Vince Shorb Discusses Tips for Improving Financial Wellness

Recently Vince Shorb, the National Financial Educators Council CEO, discussed his personal finance philosophy and consumer tips for improving financial literacy with Money Morning News. This post summarizes the conversation.

The NFEC mission, says Shorb, is to help people gain the knowledge they need to make informed, qualified financial decisions that improve their lives. Toward that goal the organization offers educational resources and advocacy campaigns, and helps organizations build sustainable financial literacy initiatives.

NFEC’s personal finance philosophy centers around the core principles of helping people gain knowledge, build positive financial habits, enlist a trusted team of advisors, and undertake proactive long-term planning. The organization adheres to the investment philosophies of having a long-term plan in place, conducting due diligence, and having a sound exit strategy.

Shorb mentions that the financial education curriculum has evolved over time, expanding from core financial education topics that help people make decisions about the money they have, to gaining comprehensive skill sets that will build their future earning power. The acronym FLEC describes the key topic areas the NFEC curriculum now covers: financial literacy, entrepreneurship, and career education.

The financial markets have changed a lot in recent years. As Shorb says, people need more education on investment, yet struggle with even the most basic personal finance concepts. People need to learn fundamentals like savings, budgeting, and how to mold positive money habits. When people are educated, even volatile markets provide earning opportunities.

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Vince Shorb and the National Financial Educators Council