We all want to live a fulfilling and meaningful life. But it’s not always easy. We all have to face several challenges. Sometimes, this would require sacrifices and hardships, but given a choice between toil and comfort, very few will say no to a life of ease, barring any strings attached.
Still, not everyone wants to be a megastar in the financial world. Not everyone wants the spotlight that comes with being rich and famous. Being wealthy also brings with it its own particular challenges, after all. Some would prefer to skip the headache all that money brings and choose a life of pure comfort.
But, to have that comfort, you must still be able to have the buying power to afford whatever you need. So, how do we secure the strength of our buying power? In a world where the seven-digit inflation rate of Venezuela became possible, the need to be financially savvy is highlighted more. How do we become financially savvy? Education is key.
Education as a Way Towards Financial Security and a Life of Comfort
Venezuela’s inflation rate is expected to hit seven figures in 2019. The country ranked first in Bloomberg’s Misery Index in 2018 and is expected to top the ranks in 2019. The higher the inflation, the more miserable the people are. When inflation is high, our purchasing power is diluted, and so is our ability to afford the products and services we need and desire. Inflation affects our way of life.
The cost of going to college has skyrocketed. Forbes noted in July 2018 that is increasing eight times faster than people’s wages. Textbooks have become an added burden to students and parents alike as their prices soared to over four times the rate of inflation over the last ten years. U.S. Senators have recently reintroduced the Affordable College Textbook Act, and private companies have also started to look for ways they can subvert the current textbook pricing market and create a space for a cheaper way to learn.
Technological Innovation: Helping to Bridge the Wealth Gap
Utah-based education technology company Derivita, founded by Devlin Daley, co-founder of Instructure and Ryan Brown, former Google engineer, claims that they have found a way to make math education more comfortable and accessible. Technology has been helping to provide a way to subvert the wealth gap, and this is one such instance. When people are better educated, the more they understand how money moves and shapes the world.
Let’s take a look at Utah: the more people understand the relationship between wealth creation and management, the more its citizens will look to tax planning to help augment their retirement funds. They would find ways to diversify their income streams and utilize their assets more effectively. For those of us not born with a silver spoon in our mouths, there is always planning, saving, and investing. How we utilize the knowledge we acquire is what will make or break us in the end.