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.
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.
...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.’...
I worked with a gentleman many years ago (Let's call him John). Every time I think of him, I am reminded of the lesson that I learned from him - that no matter how bad things may be, I must always be my best self, no matter what. In what become a highly teachable moment, he became the man that lost two jobs.
Essentially, the nature of office politics and the desire for upward mobility will challenge most relationships in the workplace. This begs the question, what is the upside to having work relationships?
With the world progressing at such a rapid pace, there is great focus on what skills are needed for the future. While articles and experts focus largely on technology-based skills, there is a non-technological skill always finds it way on the list - skill of adaptability.
...while my broken earphones may have been a relatively small loss, they presented me with a great life lesson and a powerful teachable moment...
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.
The concept of social capital has become prevalent in recent times as experts in business, psychology and sociology seek to study and measure its value to individuals and groups in various situations.
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.