The cost of being financially illiterate

“The man who needs a new machine tool and hasn’t bought it is already paying for it.” Charlie Munger;

I paid for my lack of financial education by being constantly stressed and worried about money. I made some bad financial decisions and got myself into a lot of debt. Eventually I was forced to acquire some financial knowledge and I managed to restore sanity to my personal finances.

This crisis is going to reveal holes in your finances if you have not been prepared. Now is the time to become financially literate. Use the discomfort of the crisis and the time at home to push yourself to finally learn about money and make some radical changes.

Like Charlie Munger said if you need a tool and you refuse to buy it, be sure that you are already paying for it.