Jones Bazile Wealth Advisors

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How we got here?

“I don’t want to go to the gym, until I lose some weight.” This comment may seem obtuse to some, but normal to many. Some may think, well isn’t that the point of the gym?

Although I was moderately active/athletic most of my life, this wasn’t a thought that crossed my mind. Something that did cross my mind at one point was, “I will organize my finances, once I get more situated.” Well, again, isn’t that the point of organizing your finances, to become financially stable? This mentality is extremely common in our society today, and most of it has to do with the lack of financial literacy among Americans.

As we continue to fail to save or plan for retirement, we become even more reluctant to seek help or advice. That reluctance to seek help can stem from many things: embarrassed about our current situation, behind where we think someone in our position should be or inadequate compared to our friends/family or peers. Yet, it’s those same reasons that hold us back, that should be the reason or motivation for us to seek help or guidance.

Unless you majored in Finance or Economics in college, you probably were not exposed to the harsh realities of financial adulthood. Understanding things such as gross income vs net income, how interest works on borrowed money (loans & credit cards), student loan repayment, insurances, escrow accounts, compounding interest even basics such as monitoring cash flow and simple budgeting can be difficult to comprehend as life starts happening to you. With that being said Americans believe they are financially literate, yet according to a recent FINRA study, majority do not understand inflation and interest calculations. Many can’t calculate the compound interest of debt. Lacking in basic financial literacy, how are Americans expected to succeed and be prepared for the future.

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