Personal Finance is a very significant subject and must be introduced to everyone from childhood.
However, in India, we are heavily lacking in this subject, and in fact, here, the adults are not much aware of personal finance as a life-changing skill.
If you do a survey, you will hardly find people understanding the meaning of “asset” and “liability”.
For most people, their asset is actually a liability, but they rarely realize this.
“Buying power” and actually having a “need to buy” is a very serious control and desire subject. However, we are unable to understand the need and get trapped easily with FOMO and YOLO.
I feel that the Indian government must take some initiatives to make personal finance a mandatory subject or at least the workshops for the children in schools.
We say America is forward than India in terms of education, and one of the few reason is this personal finance. There are multiple state in America who made personal finance mandatory education. Read more about it on Forbes: https://bit.ly/3zMC8rO
To start educating, you actually don’t need to move America but there few books to start. 2 most recommended books I am listing here. Grab them and start educating yourself.
- Psychology of Money by Morgan Housel – https://amzn.to/3Q9aD0Z
- Rich Dad Poor Dad by Robert Kiyosaki – https://amzn.to/3BrRvqV
