If you have been reading and listening to useful and uplifting content in relation to business, personal finance management, and investing, it’s highly likely that you would have come across the term financial literacy.
So, what exactly is financial literacy? Essentially, it’s about developing a healthy and positive money mindset and possessing important skills that empowers people to make smart and wise decisions with their money on a consistent basis.
Attaining financial literacy is a worthy pursuit, because there’s not a single area of our lives that is not impacted by money. On top of that, a majority of us are clueless about how to manage money. For instance, here a few heart-breaking stats about how an average American handles money:
- Nearly four out of every five U.S. workers live paycheck to paycheck.
- Over a quarter never save any money from month to month.
- Almost 75% are in some form of debt, and most assume they always will be.
The main aim of financial literacy is to help people grasp a better understanding of key, life-changing financial concepts, so that they’re able to handle money in a better way.
You must keep in mind that “literacy” doesn’t mean knowing certain money-related facts, stats and terminologies. No, it goes much deeper than that. Financial literacy is all about doing the right things and making the right decisions with money on a continual basis so that you get closer to the right financial outcomes. This also means that you must be aware of get-rich-quick schemes and other shady, unreliable financial instruments and avoid them like plague. If there’s one key truth that you must always keep in your mind, it’s this: It takes time to build wealth.
When you develop your financial skill set, you equip yourself to master important financial concepts such as budgeting, handling emergencies and paying off student loans and consumer debt.
Now is a good time to be honest with yourself and assess whether you’re truly financially literate or not. If yes, congratulations! You’re among the few exceptional ones, keep up with the good work. And if your answer is “no,” then don’t be discouraged and feel any kind of shame or guilt for your lack of education. Just roll up your sleeves and start learning the important financial concepts that can get you going on the right track. It’s never too late to educate yourself!
If you’re someone who is actively pursuing the journey of financial literacy or a clueless beginner who is just getting started, I highly encourage you to get my eBook, Daily Wealth.
This short book is an attempt to distill the life-changing ideas from the best books on finances, money management, and investing in clear and concise daily meditations. I can confidently say that your money game will reach a new higher level in record time if you put the principles mentioned in this book into practice.
You can order Daily Wealth here:
- eBook: https://books2read.com/money-meditations
- Audiobook [NEW]: https://books.apple.com/us/audiobook/id1548105972
- Amazon/Audible link: https://amzn.to/3s92FsE
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