Learn from Sharon
Throughout my career, it has been my honor to to share my passion for financial literacy and entrepreneurship to audiences all over the world… As I’ve shared before, knowing how to effectively communicate to your audience is essential to standing out in your communication. Today, that means knowing how to speak to Millennials. After all, Millennials have surpassed Baby Boomers as the largest living generation in the nation. This means that if you are not addressing Millennials, you are missing a great opportunity Here’s what you need to know to be more influential in your communication strategy.
Modern parents often wonder when it is the right time to start teaching kids financial literacy. I often advise that as soon as your child knows the difference between a $1 bill and a $20 bill is probably the right time. Some parents assume that it’s best to leave such adult matters for some later time. About 34 percent of moms and dads citing that childhood ends all too soon as it is, which is all the more reason to start laying the groundwork for a healthy financial future as early as possible.
Success isn’t developed in a bubble. Oprah Winfrey credited Maya Angelou for helping her develop as a TV personality and a human being. “She was there for me always, guiding me through some of the most important years of my life. The world knows her as a poet but at the heart of her, she was a teacher,” Winfrey wrote in a touching Instagram post after the famed poet’s passing in 2014. Facebook CEO Mark Zuckerberg sought advice from Apple’s then-CEO Steve Jobs during Facebook’s early stages, and late CBS anchor Walter Cronkite publicly thanked a high school journalism teacher for inspiring his path.
Remember when mom taught you to balance a checkbook? Unfortunately, not every child learns how to manage their personal finances at home. Or even at school. One recent study of young adults by The Organization for Economic Co-operation and Development showed that more than 60% of American teens don’t know how to complete basic financial tasks such as budgeting and balancing accounts. Yet many of them – as much as 1 in 3 – already use credit cards. In instances where lessons are being taught, the information does not always reflect the changes in how people use money (like paying with phones or apps).
One of the most common topics I’ve encountered while promoting financial literacy as CEO of Pay Your Family First is spending management. Many people focus on earnings without figuring out how and when they are going to distribute (spend) that money. They understand that to be successful, you should keep debts in check and save for the future—they simply don’t know how to make it happen. Everyone spends money. Having a spending plan allows us to be intentional about spending and provides a roadmap to financial goals.