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by James Robert Lay on October 28, 2021
Brief Summary of Episode #137
If you can transform a person’s wallet, you can transform their entire life.
Sure, money can’t buy everything, but it can mean the difference between security and uncertainty.
There is no adequate substitute for money.
This is why Arindam Nag, Chief Executive Officer at CentSai, recently joined us.
Arindam is one of the world’s foremost advocates for financial literacy, which is something we often talk about at the Digital Growth Institute.
During the conversation, we found that it is almost too easy to blame Wall Street when financial crises sweep across the nation.
What’s really missing is financial literacy:
-Learning how money works at all levels (government policies; taxes; business funding; personal finance)
-Genuinely understanding the different between assets and liabilities
-Training in valuation, basic calculations or even how to balance a checkbook
Without these skills, it’s easy to feel like you’re at the mercy of the economy rather than secure in your ability to weather financial storms.
Yet, so little effort goes into equipping people with this knowledge in nearly any education system.
By neglecting the simple and powerful skill set of financial literacy, nations worsen their own social inequalities and overall debt.
Is there a solution? Of course!
Key Insights and Takeaways
- The issues with financial literacy
- Why smart money management doesn’t take a career in Wall Street to learn
- Why education (and the trust it builds) will shape the future of finance