Like most people in the western world I have my breakfast with a hot cup of news every morning. This morning the particular brand happened to be Sky News who's running a campaign where the public email in their financial questions, worries and opinions and a panel of financial experts try and help.

A great notion by Sky and a fantastic opportunity for Joe public to get some solid financial advice for free. But I've just switched it off. Why? Because I cannot listen to one more viewer or one more email blaming someone or something else for their personal financial situation. It's the government they scream, get rid of them. My financial advisor told me to put my money into fixed bonds they moan. My stock brokers lost all my money. My pension has been wiped out. That estate agent sold me a house that's now dropped in value. And anyway, the banks should never have given me such a big loan in the first place or so many credit cards.

"If you blame others for your failures, do you credit them with your success?" - Unknown

Do me a favour will you and come off it! The last two decades have been the most extraordinary time in the global economy. Credit was cheap and plentiful, house prices grew at record levels and businesses made record profits and paid bumper bonuses. It was great. Money was made and more importantly spent like never before. Refinancing your home to buy the latest car or take another expensive holiday became common place. Who cares right; it will only go up again. First time investors bought 2 or 3 buy to let properties at a time, in the same new build development as 100 other landlords, without breaking a sweat. Millionaire's lane, here we come. Plasma screens, playstations and home cinema systems in every home. The big corporations baited us with the latest and greatest must haves for this season. You can't be someone without it you know. And we swallowed it down hook, line and proverbial sinker. Seems now that sinker is a bit bigger and heavier than we thought.

Ok, my pedestal is getting a bit lonely so I'll get down. Pop quiz - who's the UK's best selling author? Whose books do people rush out to buy the moment they hit the shelf? You would think JK Rowling. Yes those kids just love old Harry Potter. But you'd be wrong. Try Katie Price (aka Jordon). Her current sales are estimated at over £17 million so no credit crunch worries for her. I wonder how much has been spent in the same period on books by Robert Kiyosaki or Dolf de Roos.

At 00:00 every day you, me and Bill Gates become the same. Each of us is given 24 hours in a day, 7 days in a week. What you do with that time is up to you. You can spend it on Facebook or Fin24. You can read the latest book or blog on personal finance or you can switch on the TV and watch another soap or reality program. The choice is yours.  

"It is not only what we do, but also what we do not do, for which we are accountable." - Moliere
 

It's not about being a bore, about living like some kind of hermit. It's about choices and the responsibility that goes with it. If you want to increase your financial IQ the information is out there, and often for free. Ignorance is no longer an excuse. Unless you are in some small village in some third world country you have access to the internet. No money to buy books? Get a library card. But take charge of your financial education and your financial future. If you don't understand something then ask questions.

I've said this before, if you are serious about your financial future then be sure to mind your own investments. No one will look after your money quite like you will. And this doesn't mean that you have to pick your own stock, find your own BTL investment or do all the research on oil price algorithms. Keep using other people's time (OPT) and expertise but never get complaisant. Never stop asking questions, never stop learning.

Make a commitment right now to put an hour aside every day to educate yourself about your chosen investment. Read the relevant books, newspaper columns or online articles. Register here for our regular educational newsletters or give me a call on 0207 223 4109 or 0797 1000 667 to discuss any questions you may have.

Or... you can reach for the TV remote.

Mike Smuts
Property investor and Managing Director of Smuts & Taylor.