Importance of Financial Literacy among Teens
Monday, September 13, 2021
Earlier we start learning about finance in life the better. There are many books and websites which help us learn more about finance. Rich Dad, Poor Dad, Make your child a money genius, Finance lesson children cannot afford to miss are some of them. Young Investors society is a website where we can register for free. There are some informative online courses like…Money boot camp, what is investing?, Seven golden rules for investing in this site. Wharton Global Investment competition is especially for high school students to learn more about investing and how to work as a team.TGCC is another global competition where students are given a case and asked to find a solution a week.
Financial Literacy will show us how to manage our money , save and invest it wisely. Wise investments will help us stay away from debt. It will help us have adequate savings to reach our goals in life. It has been proved that personal finance education program in later stage in our life has very limited effect.
The Six basic principles to build our wealth as soon as possible and not live a pay check to pay check life is:-
1)Make financial freedom your number one priority(save atleast 75% of your income)
2)Actively boost your income by side hustles like tutoring, informative channels etc.
3)Invest in assets which will give you back.(Real estate, stocks, compound interest).
4)Automate (Automatically pay off your credit card).
5)Clear understanding on where you are losing money.
6)Stay away from things you don’t need.
According to John W Rogers, an Investor...”Financial literacy is just as important in life as other basics”
Financial Literacy is very important because it will lead us to a stress free life.Freinds, we should be careful with our money. Either it saves us or it pulls us down.
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