Elimination: Lack of Education

The Disney Classic ‘The Fox and the Hound’; the tale of a fox and a hunting dog desperately trying to preserve their unlikely friendship, was a childhood favourite of mine. This and many other Disney films devoured many hours of my life, something that only subsided upon the discovery of girls and football*. This film taught me many things, but one thing that will always sit with me is the fact that no matter how tricky you think you are, without educating yourself, you’re just a fool with ideas!

A particular scene in the film comes about when Big Mama, a kindly yet scathing owl tells Todd (the blasé young fox) that messing around with the dangerous hunting dog, Big Chief, will leave him decorating the Hunter’s cabin wall. You see this is not so different to the position we put ourselves in when we set out to make wealth decisions without first doing some research.

Once you decide to do something with your financial situation, you are putting yourself in a world of hunters, and without a financial education, you’ll look like a fox to all of them. Whether pursuing a new passive income stream or attempting to reduce debt, in today’s low-rate market you’ll see articles for stocks that will make you millions or credit cards that will give you orgasmic borrowing rates. Reading up and doing some research is literally the best way to empower yourself against those that would otherwise profit from your ignorance.

I have done many wealth workshop sessions with people who’s finances ranged from, ‘Scrooge McDuck’s vault ‘ to ‘If I had two pennies to rub together, I would need to take the heat from the friction of said pennies to heat my house‘, but but I am always astounded by most peoples’ willingness to take my advice without doing research first!

Making financial decisions with a lack of financial education will lead to straight up ELIMINATION! Here at MTM I always do my best to share experiences in the hope that some may resonate. But as I have mentioned many times before, I am not a financial adviser – and even if I was, half of what they do is a guessing game anyway.

Do your research. Pick up a book or two. Talk to your friends. Join a Meetup group. Chat with people in the comments below (MTM readers seem to be very clued up). Whatever you do, make sure you grant yourself the best possible chance to succeed thrugh education.

I’ll leave you with the afformentioned scene from ‘The Fox and the Hound’, and remember… “KABLAM – Elimintion: Lack of Education”

 

*One of these came at an embarrasingly late stage of my life…

16 Comments

  1. My first trade on the stock market lost me €90 because I didn’t fully understand what I was doing !

    I agree that people need to read up before they decide to do what they want

    1. I am about to start reading, Money: Whence it came where it went By John Galbraith. I’ve recently read the undercover economist and Freaconomics. All great things to start on!

      Subscribe to MTM too and you can always drop me a comment and I’ll try and help where I can

  2. My first few investments were off the back of diligent research. Then the global financial crash happened and I lost so much money. whatever you do, your at the mercy of things out of your control

    1. Thanks for reading, Andrew! Yeah, that can still happen, but even just for consolation, you’d know that you did all the research you could and so no fault of your own!

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