Since hearing of his passing three weeks ago, I have been binge-watching videos on legendary Fashion icon and journalist, Andre Leon Talley whose wisdom, poise, intellect and larger-than-life personality will be missed.
But one particular video that stands out was an interview he did with Wendy Williams when he was promoting his documentary, “The Gospel according to Andre” that came out a few years ago.
In this video, Andre lamented that although he was a graduate of an Ivy League University, Brown University, he felt he was not equipped with the skills to build wealth and manage money which was a shortfall in his financial life.
This was a very sobering point, Andre knew what the world of fashion was like, with its opulence, luxury, excess, extravagant fashion designers but yet he still was lacking in financial literacy.
That’s the thing about money, it can be elusive, it’s all around you but it’s complicated and many who have been around it, sometimes don’t even know how to manage it.
In light of this, here are some money lessons I would like to impart.
What are the most important money lessons?
Money gives you options but might not necessarily make you happy. Focus on having money to make your life better but don’t be a slave to it.
The education system is not built to teach people how to build wealth instead it’s focused on how to earn money in a job setting as an employee. Therefore, the onus is on you to become financially literate.
Saying that you are bad with money is not true. Money skills can be taught and you can get better with managing money. You only need effort and dedication.
There’s nothing wrong with having a 9-5 job, don’t buy into the hype on social media bad-mouthing regular jobs. Instead, focus on building wealth while you are working – invest in different asset classes whether it’s stocks, bonds, real estate just to name a few.
Books are powerful tools to help you build wealth. Start with a personal finance book that breaks down money matters in the simplest form and increase your knowledge capacity from there. My personal favourite of all time is Napkin Finance. Best kept finance book secret.
Be open to learn all you can about money. The best minds include Warren Buffett, Charlie Munger and Phil Town.
To build your financial literacy, we have many resources that can help you. Grab this FREE Money Guide and check out our 90 Day Money Action Plan.
What other money lessons would you like to add?
xoxo
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