10. The importance of being honest – with yourself.

These things really mattered in my young life, and I didn't do very well with any of them. Do I blame the institutions for my lack of preparedness? No, not really. They certainly weren't set up to build me as a person, as much as they were to give me both general and specific knowledge on various subjects so I could find out for myself. Maybe they taught some of the above and I was mentally AWOL at the time. Who knows?

Now is the time however to make sure everyone is prepared for life and the little nuances that can make it a sweet or sour experience. I am not saying that life is all about money and finance, but unfortunately it certainly becomes that, as your supply dwindles. If you have too much month left at the end of your paycheck, life is all about money. It shouldn't have to be that way, unfortunately it is.

If your kids are young and they aren't getting the information, make sure you give it to them. They won't like it now, but they will appreciate it later. Each day I read up to 100 emails from ordinary folks, many who have financial problems they most likely shouldn't have or wouldn't have, if they had been given the basics at a very young age. I try to get them to see their options and realize the importance of clearing up the past and moving forward with a plan for the future.

I believe kids should begin learning about how to live on their own as early as grade school. The learning should continue in middle school and high school, because not everyone continues their education past this point. I have seen too many young people set themselves back for a number of years because of their lack of knowledge about personal finance.

The sad thing about this life we live is that we need a lifetime of experiences to make up for the lack of knowledge. It takes longer to gain experience than it takes to learn, but until they change the curricula, you won't know what you’re lacking in knowledge until you have the experience to find out. It isn't a sin to graduate from the "College of Hard Knocks"; it just takes a long time.

My answer to this is read, read and read. And don't be too quick to accept an answer without understanding its relevance and how you can arrive at the same answer on your own. Knowledge is power and can give you a special life. With a strong understanding of personal finance you can eliminate the frustrations that keep you from excelling, even though you have the knowledge.