Whether you’re drowning in debt or rolling in the dough, financial literacy helps you make wiser money decisions, avoid major money pitfalls and role model good money habits to your children. Your financially fit family can get more satisfaction out of life and secure its financial future.
Financial education will help you achieve all of the above once you have a desire to break old habits and build new ones.
Financial literacy is having enough knowledge about how to manage your money and using that information to make good money choices every day. Put simply, it’s financial IQ plus behavior:
Financial IQ is having enough understanding of financial products on the market (e.g.; retirement savings plans, mortgages, or various types of banking accounts, etc.).
is how you spend, save
1. Quite simply, because money matters!
Money and life can’t be separated (unless you retreat to the Himalayas). Sure, money isn’t the most important thing in life, but it matters. Bottom line? Money gives you options.
2. You’ll live more purposefully and have a better quality of life.
Money is finite. Therefore, with a budget and a plan, you’ll decide what things in life are most important to you and worth spending your money on.
Call it financial pruning. By trimming the areas that are depleting your life’s reserves, you can redirect resources to what really matters, be it family, health, or a dream business.
3. You and your spouse will have fewer arguments.
Disagreements over money are a common reason for divorce. Getting financially educated together with your spouse can be a great unifier in marriage.
4. You’ll give your kids a head start.
Finance is a family affair and you reap what you sow. If you role model good money habits and take the time to teach your children about money, you’ll give them not only personal finance skills, but critical thinking and life skills to survive on their own once they become young adults.
5. You can give because you have the money to do so!
Wouldn’t you love to give more? Instead of wishing you could help someone out, you’ll have the funds to be able to.
Stick with me and you’ll find sound money advice giving you confidence and taking the stress out of your financial decisions. Find out how to:
Money gives you financial independence and options to pursue your dreams. Financial literacy will help you master this wonderful tool. Let’s get started!