The FINANCIAL — Financial illiteracy is making life miserable for millions of individuals and is having a devastating effect on families and on society at large – but the cure is easier than most people may ever have imagined. So says Nashville-based financial expert Charles Winfrey, CEO of The Rollover Company, radio show host, and author of the new book, "Seven Secrets to Financial Success: Tools for Creation, Accumulation and Preservation of Wealth."
Mr. Winfrey, who boasts nearly two decades of success helping individuals, business owners, couples, and retirees with their finances, says that his new book is a practical guide on how anyone can apply the secrets of financial success to his or her own life immediately – regardless of age or current income.
"The huge problem we are facing is that our schools teach us how to read and write – and some do a better job of that than others – but they absolutely do not teach financial literacy," says Mr. Winfrey. "High school economics classes are often dry and boring and quickly forgotten. The result is that we have millions of adults walking around who for all practical purposes are financially illiterate. They may know how to balance a checkbook, but frankly, they don't have that much to balance. Worse, they don't know how money works in the world, and they don't know how to make it work in their own lives."
The doom-and-gloom financial news stories only make things worse, leaving many people with a feeling of helplessness and hopelessness. "With the US still in recovery mode from a nightmare recession, and the world economy on very shaky ground, it's understandable that a lot of folks are fretting over their own money issues," says Mr. Winfrey. "Right now, people are concerned about their finances and what decisions they should make regarding investing, retirement, insurance, and financial planning in general. Many are already worried about these matters, and then they turn on the evening news and just feel worse."
Mr. Winfrey acknowledges that these are uncertain times, but he says, "We have to remember that people have always lived in uncertain times. It might not seem that we as individuals can do a whole lot about the world economy. But we can do much more than we might imagine about our own money situations. And when we do, we are doing something that's good for ourselves and our families, which in turn is good for our society, and ultimately good for the world."
In order to improve their fiscal lives, however, people have to become financially literate, and it's never too early or too late to achieve financial literacy. Accordingly, Mr. Winfrey has penned what he describes as a step-by-step guidebook for creating, accumulating, and preserving wealth – however one defines "wealth." He says that "Seven Secrets to Financial Success" is simple without being simplistic. But can financial success really be distilled into seven steps? Mr. Winfrey believes so.
"After studying and working with so many individuals, business owners, couples, and retirees for the last eighteen years, I believe I really have found the seven secrets that will lead anyone to financial success – right now. And it really doesn't matter how old or how young you are, or what your current income level is."
Mr. Winfrey acknowledges that finances can be as dry and boring as the aforementioned high school economics classes, so he took pains to make his book interesting. "If I can't keep my readers awake, all the secrets in the world aren't going to do them any good," he says. "There are tons of books out there about money and personal finance, but I think mine is unique in that it's written in a particularly accessible style, and the tips I share are immediately applicable."
He also notes that unlike many books on finance, this one is written by a successful practicing financial advisor. The advice in the book is gathered from real life stories of the individuals and companies Mr. Winfrey has helped over the years. "Most financial experts only talk about the problem, but do not present solutions," he says. "But 'Seven Secrets to Financial Success' actually provides solutions – realistic, doable solutions – to financial problems."
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