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by James Robert Lay on November 1, 2022
Brief Summary of Episode #242
Imagine you’ve reached your childhood dream of playing in the NFL — and despite the hefty paycheck that comes with it, you’re still broke.
Realizing that you have a lack of financial education is the first step in fixing how your life works when it comes to money.
A lack of education in investing and retirement planning has left many in the lower and middle-class (and even some sports stars!) with more questions than answers.
Jedidiah Collins, Founder and CEO of Money Vehicle, predicts a dark future if financial brands don’t step up their coaching game.
“If we don't make a significant closure of this financial literacy gap, we will continue to see the same issues and the same problems, and we will never have a level playing field,” he told us.
The author of Your Money Vehicle: How to Begin Driving to Financial Freedom! believes the first step to conquering financial literacy is addressing bad habits.
“Define your habits,” Jedidiah said. “What is a good habit you want to repeat? What is a bad habit you want to stop?”
But regardless of those habits, we must take the initiative to be the change we want to see.
“Time is the exponential factor, so start. Make mistakes, but start.”
That last statement by Jedidiah is one that empowers people with financial confidence to value their transformation over the transaction of dollars and cents.
Key Insights and Takeaways
- Jedidiah’s inspiration for coaching financial literacy (3:13)
- The financial literacy knowledge gap and misconceptions (11:42)
- Envisioning a future without positive change in literacy (28:11)