Developing Financial Literacy


By Sue Craig

What are some of the ways I can develop my financial literacy? First and foremost, you must have a good understanding of concepts.

Financial Literacy is an understanding of personal financial management. These skills would include budgeting, building, and improving credit, savings and investing, and taxation. It is understanding how to build wealth by leveraging the power of these skills.

Achieving financial literacy can help individuals avoid making poor financial decisions. It can help them become self-sufficient and achieve financial stability.

Let us look at a few ways to financial freedom:

  1. Invest in yourself. Having further education, more knowledge, and required skills can support your career advancement
  2. Set life goals
  3. Set a savings and expense budget
  4. Set an emergency fund
  5. Use strategies to avoid getting into debt by paying off balances monthly
  6. Monitor your credit scores and activities regularly

Educating yourself on these topics also involves learning how money works, setting, and achieving financial goals, becoming aware of discriminatory financial practices, and managing financial challenges that life throws your way.

The Golden Rule:

The golden rule is do not spend more than you earn and focus on what you keep. It sounds obvious, but you would be surprised at how many people do not understand nor do they follow this rule and end up in a monetary crisis.

In conclusion, talking with a Professional who understands these concepts will be invaluable in your quest for financial freedom. At the SBDC, we work with Clients that encompass all aspects of finances. Give us a call to get started on your way…

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