Tag: Financial Literacy

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LET’S TALK ABOUT GENERATIONAL POVERTY – HOW YOU LEARNED TO BE POOR  

In the wake of the recent pandemic, much has been said about the need for greater financial literacy and the idea of creating generational wealth. This piece will examine the reverse - generational poverty (poverty for at least 2 generations). In The Bahamas, this would be considered a ‘generational curse’ and we’d say that ‘the apple doesn’t fall too far from the tree.’ The truth is that poverty, just like genetics, is passed down from parents to their children (and culturally); but unlike genetics, poverty is learned. 

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DESPISE THE FREE LUNCH – KNOWING WHEN SOMETHING IS TOO GOOD TO BE TRUE 

This law, among other things, discourages persons from carelessly accepting unrealistic promises or things of value at seemingly no cost. While the offer/gift may be appealing in the moment, the recipient will likely pay in the future. Also, it is important to recognize that the free lunch can present itself in many different ways. While this is a financial literacy post, it doubles as a post about life as well in discussing the true cost of the free lunch. 

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NOBODY IS COMING – A LESSON FROM MELLODY HOBSON ON TAKING FULL OWNERSHIP OF YOUR LIFE

This statement, first said by Collins in 1994, was initially an encouragement to women to reject the patriarchal idea that men were the key to their financial stability and success. More recently, Hobson, having had this statement as a personal mantra, uses it as a call to action to all persons to take full responsibility for their lives and decisions and in particular, their financial health.

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FINANCIAL LITERACY – THE IMPORTANCE OF BEING FINANCIALLY PREPARED FOR OPPORTUNITIES

While the events of 2020 created financial nightmares for many and underscored the universal need for better financial literacy and improved personal financial management; many persons still came out of 2020 as winners....These people, it appears, were not only financially prepared for the economic fallout caused by the pandemic, but were also prepared for the opportunities provided as well.