Financial Literacy

“You never have true freedom until you have financial freedom.” This Robert Kiyosaki quote (presented in his “Rich Dad, Poor Dad” book) captures the heart of The Hayek Group. The Hayek Group supports financial literacy and financial education because people are more free when they are well able to manage their finances.

 

What Is Financial Literacy?

To be literate is to be capable, to have competence within a certain area. To be financially literate means to be capable of managing money and other resources (e.g. your time). You are financially literate if you are competent when it comes to managing resources. Competence implies you can trust yourself, and that others can trust you, when it comes to financial management.

 

What Are Benefits of Early Financial Education for Teens

There are benefits of receiving financial education at a younger age, rather than at an older age.

 

You intentionally create good financial habits rather unintentionally create bad financial habits

Most people learn how to manage money through trial and error. The problem with this approach is people tend to unintentionally develop bad financial habits. When you alternatively become financially literate because you intentionally commit to becoming financially educated, you can develop good financial habits when young that will fruitfully serve you for a lifetime.

 

You can more readily achieve financial goals

Part of becoming financially educated is understanding the power of compounding and the help it provides if you start saving when you are younger. Do you want to have a downpayment for a home? Do you want a good income in retirement? Many who are older regret that they did not start saving when younger and have the power of compounding help them achieve their financial goals.

 

The self discipline you obtain from a good financial education will tend to spill over into other areas of life and provide other benefits.

Becoming financially educated and financially literate is about 20% information assimilation and 80% behavior modification. Much good financial behavior involves self control, self-discipline, and intentionality. As you develop these behaviors toward your personal financial management, you cannot help but develop them relative to managing other areas of your life. Good things come to those who wait, to those who think before they act or speak, to those who set goals and intentionally pursue them.

Read more: INCOME INEQUALITY: HOW UNEQUAL IS THE INCOME DISTRIBUTION?

 

 

How Can You Help

The Hayek Group provides a means through which you can impact Northern Nevada by enhancing financial literacy through financial education. How can you help?

 

Become a Hayek Group Member and commit to the mission

A first step to making a difference is intentionally committing to do so. When you join the Hayek Group with its nominal membership fee, you are committing to working with others to enhance financial literacy in Northern Nevada.

 

Identify a school that seeks to provide updated financial education

The Hayek Group serves or has served many Northern Nevada high schools, but not all. If you know a high school that The Hayek Group could work with to enhance financial education, you can alert a Hayek Group Board Member to the opportunity, and it will be explored.

 

Donate

The Hayek Group has had occasional financial literacy fundraising drives, so it can fund particular opportunities. However, it always accepts donations allocated specifically for financial literacy, and this provides a pool of funds which can be used to readily help a new school.

 

Sponsor a Hobnobber

The Hayek Group has a “Hobnobber Program” that specifically aims to develop the financial literacy, along with other capacities, of particular young people who are late high school age or college age. Your $300 contribution allows an additional young person to participate in this program.

The Hayek Group mission is “Promoting Freedom and the Prosperity that Freedom Brings.” Part of our mission success is freeing more people from the burden caused by financial illiteracy. Join us, so we can free more people.

 

Get Involved!

When you become a Hayek Group member, you promote freedom by supporting The Hayek Group’s monthly dinner meetings and travel costs of speakers. There are still other students in other high schools to reach in Northern Nevada. Our High School initiative is extremely efficient with a cost of only $33 per student, but we need your help!
You can support this effort by becoming an Educational Ambassador or making a one time financial literacy donation. You can support the financial fitness and freedom fitness of a college aged student (though not necessarily in college) with a $300 donation.
If you are interested in donating your time, our entire program is operated by an all-volunteer board, and we would certainly welcome your help!
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