Everyone wants to be financially independent, stable, responsible or happy; however, what does that actually mean? Is it having all your debt paid off? Is it having lots of money in a savings account? Is it having many investments? Is it being in a higher socioeconomic class?

As Robert Kiyosaki said, “The key to financial freedom and great wealth is a person’s ability or skill to convert earned income into passive income or portfolio income”.

The lack of financial understanding by consumers has been signaled as one of the main reasons behind personal financial problems faced by the majority of people. Too many people just don’t have knowledge for savvy financial decision-making, and that does not bode well for families, their communities or the country.