs live. David realized combining the two would create the most successful business than acquiring both individually.
An Entreleader is someone that will grow your business and will do it as a united and determined team. They will also be financially literate. That is why Dave has zero tolerance for employees that lie and cheat. He wants employees with high character.
The team follows your example. If there is a problem in your company, it is not the employees but you. However, you are also the solution to the problem because you can change yourself a lot easier and quicker than you can change your employees.
You have the choice to grow yourself, deepen your character and increase your education and financial literacy. Hopefully, you can find team members who will also do this naturally on their own. Therefore, a good Entreleader persuades and inspires others to be the best they can.
Entreleaders lead by example and are in the trenches with your people. Hence, you are a servant leader that will never ask your team members to do something that you won’t do yourself. Furthermore, you don’t take special perks that you deny your team.
Passion is a critical fundamental leadership principle. Passion is caring deeply about your business and your people personally. That is why you shouldn’t take a hands-off approach with your teams personal life. For example; people bring their personal problems and challenges to work. It is almost impossible not to.
Therefore, passion is loving your team and sacrificing for them in their personal life.
That is why you should find out the real reason someone is underperforming. For example, it could because of a leadership or training issue; and you can easily fix that.
If a team members underperformance is caused by a personal problem, find out what it is. A good Entreleader knows their team well both professionally and personally. That is why you shouldn’t hesitate to pay for marriage counseling if he is having marriage problems, or give him extra time off to be in the hospital if his wife is dying of cancer.
Rally the entire company around a team member going through a personal tragedy.
Sponsor: Increase your financial literacy by purchasing The Financial Fitness Pack by clicking here.
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