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Developing financial literacy is key to achieving success, freedom, and prosperity. Rich Dad Poor Dad by Robert Kiyosaki explores the philosophy of financial literacy as an empowering tool. It provides an understanding of money management in an unconventional way that encourages readers to think more deeply about the methods they implement when it comes to their own finances. The story follows the financial growth of the writer, from being raised by two fathers; one who was his biological dad and one who was the friend of his dad. He alleged that his ‘Rich Dad’ (the friend) was always available to provide insight and advice on how to divest his finances, whereas his biological father was more than happy to bash his wealth-seeking attempts at every opportunity. Through this, readers are exposed to the notion that life skills, such as financial literacy, must be consciously pursued, rather than being passively acquired from our home environment. The philosophy that Kiyosaki presents in R...

No one will deny that stock market investing is a volatile field. Markets can fluctuate intensely within a short span of time with few predictables which is why it can be difficult to maintain an optimistic outlook. That said, there are strategies you can employ in order to cultivate a more optimistic approach to stock market investing. The first step is to focus on yourself rather than speculating on the markets. Counterintuitive as it seems, it is far more beneficial to hone in on your own investing attitude and goals. Self-reflection is key; ask yourself why you are investing and what you expect to get from the markets. Determine what level of risk you are comfortable with and articulate that clearly to yourself. Setting specific, realistic and achievable goals can go a long way in keeping you focused and feeling positive about your investment decisions. Next, ensure that you are investing in stocks of companies that have demonstrated a history of success. If you are buying a stock ...

It is important to teach children how to manage their money and instilling the right values in them from an early age can help them become successful adults. Money teaches us the value of hard work and helps us to better understand how to make the most of our resources. Here are seven valuable money lessons to teach your child.  Firstly, illustrate the importance of budgeting. Teaching children to make a budget can help them to track their income and expenses and avoid being spending beyond their means. By setting a budget, children can learn financial discipline, such as trying to save a portion of whatever money they receive for activities like allowance and birthday gifts. To make the concept of budgeting simpler and more interesting, you can encourage children to create charts and graphs that can show them their spending patterns. Secondly, it is important to educate them on the power of compound interest. Children should be taught how money works and how it can make them money...

The economic cycle is a very important factor which influences investment decisions. The cycle can be broken down into four distinct phases: prosperity, recession, depression, and recovery. Each phase brings about its own set of economic forces which can affect an investor’s decision-making. During times of prosperity, consumer demand is high, unemployment levels are low, and the stock market is usually very strong. This is an ideal time for investments, as the market is often at a peak with great potential for growth. Investors should focus on investments that are likely to increase in value during a time of economic growth, including equities and mutual funds. The decline of an economic cycle usually begins with a recession. During a recession, consumer spending decreases, unemployment increases, and the stock market is generally weak or flat. During this phase, investors are best suited to focus on safer investments such as bonds, money market accounts, and cash. The third phase of ...