Money should not be a taboo topic within your family. On the contrary, it is probably wise if you have an open communication with your loved ones, including your children.
When we were younger, many of us often received the advice “If you study hard, attend college and get a job, you should get a decent life”. Yet, there is usually more than just earning enough to meet ends meet. It is a good start if you begin your financial planning with a budget plan. However, you may soon find out that sustaining a long-term budget with financial goals is another huge project altogether.
Additionally, we tend to learn from what we are exposed to. Businesses are leveraging on this opportunity with fanciful financial products. Over time, the responsibility of financial well-being is on us as businesses place more emphasis on selling over educating. So how do we decide based on our individual circumstance? In this case, we need both financial knowledge and good habits to make good decisions and leverage on the financial products. If financial literacy is important, why is our financial literacy education low on our priority list?