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.
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.
FINANCIAL LITERACY AND THE TRUE COST OF CHEAP – ‘LO BARATO SALE CARO’
...the bigger lesson is one of ‘Lo barato sale caro’ - A Spanish phrase which means things that come too cheaply or easily will eventually become expensive. A corresponding phrase in English would be ‘if something is too good to be true, it probably is.’...
FINANCIAL LITERACY AND REAL LIFE – HOW BUYING PEANUTS TAUGHT ME ABOUT INFLATION
We hear a lot of about inflation and how it gradually lowers the purchasing power of our present-day dollars. There was an occurrence a few weeks ago that illustrated this principle to me quite clearly.
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.
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.
FINANCIAL LITERACY AND POPULAR CULTURE: HOW ARCHIE AND JUGHEAD TAUGHT ABOUT IMPULSE SPENDING
One of my early lessons about money and impulse purchases (making unplanned purchases in the spur of the moment) came from a 5-page comic book story starring Archie and Jughead.
FINANCIAL LITERACY AND POP CULTURE: WHAT JAY-Z IS TEACHING US ABOUT INVESTING
It has been well documented that Jay-Z is hip hop’s first billionaire. Understanding how he made it to this point provides a great education about investing and financial literacy.