Most probably you've already heard stories of people winning the lotto, sweepstakes, game shows and all those others who from having nothing gained wealth in an instant but went bank to scratch in just a short span of time. That is one good example that proves that more money is not the solution to money problems but financial literacy is. But what is financial literacy?
If we are to consult Wikipedia, FINANCIAL LITERACY is the ability to understand how money works in the world, how someone manages to earn or make it, how that person manages it, how he/she invests it (turn it into more) and how that person donates it to help others. More specifically, it refers to the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources.
How financially literate are you? Are you aware how much exactly you gain each month? Is it a passive or active income? How much did you spend for needs? for wants? How many percent did you allocate for savings? Investments? Where did you save/ invest it? What was that for? How much will you gain? Will the yield beat inflation? If tomorrow you become jobless, how long will you survive with what you have at hand?
Again, how financially literate are you?
Again, how financially literate are you?
"YOU are responsible for your own financial education." - Robert Kiyosaki
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