Danny Singson’s Top 5 Things About Money That No School System Teaches

Personal finance education is key to navigating money decisions, not only for youths but also for middle-aged citizens. According to the FINRA Foundation’s 2018 National Financial Capability Study, only 17% of youths demonstrate basic financial literacy. The statistics illustrate the deep-rooted financial ignorance that costs pain in our society.

Danny Singson realized that school education had not equipped him nor his mother with the system hack to make it and secure their future. As a police officer, who lived paycheck to paycheck, Danny knew he wanted to do more. But he learned about money the hard way. About five years ago, Danny walked into his mom’s house to realize that she had lost $200K in her Morgan Stanley Account. Retiring from the service at only 38 years of age, Danny started his business learning more about money so that he could break the barriers to financial freedom. Now, Danny leads the number one financial brokerage firm in the San Francisco Bay Area and is expanding his team and services nationally. 

Like Harry Callahan once said, ‘experience is the best teacher of all.’ Coming from the point of devastation, Danny has taught himself everything regarding finance. He is now determined to empower families to make the best to save money, make money, and proper financial planning for their future. Here are five things you need to know about money, according to Danny. 

• You have an option

There is always another option for you. Think about it; even students can choose the schools they want to attend to avoid overly burdening loans later. Next time you are presented with a financial decision, make sure to check out the alternatives for you. At 20 years of age, Danny became a cop and thought he was living his dreams. Within a short period of time, he realized that he was worth more than his paycheck. He also got the rude awakening that he could not help his mother like any son’s passion for providing for their aging parent. He decided to do something about it. He retired and ventured into entrepreneurship. When you consider all the available options, you will be more in control of what happens next.

• Even teachers don’t know

Again, experience is the best teacher. The reason financial ignorance persists is that even teachers are suffering the same predicament. They have no real-life experience of what works and what doesn’t work. With no real examples to share, their teachings on financial education remain theoretical. Besides, teachers have been taught through the old education system. And in many ways, this becomes a vicious circle. Danny is determined to give proper education about the evolution of financial services and products as people should know about it now.

• The sooner you start, the better

Financial challenges don’t start in your 40s and 50s. They start when you continue to make poor financial decisions even from an early age. The idea that you should start early embodies the fact that you have more flexibility as a young person to learn more and push your boundaries. Danny has been able to break limitations. He started a company from the ground up and gained authority as the number one financial brokerage firm in the San Francisco Bay Area in just five years. Who knows where he would have been if he had started this journey 25 years ago? Never procrastinate the need to learn about money and financial planning.

• Find ways to earn more money if you want to save more money

When it comes to money, there is no shortcut to how much you can save. The reality is that you need to be able to earn more money to save more money. One of the best ways to do this is to diversify your sources of income. Early in Danny’s career as a cop, Danny would invest in real estate. Being able to have this back-up widened his knowledge about finance. 

• A salaried job isn’t the best way to build wealth

While the traditional system teaches you to get a good education so that you can get a good job and earn yourself financial freedom. But, this is not always the case. In fact, this kind of thinking limits how much you can do. When you are open to trying different things, you will be surprised by how much change you can make in your financial situation. Don’t let a salaried job be your end to seeking financial freedom. A job should be your starting point to venturing into new territories of monetizing your valuable ideas. Danny reckons that one job and one stream of income is a thing of the past.

Learn more about Danny here. Featured image used by permission of Danny Singson.