Why Invest in Financial Literacy
by Terry Bennett, Money Coach, Mac’s Money Centre
As a grad, you can understand the value generated by your university education. You have used your knowledge to pursue careers and professions that have or will give you the opportunity to make an income, pursue a passion, and find a purpose in your life.
What is confusing to me is why it’s so challenging to get individuals to see the value in gaining a financial education. Everyday you are confronted with decisions that involve using your financial resources. Financial educators believe that navigating the financial environment can be taught and this learning is a powerful force for positive change. Financial education can build a comprehensive knowledge base and help develop skills that are necessary to manage money effectively.
I wonder how you purchase a house when specific knowledge concerning mortgage qualifying rules, interest payments and amortization periods, insurance costs and income-to-debt ratios are not known or understood? Where do you go to compare rates, know which financial institutions are available, how they differ and which would serve your particular needs best? What types of investing and saving platforms are available and which ones would meet your specific goals? Where and to whom do you turn to in order to assess these options?
These are just a few examples where being financially literate would positively inform your decisions and lead to better choices. Becoming financially literate can be very empowering as you put your knowledge into practice, make informed decisions and build confidence along the way. You CAN be in control of your money and put yourself on the path to financial fulfillment.
November is Financial Literacy Month in Canada
This month you’ll probably be inundated with news stories covering this nation- wide event. Communities will be hosting workshops and speaking engagements with experts focusing on all areas of financial health.
McMaster will be jumping on the bandwagon as well. Macs Money Centre is here during the school year to support students and recent grads, in all aspects of their financial life. However, in November we will be adding to our regular programming.
Alumni are welcome to attend the upcoming Money Talks event that will be held in the Grind, MUSC on Wednesday, November 13 from 5:30 p.m. -7:30 p.m.
We have four panelists that will speak about their personal financial experiences, how they took control of their careers and finances, and gained the confidence to own their future.
We will explore the ways we sabotage our best selves and how we can gain the confidence to accomplish our goals. Research shows that a lot of us are not confident in our financial knowledge and that this is an impediment to us taking charge of our financial destiny. Yet, the reality is, we all have to manage our money in order to ensure our financial health.
We will discuss the implications of Imposter Syndrome and take a look at how our money mindset affects our decisions. We will hear how our panelists achieved their financial success…one, by turning her passion into a successful side hustle, and another, as she climbed the corporate ladder.
Join us for a fun evening with snacks and lively interaction between the panelists and the audience. We hope it will be the impetus for you to start the conversation about the role of money in your life, and how knowledge, confidence and informed decision making can motivate you to dream big and own your financial future.
Terry Bennett,
MACs Money Centre
