A solid financial education can greatly benefit those who learn its lessons. Learning to avoid high-interest credit card debt and leverage good credit scores can unlock significant financial value, such as securing better rates on insurance, auto loans, and mortgages.
Today’s society is increasingly focused on immediate gratification. People want what they want, and they want it right away, regardless of whether they can afford it or truly need it. The mentality is simply “I want it, so I must have it now.”
Many people lack financial discipline. I’ve had clients who earn good money but spend it all immediately, never setting aside funds for taxes. Then they’re surprised when they owe taxes, despite their significant earnings, because they no longer have the money.
For some clients who struggle with financial management, I’ve recommended they switch to an all-cash system for their spending. This prevents them from impulsively purchasing “shiny objects” they can’t actually afford, since they can only spend what they physically have in their pocket.