People have told us they're using our sisterly banter to start conversations with others (family, friends, and even in classrooms), so Black created "Conversation Starters".
|
When my husband got fired, I was scared. Not just for me, but for my family. Why? Not
only the obvious reasons but having to deal with personal finance for the first
time (during a crisis, no less) was overwhelming. Especially because I thought you needed a
finance degree to figure it out. I knew that we were in a huge financial mess,
not because of the specific details of our situation, but because neither my
husband nor I knew where we stood. How
could two highly educated people be so clueless about their finances?! It may be human nature to fear the unknown, but feeling you have to face things alone makes it even worse. I knew my husband wasn't going to be much help, so I turned to my sister, the one with the M.B.A., hoping that she'd tell me what to do. Instead, she insisted that I had to learn to do it myself, not only for my own good but so that I could then "teach" my daughters. Luckily, she guided me step-by-step, although the last thing I ever expected was that she was keeping notes and would turn my crisis into a book! (She thought it would make a great sitcom!) |
| What are big sisters for? Anyway, fast forward to the first time I remember hearing the term "financial literacy." It was when
we were asked to "teach" it at
KIPP Houston High School, and although they explained it as understanding
money and personal finance in order to make smart financial decisions, I did
not like the term. It immediately made
me think that the opposite of being financially "literate" is being "illiterate," which has a
negative connotation of being uneducated or ignorant when, in reality, it is a
function of never having been exposed to the subject matter and/or recognizing
its importance.
Red and I are perfect examples. She had been a straight-A student who went to a prestigious college yet managed to avoid learning about money and personal finance until she was almost 40. My situation was even more extreme. I have an undergraduate degree in Economics, and an M.B.A. in International Finance, yet did not apply what I learned about money (on a macro, or big picture, level) and corporate finance to my finances until I was almost bankrupt. |
assets.rebelmouse.io
Black
assets.rebelmouse.io
THE CONVERSATION STARTERS
- Have you or your family been personally affected by financial literacy issues or challenges? If so, how have they impacted your life?
- Why do financial matters and topics seem so daunting?
- How is it possible that Red and Black, both highly educated people, could be "so clueless" about their own finances?
- Obviously, becoming financially literate has a profound effect on the individual. What are potential ripple effects?
P.S. – You might be interested in this animated video on Personal Finance we did as part of a soft skills series for The Greater Houston Partnership's UpSkill Houston initiative.
People have told us they're using our sisterly banter to start conversations with others (family, friends, and even in classrooms), so Black created "Conversation Starters".
| I know that everyone laughs
at our “Assets and Liabilities” story and how I freaked out at the mere mention
of personal finance, saying you were the MBA and I was the theater major. So, when you first said “financial statements,”
I was intimidated. But when you said we’d
start with “assets and liabilities,” I completely lost it. I calmed down when you simplified it to “what
you own” vs. “what you owe” and knew I could do that, just not assets and
liabilities. How was I supposed to know
they were the same thing?!
Later on, I realized that it was the terminology, not the concepts, that was causing the problem. That I was creating mental roadblocks and becoming my own worst enemy. I’ll admit that understanding what previously had been intimidating words and phrases did boost my self-confidence. Although what makes it even funnier is that I had been a straight-A student and prided myself on my vocabulary. |
|
Your vocabulary is probably larger
than mine, and you do like to use, and sometimes overuse, “50-cent words." (And, I was shocked to learn that you have never played Scrabble.)
The words we use reflect our background,
interests, and even what we like to read – you have always enjoyed historical
and biographical books, whereas I gravitate toward business and car magazines,
which may explain why I am more comfortable with terminology and technical
information that you. Not to mention, when
I first started working in the oil and gas industry and with legal contracts
and agreements, I had to learn what felt like a foreign language.
Regardless, you are never too young or too old to increase your vocabulary. And, it is about more than just new words as it also develops your communication skills because it lets you express yourself more clearly and concisely (well, maybe not you), and improves your reading and listening comprehension. And, it even helps your critical thinking and problem-solving skills as it expands your ability to process information. |
red head
assets.rebelmouse.io
THE CONVERSATION STARTERS
- Have you ever felt like Red – frustrated and overwhelmed by terminology (vs. concepts)? If so, what was the situation, and how did you handle it?
- What do you do if someone uses a word or term you do not understand? What are the advantages and disadvantages of (politely) asking them the meaning?
- Do you think a large vocabulary is a sign of intelligence or education/experience? Explain your answer.
- Why is it important to become familiar with terminology and vocabulary used in your area of interest? What is the best way to acquire that knowledge?