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We all know, so many people dream of getting financial success. But in reality only a small percentage can able to achieve it. So many people struggle to accumulate wealth, despite hard work, ambition and opportunity. So the main question is ,Why do so many fail to make money? The answer can be found on combination of their poor financial habits, their lack of financial education, fear of taking any risk and mindset limitations.
Lack of financial education is one of the biggest factors:
As we all know, one of the biggest reasons why people fail to make money is because their lack of financial education. Schools only teaches them academic subjects but often neglect financial literacy. So many individuals enter adulthood without so much understanding budgeting, saving, investing, and managing debt. So without these skills people are struggling to make informed financial decisions. That leading to poor money management and financial instability.
It is very important that financial education is important in differentiating between assets and liabilities. It is also important in understanding compound interest and recognizing the importance of investments. People who lack in this knowledge may often end up in cycles of debt . It may be fail to leverage their income to create wealth.
