Financial Education
Living out your dreams and within your means
Let's face it: You want a lot of things in life. Some of them you may actually need. But trying to get the things you dream about could drive you into debt unless you have the "money smarts" to become financially fit.
Financial fitness is a condition that is just as challenging and difficult to achieve as ideal physical fitness. Each one of you is well aware of the lengths the military has gone to in order to get you into prime physical condition. It requires that same type of commitment and persistence for you to gain the knowledge necessary to make the right decisions about the things you want, and yes, even need.
Of course, it would be nice if we could all take the attitude expressed in the lyrics of a Sheryl Crow song: "It is not getting what you want; it's wanting what you've got." But that's not reality. In fact, the reality is that most people go out right away and get the CD stereo system, big screen TV, motorcycle, or sports car they so badly wanted, only to quickly find themselves in a deep financial hole. Like the well-known poet E.E. Cummings once said, "I'm living so far beyond my income that we may almost be said to be living apart."
So what can be done to avoid living beyond your means, while still living happily and comfortably? You can decide to become financially fit by learning all you need to know about money and finance.
With the right information, you will be able to make the right decisions about your income, budget, and purchases, without fear of financial failure. Financial freedom is a choice for you to make.
You decide. You can go out and buy all the things you want today become frustrated about your finances worry about bills run out of money before you run out of month and agonize about how you'll ever get out of the hole you've dug OR, you can stop, wherever you are, and gain some knowledge.
Educational tools can help you answer most, if not all, of the questions you've had in the past, for example: What is this document I'm signing? How do I figure my debt ratio? Is interest rate the same as APR? How do terms affect my total payout? What is an application fee? What is a prepayment penalty? How do I establish credit? How do I "fix" my credit? What's the difference between a secured and unsecured loan? Are all credit cards, banks, credit unions, or loans the same?
Ask a financial professional to direct you toward helpful educational information. By gaining knowledge, you'll know how to compute your debt ratio to understand if you can afford what you've got your eyes on. You'll understand the language of lending, so you can make good decisions about where to do your financial business. You'll be better prepared to budget your money, save for the future, save for emergencies, and ultimately, take that vacation, buy that car, or make that purchase, knowing that you can really enjoy yourself and not have to stress over debt.
So what are you waiting for? Today is not a moment too soon to start down the road to financial independence!
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