What I mean is this: unless you're wealthy, chances are you have no idea how money works. The wealthy are taught from a very early age how finance works in the big wide world. The middle and working classes aren't taught that. They're taught to go to school and get a job - spend money to go to university and then get a job. Work that job until it's time to retire and hope that you have enough put away to feed yourself.
The reality is that in 2007 the Australian Treasurer Peter Costello said that for the majority of Australians, superannuation wasn't going to be enough to live on in their retirement. I'd suggest that's indicative of a worldwide trend. The reality is that we need to get smart about finance, investing and money. We need to understand that we can make money work for us, rather than working for money.
A lot of people are happy working their job until retirement. And you know what, that's fine if you want to struggle as you get older - that's the unfortunate reality. I figure that we owe it to our families to get creative with investing and creating multiple streams of income for ourselves. Jobs don't provide security in the real world.
You may think that your job gives you security - but does it really? What happens if a new manager starts on a cost cutting spree? What if the company goes bust? What if your division is cut back or shut down? What if you or your partner become suddenly ill and one needs to care for the other?
Where will the money come from? Insurance policies won't be enough. To create and maintain multiple, significant sources of income we need to educate ourselves financially and become creative in terms of investing. More importantly, we need to pass that information on to our children so that they have the opportunities at a young age that we missed out on.
LockStockenBarrel.com is a resource for people who want to learn more about investment and finance. It is a constantly evolving and developing site with free resources available http://www.lockstockenbarrel.com
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