BY Douglas P. McCormick
Americans are constantly bombarded with financial advice from well-intentioned organizations attempting to educate them on how to achieve financial security.
Unfortunately, such attempts regularly fall short. Most of this advice will not bring people any closer to financial security. While well-intentioned, most personal finance advice is ineffective because of three common shortcomings: it is too narrowly focused on financial assets; it is too simplistic to address the complex financial challenges most families face; and it is too tactical at the expense of holistic strategic planning.
Too narrow: Today’s financial education focuses exclusively on the narrow definition of managing money such as budgeting, saving, borrowing and investing. While these are critical skills required for financial security, they neglect the largest and most important asset owned by most families — their labor assets. Depending on skills and career choices, an individual can reasonably expect to generate between $1 and $3 million dollars in today’s purchasing power throughout a professional lifetime.
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