In today’s World, the lack of financial literacy and financial inclusion is a major problem that plagues people across the Globe. For those who are lucky enough to be born into a well-educated family, financial literacy and financial inclusion may be considered standard. Personally speaking, my family opened a savings account for me before I even understood the concept of money. By the age of sixteen, I opened my first checking account and obtained the opportunity to gain direct financial experience. I was one of the lucky ones. I learned from a young age the value of a dollar and the tasks necessary to maintain it. What about for those who do not have such luck? The founder and CEO of KaizenRhino Solutions, Wacinque Amistad Kaizen BeMende, uses his organization to support those who may otherwise lack financial education and experience.
Financial Illiteracy: An Age-Old Problem
Today, there are nearly 4 Billion people globally, and 50 Million nationally in the USA, who are either considered unbanked or underbanked. This is a major problem. Owning a basic banking account is a necessary step to achieve financial literacy and experience. Banking is a way to accumulate money in one central location. Instead of stuffing money under a mattress or in a bedside drawer, banking offers a trackable solution. Furthermore, some bank accounts offer the ability to earn more money from money already made. Some bank accounts earn interest, some rise with the market and others act as intermediaries between a savings account and an investment account. Regardless of the type, opening a bank account is a necessary step to achieve financial independence. If so many people are considered unbanked or underbanked, how do we solve this issue?
To combat the issues of a lack of financial education and experience, KaizenRhino Solutions offers multiple lines of service. First, they focus on establishing an Asset Ownership Standard. The Asset Ownership Standard prompts policy makers and regulators to recognize a foundation for owning assets as a base to accumulate money, while simultaneously promoting the standard to individuals. The first step to financial literacy is opening a savings account; the government should get behind this and so too should you. Subsequently, there are four supporting steps that depending on age, income and risk tolerance, work to build on the assets created in the first step. These services include receiving age-appropriate financial education with (O2IFC) One 2 Infinity Financial Coaching, opening a DRIP (Dividend Reinvestment Plan) account, choosing a Term Life Insurance provider for life risk management and more. All of these services that Wacinque and his company, KaizenRhino Solutions, provide help to improve financial education and experiences within communities so that more of us may prosper.
Education is the Answer: Here’s How to Help
Wacinque is a man of solutions, but he needs your help. He firmly believes that financial education and experience are necessary skills for us all to learn in this day and age. In order to achieve this, we need education and financial account ownership. But how to ensure that there is equitable education nationally and globally on the topic? Create an Asset Ownership Standard. Per their website:
KaizenRhino Solutions, is working to establish an international standard of asset ownership, specifically direct individual ownership of dividend paying stocks from birth that can be used as a tool to help solve issues surrounding poverty and income inequalities. To bring this standard to the political forefront, BeMende is asking people to sign a Change.org petition requesting that governments worldwide adopt an Asset Ownership Standard.
Click this link to sign the petition and move the KaizenRhino Solutions team closer to their goal of increasing financial education and experience.
For more information on KaizenRhino Solutions, visit their website!
And of course, check out our website to learn more about the work that we do and the social impact partners that we serve!