Financial education is crucial to break the cycle of poor financial habits. Many individuals from disadvantaged backgrounds lack basic financial knowledge and end up stuck in a cycle of paycheck to paycheck living. Learning to manage income by subtracting expenses from earnings to determine savings and investments is key. Merely saving without considering inflation will not lead to wealth accumulation. Savings should be strategically allocated for emergencies, big purchases, and investments. It is essential to differentiate between saving and investing for retirement as traditional retirement strategies like pensions are fading away. Social security is facing challenges and may not be a reliable source of income for future retirees.

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