The Moola Masters Blog

Your guide to financial freedom

Financial Planning 101: What is Financial Literacy?

financial literacy Jul 24, 2022
 

Hi All!

I have to admit I am passionate about teaching financial literacy.

I have talked to a lot of people about money and they seem to feel helpless. They seem to think that there is no way they can get ahead financially. They seemed overwhelmed by the topic and they don't seem to know that by implementing just a few basic principles they can change their life.

I want to help people change their lives for the better. I want them to feel in control of their lives and like they have options. They are not trapped by a job or their bills or their responsibilities. I want to help them get off the hamster wheel!

 

So what is financial literacy? What do we need to understand to create the financial future we really want?

Financial Literacy, as defined by the Financial Literacy and Education Commission, is understanding:

Income: A lot of people seem to think this means their job. How many ways can we create multiple income streams? Let's think outside the box!

Spending: A lot of people don't seem to want to know what they are spending all their money on. It seems like a lot of work and can be overwhelming. I feel that it is an incredible tool to decide yourself where you want your money to go.

Saving/Investing: Everyone knows they need to save but they don't seem to know where to put it or how to organize it so it suits their needs. We have all heard "pay yourself first" but how many of us actually do that? How many of us know how to turn that savings into an income stream?

Borrowing: Whew! This seems to get everyone in trouble!

Protecting: This is all about insurance and end of life planning. I think we would all like to think we will never need insurance or end of life planning. This is an incredibly important tool to make sure that, when life throws a curve ball, our families have a financial safety net.

We are going to go into each of these topics so you can create the life you want. Moola Masters will be doing this on the Blog, The Podcast and the YouTube Channel.

https://www.youtube.com/channel/UCX4WaOfnvRugqHhA5Ydak9A

Please join us and let me know what topics you would like to see covered!

Empower Yourself with Financial Knowledge

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