Take Control of Your Money
if you are not in debt of some kind, you’re unusual. For most Americans today, debt is a part of life, Using a credit card, borrowing for college, applying for a mortgage to buy a house. Taking on debts such as these may well be the first experience many of us have with a financial institution. All the more reason to understand and master the do’s and don’t of debt. Until you know how to manage debt, it’s almost impossible to save, invest, or build an intimate financial relationship with a life partner. Until your debt is in control and part of your life plan, you will not achieve financial freedom.
On the following articles, we will tackle most questions that are usually asked when it comes to
- How to make easy money
- Controlling Debts
- Home business
- Free money
- Ways to make money
- Credit score
- Intimacy or Life-Partner
- Home Ownership
Preparing for the Unexpected
Once we have looked within and changed our way of thinking about money, another problem emerges – confusion. Many of us are confused about where to turn for information that we can really rely on. Confused about whom to ask for financial advise, and maybe even about what questions to ask.
Financial literacy is the capacity to understand how money works: just how someone makes, manages and invests it, and also expends it (especially when one donates to charity) to help others. In-depth knowledge of financial literacy is required to understand how money works and how it can work for you — even when you’re sleeping — by investing in profitable areas like the stock or money market. To understand money and how it functions, it’s important to understand common financial literacy principles such as; financial objectives, budgeting, investments, superannuation, contracts and employment models.
Research studies across countries on financial literacy have shown that most people (including entrepreneurs) do not understand the concept of compound interest and a number of consumers don’t actively seek out financial advice before making financial decisions. Most financial customers lack the ability to choose and manage a credit card efficiently, and lack of financial literacy education accounts for lack of money management skills and financial planning for business and retirement.
Most prospective retirees lack information about investing and saving for retirement. Many folks fail to plan ahead and they take on financial risks without realizing it. Problems of debt are severe for a huge proportion of the population because of financial illiteracy. For young adults just starting their working lives, it may provide basic tools for saving and budgeting so that debt and expenses can be kept controlled. Financial education can help families get the discipline to save for their own home and/or for their kids’ education. I
t can help older workers ensure that they have sufficient savings for a comfortable retirement by providing them with the information and skills to make wise investment choices with their individual pension and savings plans. Financial education can help low-income people get the most out of what they have the ability to save and help them avoid the high cost charged for monetary transactions by non-financial institutions.
Your level of financial literacy affects your quality of life significantly. It affects your ability to provide for yourself and family, your attitude to investment and money, in addition to your contribution to your community. Financial literacy empowers people to understand what is needed to achieve a lifestyle that is fiscally balanced, sustainable, responsible and ethical. It also helps entrepreneurs leverage other people’s money for business to generate sales and profits.