World we Imagine (1)
Imagine a world where everyone is financially free.
Imagine walking out of your front door with a complete bank account, no debt, and no worries. Financial freedom means having enough capital to live comfortably without stress about bills or money woes. It's the ultimate goal in life, a feeling of peace and tranquility, and something that everyone should strive for. A financially free world is a world that is no longer competing but rather a world where everyone is actively living a life of purpose – a life full of compassion. So, how do we accomplish this and allow everyone, not just those in first-world countries, to achieve financial freedom?
To start, we need to start talking about money. Financial illiteracy is a significant driver of the wealth gap among classes. To reduce inequality, we must be transparent in our financial conversations. Let's eliminate the communication silos between the privileged and unprivileged and teach everyone how to invest and grow wealth.
Second, we need to stop the notion that free handouts are good. Using the latest Covid Relief experiment as an example, free money gives short-term relief but has devastating long-term results. Instead, let's teach people how to ‘fish.’ Not everyone is born on equal grounds, but if everyone knows how to 'fish,' no one will have to starve. The same goes for making and building wealth.
Finally, financial freedom is attainable for everyone and not an exclusive privilege only afforded to those born into privileged lifestyles. By normalizing the discussion about finances, we can make a massive difference in eliminating the wealth gap and allowing everyone to achieve financial freedom. We can help make this a reality for everyone with the right approach, and open financial education is the leverage people need to get started.
Only then will the world realize that money does not bring internal happiness but rather the opportunities to pursue our passions – leading to a more tranquil world.
Peter, great post! A world where everyone is financially free sounds like a dream. We are so lucky to be at a school that leads us in the right direction and gives us great resources, but unfortunately this isn't reality for everyone. Starting a non-profit to help spread our knowledge to people with limited access to resources would positively impact so many people.
ReplyDeleteHi Peter, great post. I agree with you that being financially free is super important. I do agree with you that we need to teach people how to "fish" instead of giving them fish, because when we do, we are solving the root of the problem instead of putting a band aid on the problem. Something I think we could do is to increase funding for education and for job trainings. I think that we need to give people the skills they need to be successful on their own, because only then would we be solving the root of the problems instead of doing a quick fix that isn't lasting.
ReplyDeleteHey Peter, I enjoyed reading your post. I totally agree with you, financial literacy is such an important topic that so many people learn nothing about. There’s a reason so many bankers, accountants, and other people that handle money for a living still build little wealth for themselves. So many of us model financial habits from our parents and implement what was normal in our households growing up. But, I think financial education is such a good idea to teach kids how to create wealth for themselves from a young age. Teaching the next generation how to fish is an important tool and I think can be pursued by partnering with local schools to teach about personal finances. Or, another idea is to lobby the government to mandate students to take a financial literacy class before they graduate. Similar to what is being implemented in Florida.
ReplyDeleteHey Peter, that was a great blog post. I really enjoyed the direction you took in this post. I feel like this topic is something everyone has thought about at least once in their life. Having a society where everyone is financially the same such as a Utopian society makes sense, but how do we even get there. I believe in helping teach people about financial situations because many people are unaware of how they should use there money in a way that will help them keep it.
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