Did you know that out of 7 billion people that 5 billion don’t understand how money works and are broke? I'd like to take the time to share with you all my mini journey on diving deeper into that statistic.
As I'm posting on my instagram "TheBrooksJournal," I receive a direct message from Curtis Banks.
I decided to investigate his profile and I found a sharp looking gentleman who's a Financial Educator , Wealth Mentor, and author of the book, "The Book On Money Management: How to Build a Foundation for Wealth."
I notice that he educates people on a topic that I thought everyone should be educated on which is "Money."
My phone call with Curtis Banks was a positive experience. He was genuine, caring and took the time to thoroughly answer my questions for my blog.
I'll be completely honest, I was a little weary on writing on this subject because I feel when people start talking about money that it's a complicated subject with lots of vocabulary I'm unfamiliar with. Usually when I hear people talking about money rather than a discussion, it's an argument. Money in my household was usually an issue and a negative topic.
I always wanted to learn why the people I knew disliked the topic and rather not talk about it. Curtis Banks explained to me that 80% of people are financially illiterate. So when the topic of money is discussed, it's usually a bad news story. However, 20% of people who are financially literate are sharing good news stories such as opportunities in growing their income and wealth. The two types of people have different perspectives and different conversations when it comes to money.
Next, I wanted to know why aren't people educated in the subject and why are the percentages of people who are financially illiterate so high? Believe it or not, the answer is quite simple. Majority of our teachers fall in the 80% category and cannot teach us a subject they aren't excelling in. Additionally, our school systems are designed to get us a good education to get a good job and weren't designed for us to learn how to build wealth.
To add to that, I believe we are also seeking advice from the wrong people when it comes to finances. I'm a true believer in taking advice from someone who has the results you are looking for.
As I started reading Curtis Bank's book, I want to share two questions from his book that will be worth your time to answer for yourself: What was your average income over the last 10 years and how much do you have left of it?
WOW! I was not happy with my answer. I asked Curtis Banks, " How come people have a hard time saving their money?" He said," They are too busy spending it."
Were you ever like me and wondered why people such as celebrities and lottery winners can end up broke? I've learned they manage their money the same way when they were broke. If you don't change your mindset and educate yourself with a small sum of money then how do you expect to keep a large sum of it?
I've always wanted to know how much money millennials would need to retire (trust me the math is easy to figure out that Curtis Banks showed me!) For example, let’s say you make $60,000 a year and choose to retire at 65 years old. To keep your current lifestyle you need hypothetically $60,000 a year for 20 years. Well $60,000 times 20 years is $1,200,000. There's your answer!
I encourage you all to start educating yourself when it comes to finances not tomorrow, but NOW!
You can connect with Curtis Banks at CurtisBanks360.com
His book can be ordered at MoneyManagementBook.com