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Financial Literacy for Men

Financial Literacy for Men
Financial Literacy for Men

Last week we shone the light on Men’s Suicide: The Hidden Crisis and a large aspect of reasons surrounded finances and relationships, I was suppressed to discover the financial literacy for men is 70% however, it was identified in the HILDA report that financial literacy has dropped by 10%.

This is an important subject to discuss and not something many people talk about openly, money. But what are you doing today to ensure you can meet your financial obligations tomorrow, next month or the years to come?

With Interest rates predicted to continue to grow this year we’re already seeing the less well off households making hard decisions on purchases and bills. While middle class household begin to feel the pinch the top 15% of income earners are still yet to feel the impacts.

The Need for Liquidity

Holding assets that can be easily liquidated (sold) during financial hardship is crucial for ensuring financial stability, security while also contributing to building your own personal wealth. Liquid assets, such as cash, savings accounts, Precious Metals and marketable securities that can be quickly converted into cash when the need arises that allow you to meet your immediate financial obligations.

With the HILDA findings indicating that most people could get access to $3000 cash if they needed to without going into debt, it also paints a picture of how dire it is for people out there if they came into a rough patch.

During economic downturn or a personal financial crisis, access to liquid assets are needed to help people avoid taking on debt or selling long-term investments at a loss. For example, having an emergency fund can help people cover unexpected expenses, such as a job loss or raising interest rates as we are currently experiencing.

This is key to providing a cushion during financial hardship but can also be used to create more wealth by enabling you to take advantage of opportunities.

Having access to liquid assets will give you the ability to liquidate them and take advantage of good investment opportunities like buying stocks at a discount during a market downturn. If you own a business with liquidities you can use your liquid assets to invest in new opportunities or expand your operations, helping you to grow and succeed in the long term.

Manage Your Money, Your Way

I can’t tell you what to buy with your money but having seen men’s suicide statistics involving finances is concerning and while there are many reasons behind what prevents people from having money, it is also one of the things we can take control of, even if it is only small amounts at a time.

For many, we don’t know where to start or where to look and I can’t and am not here to give you financial advice and you should always consult a financial adviser, but if you are struggling to save. A good method used by a lot of people is the ABC Bullion, Gold Saver Account which you can set up direct debits to purchase set amount of Australian Gold. Currently they have a contest to go into a draw to win $1000 in Gold Bullion for new accounts.

for the record, I have no affiliation with them and not being paid or receiving anything for writing about them.

Gold Beats Inflation

You may already know this and I could be wasting your time but from the data sets provided around 50% of Australian’s are financially illiterate and I wanted to try and provide something, that would encourage you to investigate ways to save if you need to.

Gold and Silver is a really basic way of doing that, and is a good Protection against high inflation with consumer prices rising by close to 8% per annum in Australia. Gold and silver are trusted inflation hedges, having historically risen by between 15-20% in years inflation has been high.

So go out, do your research, speak to a financial adviser and let’s be actively seeking ways to improve our financial status.

As a caring and hands on dad, Simon devotes himself to his family, career and health.

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