Financial Literacy Matters

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Welcome to Jon Michail’s Personal Branding Masterclass. Jon is the founder and CEO of image group international, an award-winning image consulting and personal branding pioneer established in 1989. This podcast will bring you old-school wisdom, inspiring ideas, strategies and hacks for the new tech world. Here you will learn everything about personal branding: the system, the techniques and the right mindset to have a successful personal brand, image and reputation.

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Hello everybody and thank you for being here today. Before we begin, I kindly ask you to connect with me on social media. My Twitter is John underlined, Michael, LinkedIn is John Margolin can find me as image Group International on Facebook. Okay, let's get the show on the road. Today I will discuss another skill of our series top skills that will reward you for life. And today specifically about financial literacy in 2001. That's over 22 years ago, the Chairman of the Federal Reserve said the number one problem in today's generation in the economy is the lack of financial literacy. That man was Alan Greenspan. Now, since that speech, very little has changed. Because simply, we're not taught about financial literacy in school. Financial literacy is the foundation of making some financial decisions that can have a profound impact on our lives. It's about understanding how money works, Managing Your Finances effectively, and planning for your financial future. So for me, especially in today's world, financial literacy isn't just a nice to have skill, it's a necessity. And I think the interesting thing there is doing a lot of of our pro bono work in the education system. I think a lot of young people are also asking a lot of questions around that, because of all the financial challenges facing society and communities at this moment. So whether you're entrepreneur, a leader, or simply curious enough, that you want us to secure your financial future, having a good grasp of financial literacy is a non negotiable, because financial literacy encompasses a broad spectrum of knowledge, you know, that it wouldn't get taught, including budgeting, investing, managing debt, and of course, planning for retirement. And let me tell you, even planning for retirement, not understanding that there is a lot of people right now there are sort of in trouble because they've trusted financial advisors that's put their investments in the wrong vehicles, and that's gonna have an impact on their retirement. So that's why education really comes in. And you're gonna say to me, Well, you know, we asked the experts we got there. That's the advice they gave us and saw Well, yes, sometimes mistakes happen, or sometimes the market changes. But it's important that you understand clearly yourself before you do that. And if you're at close to planning or certainly retirement age, I think you need to ask a lot of questions when you're getting that advice. In my experience, that certainly would be very valuable. So financial literacy empowers individuals to make informed financial decisions, navigate complex financial markets, and of course, achieved the monetary goals. Now for entrepreneurs and business leaders. Financial literacy is indispensable in steering the organisations towards financial success and sustainability. In an era where personal financial responsibility is paramount. Individuals who possess this particular knowledge are better equipped definitely to build wealth, mitigate risks and safeguard their financial well being. Furthermore, financial literacy contributes to economic stability at both the individual and societal levels. Fosters financially savvy population that is capable than of liking sound, economic choices. So let's visit this subject a little bit more and its relationship to personal branding. Look, your personal brand is really a reflection of who you are, your values, your capabilities. It's how you are perceived in the world. 

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And how you manage your finances is a significant part of that equation. Financial Stability responsibility. I try it traits that not only reflect positivity in your personal brand, but also enable you to pursue your goals and aspirations with confidence. So when you're financially literate, you can make informed decisions about your finances, invest wisely and plan for your future. One of which contribute to a stronger, more reliable personal brand. Also, what financial literacy will give you is a sense of stability, and also less anxiety and In all the emotions that come up when basically you're a little bit lost at sea, regarding finances, this is very, very important. And I would suggest a lot of stress out there in that community today is because people don't understand the financial literacy. It shows up after a while, especially in challenging times. And then of course, it creates all sorts of other stresses including health problems over long term period if it's not dealt. So let me explain to you how financial literacy actually changed one of my clients lives. In the last few years, a young entrepreneur named Rebecca Kane, and engaged her firm. Rebecca had always been passionate about starting her own business and after years of hard work, and determination, and she does work really hard. She finally launched the dream venture, a boutique beauty business specialising in artisanal perfumes. The aroma, the sense in the California images in her store attracted customers from near and far. However, despite a passion and talent, Rebecca soon realised that running a business was more than just being creative. The financial side of a boutique began to overwhelm her. She struggled to manage expenses, price of products competitively, and track your revenues effectively. The more she tried, by the way to understand her finances, the more daunting like I see why because she was not trying. Now, no problem. They wouldn't give an accountant or financial person that will help you with that, I would strongly suggest that as well. But it is important that you understand the basics. So one day, as Rebecca was discussing a business challenges with a friend, she was introduced to the concept of financial literacy, right. And it's normally a subject that most people avoid that bury their head in the sand and hope that it will go away some miracle will happen. Of course, we know that hasn't happened. So friends coming from an entrepreneurial background explain the financial literacy was like the secret recipe for success in the world of business. It involves understanding income statements, managing cash flow, and of course making strategic financial decisions for the growth of the business. So intrigued, Rebecca decided to embark on a journey to improve for financial literacy. Now this is really great, because a lot of people, you know, might sort of hear the advice but still do nothing about it. She actually went into action. She had no choice she had to recreate, she attended workshops, read some books, and of course sought advice from independent financial experts. And I use the word independent because if you do your research, you'll discover most are not independent, they are normally tied to some other big financial firm that has, of course, agendas in play that are not really disclosed. This is very important. I'm not joking when I say that independence, the key here. So slowly, but surely, she began to decipher, you know, the financial mysteries that once had compounded her as Rebecca's financial interest in group, so did her boutique. So she led that a creative course budgets, forecast sales, and of course, how to optimise your pricing strategy. And the pricing strategy was really about luxury, where her pricing strategy prior was more around the middle of the road, we're really she wanted numbers with the way the business was set up. It was not about numbers, it was about smaller quantities, but definitely clients that are willing to spend a lot more. So with each new piece of financial knowledge of course, her over time had confidence grow, and her business flourish. Soon, Rebecca became a thriving success. 

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And not only for its enrich in senses, the boutique she was running but also for her financial management, her sound financial management. So Rebecca story becomes an inspiration to other entrepreneurs in her community. And she began offering of course workshops on financial literacy as part of your a building a business and to help them on a journey. Now this is very important because she started to one on one stuff, start to help others grow their businesses. And of course, at the same time, what was she doing, building her brand personal brand building a business brand, and of course creating a reputation around her own company that helped grow even more so financial literacy transformed not only the business but of course Rebecca's life. It turned her from a struggling entrepreneur into a savvy business owner, who not only followed her passion, but also understood the financial foundations of her success. Now, you would know that at least at least 85% of businesses fail within two years, and 95% fall within five. So this is very, very important and unfortunate. Only because we're not taught from an early age to really respect this as a concept, we normally look at it if we haven't been taught and later time, and sometimes when the Black Bull is in front of us, and we can't see a way out, that becomes really stressful. And potentially, of course, the odds go against you because then to beat that becomes a lot harder. So thanks to financial literacy, Rebecca's boutique has flourished. And of course, as I noted, her personal business brands have been elevated. And she continues to this day to share her knowledge with others. So ensuring that their intrapreneurial dreams also can become a reality. And this is so important because what really Rebecca's doing now he's helping people also deal with their own pain, okay, like she had to deal with her own. And this is where professionals come into play here. We, we had a lot of fun working with her certainly shook her up from some of the things we've shared with her. But this is the thing around that if you've got to be wishy washy from an advisor and coaching point of view, I promise you it doesn't work. It might feel good at that moment, but nothing actually changes. In her case, if nothing changed, of course, she was heading into distraction. So today's episode underscores the undeniable importance financial literacy in today's will emphasising its relevance to entrepreneurs, leaders and anyone eager to secure their financial future. See, in a rapidly changing financial landscape. Your ability to make informed financial decisions is an invaluable asset that opens doors to prosperity and financial well being financially, you're going to be a winner, because it's a skill, financial literacy that pays dividends in the long run. And it's never, by the way too late to stop. And the great example of Rebecca is an illustration of that. So I want to thank you again for joining us today on this financial literacy journey. If you find this episode valuable, please rate us on Apple podcasts, and subscribe for more insightful content. As always, if you have any questions or need assistance with your branding journey, don't hesitate to reach out I actually encourage you. You can find my contact details in the episode below. I thank you again, and I wish you a great week. Cheerio.

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Jon Michail’s Personal Branding Masterclass Podcast is sponsored by Image Group International, a global team of practical, digitally savvy personal brand and image strategists based in Australia, committed to maximizing your impact, influence and authority in the business world. To learn more and apply for your personal coaching, seminars and group workshops, please visit imagegroup.com.au or call 1800 631 311.