Basics. Financial Literacy. Learning. Value Creation.

Nirav
Nirav
Aug 24, 2017 · 2 min read

In one of the recent podcasts of freakonomics.com, host discusses about prevalent financial illiteracy across US and most of the developed economies.

It starts out with a university professor teaching financial literacy to young celebrity football players who already have made much more than an average working class person can ever earn. I was hooked. Financial literacy for people who are already super rich. Why ?

Photo by NeONBRAND on Unsplash

I assumed that basic financial understanding has to be so common. Aren’t we already in 2017 with information at our finger tips ?

Professor talks about a very simple survey conducted by her across US and other countries. Results were astonishing. To my utter shock, about staggering 70% of the participants of all age group gave incorrect answers. And that survey had just 3 simple questions about interest, inflation and risk.

Surprising enough, we don’t learn and educate ourselves. May be it’s too overwhelming or may be we are barred from finding simple things.

Few days later, I saw a documentary about Warren Buffet — Being Warren Buffett. Some interesting take aways.

- He learnt about compound interest at age of 8.(Start early. Today or may be now.)
- For all these 80+ years, he has tried to read about 5–6 hours every day. (Learning never ends.)
- Focus is what it takes to reach depths or heights. (Clarity comes from persistence and focus)
- Persevere for the right time
.

Probably he was brewing one of the finest concoction of two most important aspects humans need to succeed.

  • Habit of constant learning
  • Validating, filtering and applying that learning.

Some things are so simple and yet we tend to always ignore.

I don’t doubt there would be a day when AI would take over our A(ssumptions) and (I)gnorance.

If you found this post interesting, it would mean a lot to me if you could clap for me below. That would really make my day — thanks!

)

Nirav

Written by

Nirav

Life Enthusiast,Travel Buff,Infinitely Curious, Tech Doer @intellimedianet. .

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