Any millennial who is not seriously concerned about their financial future is not paying attention. That’s the message you would get from a conversation with Anthony Humpage, a man who knows something about finances and financial education.
Since September of 2012, Humpage has served as CEO of Rich Dad Education, a company dedicated to training people from all walks of life how to take control of their future and build financial security by applying the teachings and philosophy of Robert Kiyosaki and his team of advisors.
Humpage was blunt is assessing the future facing the Millennial Generation: “The situation couldn’t be worse. Just as they are graduating from college and entering what should be the most productive years of their lives, they face an economy where wages are stagnant or shrinking and most of the benefits are going to a small group at the top. Many of them are saddled with enormous college loan debt. Buying a home for them could be completely out of the question. Even owning an automobile is not a sure thing.”
Humpage furrowed his brow. “This is not the America most of us want to live in. And I expect it to get worse. Have you ever witnessed a cashier having trouble counting your change?” he continued. “How can we expect people to prosper economically when they lack knowledge of even the financial basics?”
So we know what the problem is for the younger members of the middle class, but what’s the solution?
“Financial education,” answered Humpage. “That means learning how to make your money work for you rather than you working for it. It’s learning the difference between an asset – something that puts money into our pockets and a liability – something that takes money out of our pockets.
“There are three principles we stress at Rich Dad Education I think would help anyone between the ages of 18 and 35 take control of their financial future.
“One, as wages stagnate and jobs continue to be shipped overseas, obtaining financial education is more important than it’s ever been. And it’s available to everyone.
“Two, financial education gives you an unfair advantage in today’s economy because so few people really have it. For example, with financial education you can discover how to use debt to your advantage. At Rich Dad Education, we stress there is ‘good debt’ – debt you would use to invest in assets like real estate or starting your own business and ‘bad debt,’ charging liabilities like cars, trips, and other baubles to your credit card. Unfortunately, our school system trains people to become employees. They should be training them to become investors.
“Three, once you have true financial education, you can never lose that. You will know ways to create income for you and your family no matter what the government does or doesn’t do, no matter what happens in the rest of the economy.”
The American dream has changed. It’s no longer realistic to expect to land a job right out of school that will carry you through your working years and leave you with enough money to retire in comfort. Today, you really have two choices. You can complain that the system is unfair and gamed to favor the rich (and you would be correct), or you can learn the rules the rich use and work to join them.