| "If hard work and dedication were all it took to | | | | wealth is simply how long can you go without a |
| become wealthy, our grandparents would have | | | | pay cheque. This should be the foundation of your |
| been millionaires!"- Glenn | | | | financial planing as you will only earn a fixed |
| April is Financial Literacy Youth Month in the | | | | number of pay cheques during your working |
| Bahamas thanks to the tireless efforts of my | | | | years. |
| friend Keshelle Kerr of Creative Wealth Bahamas | | | | 2. Think Debt Free. You can not create wealth if |
| and her passion for empowering the next | | | | your money is being consumed by debt. |
| generation of Bahamian financially. But what is | | | | Therefore, you must evaluate every offer of |
| Financial literacy and why is it important to you? | | | | credit critically. While credit provides the immediate |
| Simply put Financial literacy is "the ability to | | | | gratification that we all desire it robs you of the |
| understand and make informed and effective | | | | opportunity to create real sustainable wealth. And |
| decisions about the use and management of your | | | | once you allow yourself to get into debt is usually |
| money." And while money is an important part of | | | | difficult to get out. |
| your everyday life, you will agree that few | | | | 3. Think Net Worth. By focusing on your net |
| subjects are as intimidating or frustrating for you | | | | worth you will ensure that you maintain the |
| as money. | | | | appropriate ratios between your debt and assets. |
| And while you are expected to make informed | | | | As your net worth is the best indicator of what |
| and effective decisions about the use and | | | | you actually own. |
| management of your money. You are challenged | | | | 4. Think Financial Education. The best way to |
| by the fact that you have not been taught how | | | | improve your financial literacy is learn as much as |
| to manage your money effectively. | | | | you can about money and how it works. commit |
| It is not surprising then, that your money worries | | | | to reading at least one book or magazine on |
| maybe one of the biggest causes of stress in | | | | money and investing each month. "Taking Control |
| your life. And why improving your financial literacy | | | | of Your Money Workbook is good resource to |
| may be the best decision you can make. | | | | help you get started. |
| While you may have bought into the notion that | | | | 5. Think Simplicity. One of the biggest challenges |
| all you need for financial success is to "get a job | | | | you will have is distinguishing between your wants |
| and work hard" by now you have realized that | | | | and needs. So once you learn how to distinguish |
| this is not the case. The fact is working hard is | | | | between what you want and need you will |
| WORTHLESS - unless you know how to manage | | | | immediately reduce your spending by at least 38 |
| your hard earned money! | | | | percent. As most person spend 38 percent of |
| The truth is no matter how much time, effort | | | | their money on things they do not really need. |
| and dedication you invest in your career, you will | | | | 6. Think Financial Goals. Setting financial goals may |
| never achieve the success you deserve - unless | | | | seem elementary but setting financial goals is the |
| you know how to take control of your money! | | | | key to bringing discipline to your money |
| As you live in a society that makes you ultimately | | | | management. And while it is important to live for |
| responsible for your financial future and the result | | | | today you must also plan for tomorrow. Finally, |
| you get from your money, here are six new | | | | you do not have to be rich to be financially stable |
| ways of thinking that you can use to improve | | | | all you have to do is change your thinking about |
| your own money making decisions. | | | | how you are managing the money that you do |
| | | | have. |
| 1. Think Wealth Creation. And the definition of | | | | |