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Why learn about family economics?

Learning the principles of family economics on the way to an improved economic future

In the past, it seemed clear to everyone how to manage financially. Our ancestors and grandfathers lived off what they had, and saving for future generations as a way of life had a clear place even when resources were scarce. In recent decades, alongside the unrestrained consumerism that also defines human status, it seems that the clear formulas have disappeared and the unequivocal and clear lines of economic conduct have been erased.
There is much going on in the economic worlds. New regulations are constantly emerging, and new models are being created that make it easy to receive service and buy cheap products from China to the customer’s home with a few clicks. All of these are supported by advanced technology that on the one hand helps us make better decisions, but on the other hand serves commercial entities. Personal data, interests and decision-making become part of algorithms that rely on huge databases and allow the seller to get to know the customer’s profile and habits, sometimes even better than he knows himself, and offer him the product that suits his characterization at exactly the right time.

Is learning to manage financially right a waste of time?

Fashion worldviews explain to us why there is no point in learning the principles of wise economic conduct. Living by the motto of “living in the moment” and “closing the month” really obviates the need for such learning.
Beyond that, the thought always arises that no matter how much we invest in studying one subject or another, we can’t really go deep enough to necessarily make the right decisions. After all, even if we invest many hours in studying the issue of pensions, we will not become understanding at the level of the pension marketer with whom we consult. No matter how much we learn about banking, our experience will not compare to that of the veteran banker whose profession it is. The same applies to investment advisers, mortgage advisers and insurance agents who are supposed to provide us with professional and objective service but are not free of interests based on commissions and bonuses.
If in the competition for understanding and knowledge we are probably going to lose, why even bother trying to learn?

Why should we learn about family economics?

The desire to win the battle for economic survival reinforces the need to understand the central principles of family economics. Understanding these principles helps not only win the small battles, the day-to-day decisions, but win the entire war – achieving the real economic goals and realizing dreams.
Our goal in learning the basics of family economics is to regain control and enable us to make decisions under conditions of uncertainty in our arena. In this way, decisions made from a source external to us, which by their very nature are disconnected from our real needs, will be reduced.

Four skills needed to achieve financial success

Know what you know and what you don’t

Basic knowledge of at least any subject related to family finances is essential, but it is equally essential to know what is unknown and what is not understood by us and to be able to find the information or professional factors that can provide answers and assist in optimal decision-making.

Translate general information into personal context

Everyone in the reality of his life is exposed to very large amounts of information on topics relevant to him. The ability to understand what is relevant and what decisions should be made as a result of the new information will enable updated and accurate management.

Stand up for the right to know

Content worlds full of incomprehensible concepts, products and services sold to us with vague contents, where there is an asymmetry in knowledge between seller and buyer, there is a need for the ability to ask and continue to ask until clear enough answers are received for decision making.

Tie real priorities to actual behavior

Each person has his own priorities . What matters to one is not high on the other’s priorities. A condition for the realization of an economic plan is the ability to spend money in a manner consistent with what a person has defined as important to him.
Management abilities, uncompromising self-learning and insistence on rights will help to achieve success in managing family finances in today’s complex world.

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