Every year that you get older, there are probably certain things that you tell yourself you should finally commit some time and energy to. Things like fitness, diet and personal finance are probably at or close to the top of the list for a lot of people.
While there is no doubt that being physically healthy is super important, there is also no questioning the importance of financial strength and health. That is especially true in a rapidly changing and unpredictable world.
If your New Year’s resolution was to improve your financial standing and find out more about how to make and save money, then you have come to the right place. Let us as mycare break down some of the top reasons why now is the time to invest in your personal finance education.
Individuals are shouldering more financial decisions
Back when the middle class dominated American economic system, people were able to depend on their jobs and the businesses that they worked for to set up investment and retirement accounts to make sure that people were set up for later in life.
Now, a very lucky few can depend on the companies that they work for for that kind of financial support. For that reason, it is now more important than ever to make sure that you know what you need to know about making, saving and investing money.
Saving and investment is more complex and more available
In 2021, anyone can be a day trader if they want to be. You can set up an investment account and make all of your own financial decisions. While that power is certainly nice, it can also be somewhat harmful. A few bad investments here or there can set you back years when it comes to your eventual retirement. For that reason, it is crucial that you learn what kinds of investments to make, how to play it safe when you need to and how to play it a little more aggressively when you can afford it.
Aid from the government is waning
If the COVID-19 pandemic has taught us Americans anything it is that you cannot depend on the United States government for financial support of any kind. Let’s be honest, the stimulus packages have helped very little based on how small the amount has been and how sparingly they have been given out. For that reason, millions of Americans have found themselves in the more dire financial straits of their entire lives.
The lack of aid that has come for a historic pandemic is likely a sign of things to come as the middle class continues to shrink. You cannot depend on the government for a safety net and therefore you must create that net for yourself and your loved ones. Having the financial tools to do so is crucial to making sure that you and your family live a happy, healthy and stress-free life. Financial education is the first step to achieving that goal.
