When was the last time you uttered the words… “I learned something new today?”
Hopefully it was yesterday or sometime in the not too distant past…
You have heard it before. “Knowledge is Power” And this is certainly true in the financial world. If you had the knowledge that was in Warren Buffett’s head you would probably do pretty well for yourself financially.
In today’s society more and more emphasis is put on knowledge in our economy instead of manufacturing and industrialization. The more information you have and the more creatively you can put it to use, the more valuable you are in today’s society.
It doesn’t necessarily help to have more information, but it does help to have better information.
Quality over Quantity…
The people with the right knowledge practically rule their world. They know about the right people to go to, the right tools to use, the right sources of information. They perform better because they have better knowledge at their disposal.
So it is wise to invest in knowledge if you want to get a leg up in your finances. To get a better job. To invest more wisely. To deal with financial transactions of any type better.
It is wise to be critical of all information about financial affairs because many people in their quest for a quick buck will try to hoodwink you. This makes quality knowledge about a subject even more valuable.
Note that I am not just talking about financial knowledge, but knowledge about the things you would like to purchase, or sell for that matter.
If you are going to buy a house, you should know a thing or two about houses. Specifically I would recommend having almost enough knowledge to be your own home inspector.
If you are going to buy a car, you should know a few things about cars and how they run.
If you are going to have a 401k with your company, you better know a thing or two about investing in stocks. Primarily you should be familiar with asset allocation, and what it means for you as you get closer to retirement age.
It is amazing that so many people make these large purchases and don’t know a whole lot about what they are buying.
Don’t be one of those people!
Invest in some knowledge. Take your time and some money and invest in some knowledge so that you can save yourself possibly thousands of dollars in the future. You won’t regret it!
This is our 48th challenge in The Personal Finance Challenge Series…