Improve financial health for your employees, students or yourself
Wisebucks is about improving financial health through financial literacy. Money compounds over time and so do money problems and money
Money makes happy
Money has evolved dramatically in the last decades without many of us realising. It has transformed the way we think about personal finances, but there is no feedback loop about the impact it has on your future or that of your community. Meanwhile, inequality is growing and the number of people in poverty is growing.
Research has shown that, money (or rather the lack of understanding thereof) has a significant impact on people’s wellbeing. Even causing physical issues such as loss of intelligence, mental illness and dietary problems. In addition, these problems usually exist in a continuous downward spiral that grows overtime creating a financial vortex that is hard to escape when left undressed.
One of the causation spirals is lack of education in a child’s upbringing. In many cases money problems are “inherited” as children copy financial behavior from their parents. Financial literacy is not part of the school curriculum in Australia so there is no way for a child to correct financial bias and falsehoods creating another sliding slope towards poverty.
Make no mistake, being wealthy does not mean that you have good knowledge of money. There are tons of examples of rich people that lose it all due to their behavior and it is almost fact that when children inherit wealth without the skills to handle it, somewhere along the generational line the family wealth is lost.
Becoming a Wisebuck
"Someone who is a Wisebuck knows when he or she is satisfied (or rich) and is money-conscious, money-aware and money-skilled. Therefore a Wisebuck is neither rich nor poor. "
Three steps of becoming a Wisebuck
- Discover your financial attitude: what were the key influences in your financial upbringing and how does it affect you today? Are you risk-averse, risk seeking or risk neutral? What are the consequences of that attitude?
- Expand your financial literacy: no matter what your basic skill level, there is more to learn about money. Learn about different ways of earning money, setting yourself up for growth.
- Change your financial behavior: when you understand your financial behavior and have the skills to be different it is time to change. For some this a great change with huge impact for others it can be a confirmation of being on the right track. For all it should be a transformation to become a proud Wisebuck