We all think that hard work is the solution of all our financial problems. But it is not true and we have not taught about the solution. Not in our homes or in our schools. They all tell us, teach us to work hard, get a good job and buy a big house, luxurious car etc. And so we never get out of debts and other financial problems. Our teaching and learning environment do not provide us any financial education which the rich parents do. Therefore, we can never come out of the rat race and always remain poor. And the rich are becoming richer.
The urgent need of the hour is to become financially educated. We have to learn to acquire assets, not liabilities. Assets are the things which give us passive income in terms of rent, dividend etc. Some examples of assets are real estate, securities, bonds, stocks etc. And liabilities are the things which only drain our money from our pocket. Such as a big house, expensive cars, mobiles etc. which are picking your pocket without recognizing by you. Only by acquiring more assets and fewer liabilities we can become rich. Being rich does not mean having expensive items and luxurious lifestyle if it is done by borrowing and drowning in debt. A true rich person always aims at acquiring lots of assets so that he/she can live comfortably without having to do hard work. But with financial education doing smart work.
It is very painful to watch that parents tell their child work for the money like an ass. All they teach them to do hard work. To work for the company, government, and boss. We are inspired to work hard to earn money then to spend it in liabilities and to remain poor for whole life with debts and interests to pay for the rest of the life.
It should be encouraged by the parents to learn about financial education, the school should teach it as a subject. Then only the masses will be able to get rid of the curse of poverty.