Wisdom and Financial Decision-Making
Financial decision-making is a complex process that we all share responsibility for. This blog post will explore the principles of wisdom and the important conversations that can lead to greater financial well-being in our personal and professional lives.
What are the signs of wisdom?
We'll also share inspiring anecdotes of people who practice wise decision-making in their workplaces.
In doing so, we hope to raise awareness around the value of financial wisdom, and invite others to reflect on their behaviors and attitudes around financial decision-making.
What is the role of financial wisdom?
While there are many facets of financial well-being, a strong foundation in wise decision-making can be helpful when it comes to managing everyday finances. Our life experiences have taught us that with hard work and planning, the future holds far more opportunity than we often dream. Yet with too much stress and pressure placed on ourselves by consumer culture, we often find ourselves unknowingly putting unwise decisions into place. How often do you pay interest on debt that you could easily work off for free? How often do you buy an item at full price, only to watch it fall in value the next day?
Through the use of these examples, we hope to highlight the idea that our financial decisions are not always driven by reality.
Wise decision-making is important because "wisdom" is defined as being able to see things as they are, which only comes through experience. Although many of us have had time to develop wisdom and experience in managing our finances, we can all benefit from becoming more mindful and aware of our spending habits – even though we may not realize it.
So, what are some of the principles of wisdom that can improve financial decision-making?
As we move through this series on financial wisdom , we will share stories and examples of people that have made significant change in their lives. In doing so, we hope to inspire others to look at their own personal financial situation and question whether they are making unwise decisions. We invite you to join us as we explore our financial realities and develop tools for better decision-making.
The questions asked in our next blog post may seem obvious to many, but it is helpful to reflect upon them before making a purchasing decision – especially one that will quickly lead you into debt or an overdraft situation.
If we wish to learn from others, we must first listen. For this reason, we would like to share the stories of a few young adults that have made wise decisions in their personal lives and are now living more financially secure lives. We hope you enjoy!
Is there any hope to live a financially secure life? You bet! There are many success stories of people who have made wise decisions and changed their lives for the better. In our next blog post, we will share some of these stories of real people who used the principles of wisdom to make significant financial changes in their lives.
We would like to share the story of 25 year old Shubham Banerjee from California. In high school, Banerjee developed a method to connect a computer chip to an artificial retina in order to restore sight for the blind. Banerjee received support from many organizations that allowed him to develop his idea, and his company has now sold nearly 60 of these devices across America and Europe. Last month, he was featured as one of TIME magazine's 100 Most Influential People .
Banerjee is a prime example of how the principles of wisdom can inspire someone with an idea into taking action – and making it happen.
What makes Banerjee's story so special? How can we recognize the importance of financial wisdom in our everyday lives? Just like in the movie, The Matrix, people often only see what they want to see. Perhaps it is time for us to examine our own spending habits and begin to see that there are more ways to live than the ones we currently are experiencing.
We invite you to join us as we explore our financial realities and develop tools for better decision-making.
The questions asked in our next blog post may seem obvious to many, but it is helpful to reflect upon them before making a purchasing decision – especially one that will quickly lead you into debt or an overdraft situation.
If we wish to learn from others, we must first listen. For this reason, we would like to share the stories of a few young adults that have made wise decisions in their personal lives and are now living more financially secure lives. We hope you enjoy!
What makes Banerjee's story so special? How can we recognize the importance of financial wisdom in our everyday lives? Just like in the movie, The Matrix, people often only see what they want to see. Perhaps it is time for us to examine our own spending habits and begin to see that there are more ways to live than the ones we currently are experiencing.
We invite you to join us as we explore our financial realities and develop tools for better decision-making.
In our last blog post, we shared a story of a young woman who was able to make her living by selling homemade bread on Etsy. Sales increased over time, and she was able to expand her business and improve her lifestyle. But how did she find the courage to start this business in the first place, and what motivated her to work hard on it?
Kimberly started college at 20 years old with $15 in her bank account. She was so determined to succeed that she decided not to take out student loans. Instead, she found a part-time job that paid minimum wage -- barely enough for rent, food and other necessities for college life. At one point during school, Kimberly's car broke down because of the extra miles required between gas stations. Because of her financial situation, she was soon forced to walk to school. This was a defining moment for Kimberly; she realized that she had to make a change if she wanted to be successful.
Kimberly decided to open a shop on Etsy, where she sold all hand-baked products: breads, muffins, cookies and even homemade granola. 7 years later at the age of 27, Kimberly has earned $200,000 from this online shop and continues to grow her business today.
This is a true story of someone who used the principles of wisdom and took action in order to achieve success with their finances.
Conclusion
In our next blog post, we will share some personal stories of young people who have used wisdom to make important changes in their lives. We hope you'll keep on reading and please share your thoughts with us!
We invite you to join us as we explore our financial realities and develop tools for better decision-making.
Our last blog post explored the importance of acquiring wisdom. However, acquiring wisdom takes time, so instead of attacking financial problems head-on, it is important to learn how to recognize the signs of a problem in order to avoid them before they arise.