Attaining Financial Stability

Our undesired existence

A new generation began in 1985, giving rise to the leading-edge babies who are now in their thirties - the social media generation. We pride ourselves on being unlike any other generation before us, educated, competitive, and tech-savvy. However, this uniqueness comes with a significant weakness - a lack of financial literacy. Understanding money, distinguishing between good and bad debt, comprehending compound interest, and the importance of paying ourselves first remains elusive to many of us. This dearth of knowledge threatens our ability to achieve our dreams, live the life we desire, and retire without the burden of debt.

2: Living in the Present

As the social media generation, we embrace living in the present, cherishing the moment. Yet, this characteristic can become a double-edged sword when it prevents us from considering the future. We often leave financial planning to our future selves, which can lead to irresponsible financial decisions. Additionally, social media fosters our desire for instant gratification and validation through likes, comments, views, and shares. However, in seeking approval from others, we often lose sight of our financial goals and make impulsive purchases we cannot afford.

3: The Influence of Social Media

Social media plays a significant role in shaping our financial behavior. We are constantly exposed to curated and idealized versions of other people's lives, fueling our sense of entitlement and desire for material possessions. This leads to purchasing items we don't need, just to impress people we don't even know or care about. This behavior spirals us into high levels of debt, driven by an unhealthy need for external validation.

4: The Urgency of Financial Literacy

As the social media generation, we are destined to become future leaders, comprising 75% of the global workforce in just a decade. Simultaneously, we will inherit considerable wealth from our parents. However, if we lack financial literacy, this wealth will be fleeting. Understanding money, credit, and financial planning is essential for our future prosperity and the success of the world we will lead.

5: Personal Journey of Financial Literacy

Even as a Certified Professional Accountant (CPA), I discovered that I lacked true financial literacy for a considerable portion of my life. Despite my financial stability, I lacked long-term financial goals, a budget, a retirement plan, or an emergency fund. My relentless pursuit of job titles, promotions, and pay raises for instant gratification contributed to financial missteps. A moment of introspection led me to realize the importance of financial literacy and the need to transform my financial life.

6: The Transformative Power of Financial Literacy

My decision to take charge of my financial life began a transformative journey. I delved into personal finance and self-help books, constructed budgets, and learned the art of saving and investing. With guidance from mentors and coaches, I embraced financial literacy, leading to significant changes in my financial behavior. I paid off high-interest debt, increased my savings, built an emergency fund, and made prudent investments. My priorities shifted from material possessions to pursuing my life's purpose.

7: The Call for Financial Literacy

Financial literacy is not merely about understanding debt or investments; it is a mindset shift that empowers us to make responsible financial choices and secure our future. As future leaders, we must prioritize financial literacy to safeguard our wealth and shape a better world. This journey requires questioning our motivations, confronting entitlement, and aligning our actions with our values. By mastering financial literacy, we can fulfill our aspirations, build meaningful connections, and contribute positively to society. Let us embrace this challenge with determination, transforming not only our lives but also the world we will lead.