Los Angeles, CA (PRWEB) December 24, 2011
The National Financial Educators Council (NFEC) announces a new book project that will highlight the benefits of possessing financial knowledge, and the risks associated with financial illiteracy. The book is scheduled to be launched December 2012, and the title is pending.
With the current economic situation, many people have found themselves in dire financial circumstances. Common situations facing the citizens of the country include: foreclosure, bankruptcy, debt and owing more on assets than they are worth.
Although the financially knowledgeable and financially illiterate often face similar problems, according to the book, those with knowledge are impacted less from the economic conditions than those that lack practical financial knowledge. “I personally have found there is a direct correlation between financial capability and financial confidence. Issues that often cause major turmoil in the lives of the financially illiterate are nothing but minor issues for the financially literate,” states Vince Shorb, CMO of the NFEC and co-author of the book.
Over a period of four years Mr. Shorb was able to personally talk to over 20,000 people about their financial situation and review the personal financial statements of over 10,000 citizens. Stories of those he interviewed will be included that highlight the benefits associated with having financial skill sets. Furthermore, included in the book are the personal stories of Mr. Shorb and other associates who have gone through a variety financial circumstances demonstrate by having financial knowledge many of the issues plaguing those that lack financial skills sets are avoided.
The book highlights the added emotional strain and worries often caused by financial situations have less of an impact on those with financial knowledge. Case studies in the book demonstrate situations where the financially illiteracy handled situations differently than those with financial knowledge, and it often puts them in worse financial situations. In comparison, the financially knowledgeable often look at the same financial situation as an opportunity and improve their financial situations in times of economic turbulence.
The NFEC promotes financial literacy globally through various mediums with the mains goals to improve the financial capability of people and raise awareness about the importance of financial literacy. Their focus is providing real world financial knowledge to people of all socioeconomic and education backgrounds.