What is financial literacy? Or what does financial literacy mean?
Why is financial literacy important and how to become financially literate?
Mr. Smart will answer all these questions one by one. Firstly, let us define financial literacy.
Financial literacy is the ability to take SMART FINANCIAL DECISIONS which results in DESIRED FINANCIAL OUTCOMES. It is not about knowing the stats and complex financial concepts. Basic financial literacy is simply the ability to make the right financial decisions in personal finance. It is quite possible that a college dropout is more financially literate and successful than a Ph.D. or an MBA.
In fact, educational institutions focus only on scholastic and professional training. They do not teach what is financial education. These institutions do not fully honor the importance of financial education. That is the reason why so many brilliant physicians, engineers, accountants, lawyers, artists, and civil servants struggle in their financial life. They know how to earn money but they really don’t know how to manage money well. So, teaching financial literacy is entirely left to parents. Or the cold, practical world teaches the basic lessons of money in a hard way.
Why not to start educating yourself about money matters and learn these skills in a soft way. Otherwise, the rich will continue to get richer and the poor poorer. Watch the video to know more.
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