I have several acquaintances who seem to revel in their financial ignorance. They’re seemingly proud that they don’t know anything about money. What am I talking about? Here are some examples:
They take pride in having a lack of time to learn about money, as in, “I have so many other things to do, I just don’t have time to manage my finances, but it’s okay because I’m having so much fun or success doing all these other things.” (Some of these people conflate career success with financial success, without understanding that earning a lot is not the same as knowing how to manage those earnings.)
Sometimes their pride stems from a desire not to be seen as selling out. “I don’t need to know about money because I’m an artist (musician, writer, etc.) and money isn’t important. It’s creativity that matters. Only sellouts worry about money.”
Other times their pride comes from the idea that ignorance grants membership into a cool club. “Only nerds worry about money. I’ve got better things to do.”
And other times it comes from a sense that others have done fine, and they’ll follow in their footsteps. “Nobody in my family ever learned about money and they did just fine! I don’t need to learn.”
My personal favorite is the pride that springs from the idea that friends or family won’t like them if they know too much about money. “My parents (siblings, friends, etc.) all think rich people are elitist snobs. I don’t want them to hate or make fun of me.”
I used to think this sort of pride was relegated to the young but, surprisingly, I see it among my older/elder peers, as well. It disturbs me me for many reasons, not least that it seems to be a symptom of a larger “dumbing down” disease that’s going around. Many people act like they’re still in high school, afraid that knowledge or security will brand them as different, a nerd, or “better than” others. In a desire to fit in, some people wear their ignorance as a badge of honor. Even if you don’t directly know someone like this, you’ve probably seen at least one on social media, where shouting about ignorance is almost an art form and where people praise the ignorant with likes and retweets (or is it re-X’s now?)
This is dangerous. Pride in ignorance, of anything, is never good. It’s fine that you don’t know everything. None of us do. And it’s good when you can admit your lack of knowledge. Nobody likes a know-it-all, real or pretend, and learning is the way to grow as a person. Admitting you need to learn is the first step toward acquiring needed knowledge.
The problem comes from being unwilling to learn because “reasons.” This only limits you, not the people you’re trying to impress with your ignorance. It may make you feel better to fit into a group because they identify you as just as limited as they are, but is that really what you want? To fit in with people who aren’t going anywhere in life because they know nothing about planning for the future, budgeting for expenses, saving for freedom, or getting ahead in life and having an easier time?
So you fit in with these people. Are they going to share your debt load? Will they be there for you when you need a couch to crash on because you got kicked out of your apartment? When you’re old, will they help fund your nursing home care or take you in? No? Then you need to be less concerned about maintaining your ignorance to fit in and more concerned about your own life. Ignorance only hurts you. At the end of the day, the people you’re “impressing” with your ignorance don’t have to live with your choices. Only you will face the consequences of your ignorance. They’ll be gone and you’ll be the one living alone in your car.
I understand that not all “ignorance” is borne out of a desire to fit in. It can also be a coping mechanism. Joking about how hopeless you are with money can be a way to deal with financial insecurity. It’s easier to joke it off as ignorance than it is to face the inequality, unfairness, and difficulty of living within our current capitalist system. I get that, I really do. Life is hard and sometimes it’s easier to cope with it if you can joke about it.
But it doesn’t take long for that coping mechanism to become a crutch. Before you know it, you’ve become dependent on your ignorance to keep you “safe” from the hard work of life. It becomes easier to throw your hands up and say, “See, it could never work out for me anyway because I’m not good with money,” than it is to do the work necessary to move forward and succeed.
Personal finance isn’t difficult to learn. It doesn’t require a special class or degree. Books from the library or online resources can teach you what you need to know. The basics of budgeting, insurance, taxes, etc. are especially easy to learn, so there’s no excuse for remaining ignorant. Just tackle it one topic for a few minutes at a time. By the time you’re ready to tackle more difficult topics like investing and retirement drawdown strategies, you’ll already have a solid base of knowledge to build upon. If you need additional help, finance and taxes are often taught through community college extension programs, libraries, churches, or other community programs.
If you’ve got to take pride in something, don’t let it be your ignorance. Let it be the positive actions you take to learn what you need to know. Take pride in your successes and your ability to better your circumstances. Otherwise, you’ll be alone with your ignorance in a refrigerator box down by the riverfront.
Read More:
- The Power Of Knowledge: Investing In Your Financial Education
- The Importance Of Financial Literacy And How To Improve Your Knowledge
- Literacy: The Building Block For Financial Success
- 7 Free Online Courses To Improve Your Financial Literacy
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