5 KEYS of Financial Literacy
Q U O T E S: "If you don't get out of the box you've been raised in, you won't understand how much bigger the world is."
2nd: Loyalty is Everything, but Everything isn't Loyal.
5 K E Y S of F i n a n c i a l L i t e r a c y
1. E A R N: Before you can start Spending, Saving, and investing, you need to know how much money you make. If you make the same amount each month, this part is pretty easy. Take a good look at your paycheck to identify your gross and net income, and note any other deductions, such as employer-sponsored health insurance or a retirement plan.
2. S P E N D: Creating A Personal Budget
A Personal Budget is just a plan for how you want to spend your money, but it’s also the most useful tool for achieving your Financial Goals. To create a Monthly Personal Budget, you’ll need to track your spending over the course of 1 month, and then break everything down into categories. as in the popular 50/30/20 budgeting rule.
3. S A V E: Determining Your Financial Goals
Everyone knows it’s important to save money, but it’s hard to spend less than you earn without specific financial goals to work towards. Your financial goals will depend on your unique situation.
4. B O R R O W: Credit Cards, Loans & Credit Score
Even if you’re a Diligent Saver, at some point you may have to borrow money to cover a large expense like a home or car. Maybe you borrowed money as a college student and are currently dealing with student loans or credit card debt.
5. P R O T E C T: Preventing Fraud & Buying Insurance
Once you’ve set yourself up with a solid budget and investment strategy, it’s important to protect the money that you’ve made. This means regularly reviewing your bank accounts and credit card statements for mistakes or suspicious activity; keeping documents and passwords secure to prevent scams and identity theft; and buying the right kind of insurance to protect yourself in the event of an emergency.
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