In the midst of reading all this news about that bailout plan in the US one thing that was raised was how a lot of people disagreed that banks should be given money and that these businesses need to fail for the economy to then build itself back.
The more I thought about it the more it was true in many ways I thought. Even for myself, most people that I know who are good with money went through something that hit them hard financially which made them better and smarter when it comes to managing money. In a sense, they werenâ€™t saved by anyone else and had to build everything from ground up. Basically, no borrowing money, credit lines, etc.
What helped me a lot personally at a younger age was video games strangely enough as in most games I played you had to in some way manage money/funds and you tend to screw up enough to learn a lesson afterwards. So if there are parents that say games are bad for kids, well here is a great way to teach kids about money considering schools donâ€™t really teach kids about money when you think about it.
As an adult I find that it is more about the people you associate with on a regular basis as oppose to necessarily having to fail so many times to learn. Cause in general, most successful people financially have failed in some way except what makes them different is that they found a way to get back up. So with that, you can learn so much from others in terms of what they went through to make you appreciate what you have and ways to make sure you donâ€™t repeat what happened to them.