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Money On My Mind
Earning money doesn't come easy, and financial literacy is more important than ever. Here's where to start:
Finance is the management of money and other valuables that can be converted into cash, and Financial Literacy is the ability to understand and properly apply financial management skills.
The main components of Financial Literacy are:
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1. The Basics Of Budgeting:
Creating and maintaining a budget is one of the most basic aspects of staying on top of your finances. In this modern day, it’s easier than ever to create a budget with the help of websites and apps, such as Mint.com.
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2. Understanding Interest Rates:
Not only can it help you save even more, but it can make the difference between borrowing a small amount and paying back much more than you need to for years to come.
3. Prioritizing Saving:
It’s easy to ignore things like retirement since it seems so far off in the future. Learning to save early on can help you gain the knowledge, practice and set of skills you’ll utilize throughout your entire life.
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4. Credit-Debit Cycle Traps:
it’s much easier to lose credit than gain it and many students don’t realize how easy it is to ruin their credit – and how difficult it can be to regain credit – before it’s too late. That’s why it’s crucial to provide knowledge on debt earlier than later.
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5. Identity Theft Issues and Safety:
Identity theft is more prevalent than ever. Since everything is digital and just about everyone has shopped online at one point or another, your financial information is more vulnerable to fraud.
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Khan Academy's Partnership with Better Money Habits is worth looking into, and it could be the destination for your financial needs, and finding more context and specifics.
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