Begin Your Journey Towards Financial Education | Carrie Kari | Skillshare

Begin Your Journey Towards Financial Education

Carrie Kari, Do what you Love, Create Value for Others

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9 Lessons (21m)
    • 1. Intro to class

      0:45
    • 2. Your Wealth is Just a Measure of Value You Provide for Others

      4:22
    • 3. Intro to the 4 paths

      2:16
    • 4. Emilia's Likes and Dislikes

      2:43
    • 5. Sebastian's Likes and Dislikes

      2:19
    • 6. Olivia's Likes and Dislikes

      2:05
    • 7. Ian's Likes and Dislikes

      2:05
    • 8. See a Need, Fill a Need 1

      2:00
    • 9. Review of the 4 paths

      2:26

About This Class

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Financial education has become the key survival skill of our generation. In this course, students will take part in engaging activities that teach:

  • The power of saving
  • Compounding interest
  • Investment basics

Join Carrie Kari for this 5 part workshop series designed to teach real-world skills of managing finances, following your passion and planning for the future. This is only part one of a 5 part series. There will be more classes to come.

Course 1: Earning, Disposable Income & Investments

 Learn how to tap into your earning potential and how to make smart decisions around saving and spending.

Transcripts

1. Intro to class: Hi, guys. I'm welcome. Thank you so much for joining me today. In today's class, you're gonna be learning about how to tap into your earning potential. And how do you get there? Where you going to go? How do you get started on your new journey and whether that's you're just beginning in life . You're just in the beginning stages and you're trying to figure things out. Or simply you're kind of tired of the path you've been on. You want to choose a new path, but you're not sure how to get started or where to even begin. So this class will start you off on a great path and a great journey and an exciting one. So go ahead and click on the next tape. I love to see you guys in the next in this class and let me know how you liked it. Feel free to share your review. I'd love to hear from you. Thanks 2. Your Wealth is Just a Measure of Value You Provide for Others: Alright, guys. So Chapter one, your wealth is a measure of value you create for others. The first thing that you have to do is look deep within yourself and ask what you love doing by pursuing. Would you love you will have an unfair advantage over others. Your wealth is a measure of value you create for others. It doesn't matter if you're educated or not. If you don't provide value, you won't get baby. You won't be getting paid very long just because you have a doctor. It it doesn't guarantee that you will create value or wealth unless you can exchange your time, your skills and your ideas to create value for others. So how do you create value? Here's the key. You create value whenever you see a need and fill the need going to stop right there. And let that concept seen kin See a need. Fill a need. Look around you. What do you see that people want but can't find easily? Do you see something that's not working properly and you have a better way of doing it? Then you have an opportunity to create value. This is what I mean by CIA need fill a need. This is a key to your success. Take what you love doing and find a way to create more value with it. So take action. A lot of people see things that are not working properly, and we should were down a better way. The people who take action on those ideas are the ones who will reap the benefits. The three young entrepreneurs that I'm about to introduce you to have found ways to provide the most value for others. I have attached a YouTube clip of an interview of all three of them. These guys are very inspiring and offer good advice for those of you who want to get started. So our first kid, Fraser Doherty, at age 14 sold home made jam. He was making about 1000 jars of jam and his parents a little kitchen when he decided he needed to find a bigger space. To make. It would set him apart from the others, was that he knew there weren't a lot of healthy jams out there, and he wanted to create one that was healthy and that people would like our next kid, Romero Brian. At age 12 designed a clothing line. He loved fashion and always knew that he wanted to be a part of that world. Both his grandpa and uncles were tailors, and Grandma was a scene was a seamstress, And Jason O. Neill, our third kid, created colorful pencil toppers at the age of nine that went on in the shapes of bugs that went on top of a pencil. Not only did he make a profit on it, but he started helping other people with his profits. The common thing that all three of these young entrepreneurs have is they have given back to their communities to make it a better place. They not only saw in need to provide more value to their customers, but they awesome provided more value to their community through charity work. There are so many other young entrepreneurs that have made a big difference in their communities. And in the next course, I will be introducing several more inspirational Cade's that you were just going to love. So I have a project for you to dio before we go on. I've attached a worksheet for you to do by yourself with friends, parents or trusted adviser. Take the time out right now to write down everything you love doing on one side of the column and on the other side, right down ways in which you can either make it better or create more value to it. If it's fashion like Romero Brian, then write down how you can make better clothes are more stylish outfits. There are people out there that love finding unique clothes that are exclusively theirs. So if you need help with this project or you're kind of getting stuck or you don't have anybody that you can talk to, please just write a note in the in the box on the side here for the teacher, or send me a little quick email and I'll help you. Okay, good luck. I can't wait to see what you guys do. 3. Intro to the 4 paths: I have four different characters I would like to introduce you to today. Amillia. The employees. Sebastian, the self employed Olivia, the business owner. And Ian, the Investor. A 1,000,000. The employees Let me introduce you to a 1,000,000. The employees. Amillia comes from a highly academic background and holds several advanced degrees. Her skills are highly desired by multinational corporations. She gets a steady paycheck and great benefits, her wishes to save enough in order to retire and by a beautiful cottage on a tropical island. Sebastian, the self employed Sebastian, is a multi talented, creative, fiercely independent man, and he is not afraid of taking the risk. An experienced professional in his previous Rolls, Sebastian has sense ventured out to create his own business. Sebastian has amassed a loyal following of club of his clients. His unique skills and attention to his clients. Names make him a brand of his own. His wishes to be able to sail to different place in the world every year. Olivia, the business owner, Olivia is a sole proprietor and owner of her own enterprise and branded products. Olivia heads up on organization of over 200 employees and has assembled a great team of managers to help her run the business. Olivia spends her time listening to clients, presenting to investors and providing vision to her employees. Olivia's dream is to open up a home in school for foster care Children in the Investor In is an established technical analysis trader and investment coach and spends a great deal of his time studying market trends and research reports on stock index futures and real estate properties. Ian has honed his skills to identify when an acid is undervalued and uses his blog's and newsletters to coach aspiring investors. In his free time, Ian restores classical cars and plays music in his band. 4. Emilia's Likes and Dislikes: okay in this section, I'd like to go over each of our characters and what they like and dislike about their strategy, because each one of our character characters has things that they love and dislike about their paths. And I'm as I go through them, think about which role you could see yourself in, which sounds like something you like to dio. Let's get started with Amillia, the employee and what she loves about her path. She loves receiving a steady paycheck and not having to worry about the business model and finally, new clients and balancing the budget. She loves to bring her creativity to work, but also leaving work behind when she's with friends and family. Some of the benefits that she loves from her company is that she has retirement, health insurance, vacation time, education reimbursement. She also loves to bring value to reclines and brainstorm with her co workers. Would she dislikes Amillia wishes that she could be her own boss, decide her own salary and the project she gets to work on. She also wishes she could work on her own projects and her own ideas with her own clients juggling work and her life can be tough, as she has to be there to get paid, and sometimes her family needs her. She has no control if she hears rumors of shrinking budgets, downsizing and outsourcing. She also fears that unless she continuously expands, her skill sets that her existing skills will become obsolete. How does she combat that? So taking all of those weaknesses, she's devised a strategy, and here's her strategy. She believes that slow and steady wins the race. She also believes that being very disciplined about keeping her expenses and check and paying off her credit cards and time is really important. She maximizes her contributions towards her retirement plans and her Children's college fund through 5 to 9 K. Whatever is left over is disposable income. She believes that by investing in it in a well diversified mix of stocks and bonds, she will be able to reap the benefits of compound interest over a period of time. Now that you've learned about Amelia, let's go in and go over to Sebastian 5. Sebastian's Likes and Dislikes: all right, let's move on to Sebastian, the self employed and what he loves to dio, Sebastian loves having the flexibility to balance his work and his personal life. He gets to create his own hours. He also loves having created a business that combines all of his passions and unique skills . He loves that his clients pay him directly. Many of his work expenses are tax deductible, and he's in charge of his own wealth. He also loves that his work allows him to continuously learn and work on his own projects and ideas. What he dislikes and fears about his path is that in the beginning it took a while to start making money. He also doesn't like that he doesn't have the employer security. All the responsibility to bring in a business is on his own eyes on his shoulders. He sometimes wishes he could afford to hire someone to take care of the logistics of running his business, like budgeting, tax, managing, the home office, marketing I T. And all the other stuff that goes with it. He also knows that large corporations will offer similar services for less money. He also was afraid that if anything goes wrong with the product or service is he could be personally liable for him. So what is this strategy to combat this well, First, he wants to grow his clientele and expand his business so that he can hire on additional people to run the daily business. He believes that this will allow him to focus on his brand, expand his product offerings and better service clients. One more strategy that he has is that once his businesses making income by itself, it will free up more of his time to pursue his other passions in life. Now, with that in mind, let's voting. It started with our next character, Olivia. Go didn't go click on Over to Olivia and let's find out what she likes and dislikes. 6. Olivia's Likes and Dislikes: Alright, guys, let's get started on Olivia, the business owner and what she loves. She gets to work on this business that she created from scratch from humble beginnings over the last 10 years. She loves finding ways to grow her brand and had more value to her clientele. Her business runs itself for the most part, and she's the owner, so she gets a share of all of the profits. She loves being the boss, creating a vision and mentoring her employees for success. Here are some of the things that she dislikes and fears Olivia takes on all of the wrists, including credit, legal and regulatory. She owns a lot of business, and she has to rely on her management team to make her business successful. She also dislikes that she is responsible for the livelihood of hundreds of people. Also with intense competition and of the changing market landscape. Her business needs to continuously improve in order to stay competitive. And how does she combat this? Let's go over some of her strategies. First, the key is for the business to become self sustaining, which means she controls expenses, grows the business and produces for a free cash flow. Her business acquires assets and intellectual property that will continue to not only make profitable but also competitive. She invest her personal wealth in a well diversified portfolio of income producing assets. She uses earnings from her assets to open up a home and school for foster care Children. Now let's quite a move over to Mr In and see how he's doing. 7. Ian's Likes and Dislikes: Alright, guys, let's go ahead and go on to in the investor and what he loves and dislikes about his path. Ian loves that. Instead of working to make money, his money works to make money for him, he lost to study business and understanding what the market is actually doing so that he can tell when an asset is undervalued or at a discount for him. His favorite part of investing is that learning is forever. He also loves that it gives him insight to the human behavior because it's emotional, personal, political and cultural. He loves that it rewards the patient and the disciplined. But it could humble the smartest people at the same time what he likes, dislikes and fears. He doesn't like it when he doesn't understand an investment, and he is not comfortable with the risk he dislikes. When he ends up watching portions of his portfolio or wealth disappear, he hates losing money. It really hurts. Every hour he spends thinking about his investment is an hour wasted when he could have been doing something way more fun. He doesn't want to think about wind, buy and sell or short or went along a stock. He wishes his investments would run by themselves, and he could forget about them until he was ready to retire his strategies. He understands how to make money when markets go are up and the markets are down and how to manage risks. His strategy is to make well informed decisions on when to buy. And so he systematically decides how much risk you can tolerate, distribute his money across a diverse portfolio of investments and minimize his downside risks. By selecting investment strategy that gives him passive income, he can continue to follow his passions. 8. See a Need, Fill a Need 1: Alright, guys, that's going to get started on. See a need. Fill a need. Find out where you are the most passionate about and find a way to create more value in that field. This is the best advice I can give anyone who wants to get started on their financial journey. What does this mean to you? I believe that you have a lot of ideas and you thought man, I could totally do that a better way Or if they only changed this thing, it would make that product so much better. This is precisely the thing that I want you to be observing. This is what entrepreneurs do. They see something that isn't working or hasn't been done before, and they create something new and better. This is the amazing thing about humans. We always find a way to create things that make our lives easier. You don't have to be a business owner or self employed to be able to accomplish this task. As an employee, you'll find out that this is one thing that could be overlooked. If you go the extra mile for your employer over and over again and you're constantly looking, wait for ways to make their product better for your customers when it comes time for them to choose someone to promote. Guess who they're gonna be looking at you. If you were constantly looking for ways to improve their business and feeling the knees that they didn't even know that they had, you better believe that they would want to make you happy. And if they don't, it's time to go look for another employer who will appreciate your talents and the extra mile that you go for them. So let's go ahead now and review what we've learned so far about the four paths and seeing needs and filling them. 9. Review of the 4 paths: There are four different types of past that you can take. Each one has things that people love and dislike about each of them. Your job right now is to decide which one you want to be a part of. First, the employees. Let's review the different pros and cons free to the categories For the employees. The responsibility of risk is taken on by the employer. Regular paychecks is this, and it's a great steady source of income for you. Benefits paid by the employer You get retirement health insurance, vacation time and education reimbursement. The drawback is you got to be there to get paid. Must take a look at the self employed, and they're pros and cons for it. One. You don't have a boss. You're in charge of building your own wealth. You can hire employees. You can create your own hours. If you're starting your own practice, it could take a while to make money, which is the biggest drawback to being self employed. Business owner. You're in charge of your own wealth. You're your own boss. You take on all the wrists, credit, legal and regulatory. You are also responsible for other people's salaries investor. You don't have to be a work to make money. Your money makes money while you do what you want. You get to do what you love doing and not be worried about money. It doesn't matter what category you're in right now because anyone can invest with their disposable income. You should know that markets go up and down and you could lose money you invested the way you protect yourself against this is through financial education and this could be easily turned into a positive thing and not a negative thing. The wealthy know how to make money. When the markets are going up, down and sideways, see any fill a need. There are people in this world who see opportunities all around them. It is up to you to open your eyes to them, always find things that you are passionate about doing and work will become a beautiful game to be played. It is there that you will be the best version of yourself