Proper asset management and at least basic financial education are one of the biggest assets you can possess. It’s not so expensive or unattainable as most people imagine.

These below mentioned reasons are a paved path to financial hell:

1) No financial education. This is definitely the number one reason why we mess up our financial lives ­ because no one taught us how to manage it! Come to think of it: who teaches you how to manage your finances? The answer is a resounding “no one”. The conventional school we attend does not teach us, neither does business school nor our bosses.

2) Leaving your money management to others (and often, the wrong people!). Strangely enough, not many people are too concerned about their finances, thinking that others will take care of it for them. This explains why most of us “jump shelters” from our parents to our employers and maybe the government. We erroneously assume that a “responsible” boss or government would help take care of our finances.

In truth, your personal finances are your own responsibility. How can people expect “other people” to take care of them when they do not even want to take care of themselves? Also, perhaps the best government can provide the guidance and opportunities but it is still you to take care of your OWN finances.

3) Relying on incompetent advisors. Since many folks do not have the “know how” on managing their own finances, they turn in their own financial “steering wheel” to so-called “experts” such as financial planners, remisiers, and even… insurance salespeople!
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