Why is Financial Literacy important in 2018

In this post, we will go through what actually is financial literacy, what it can mean to you and what actionable steps you should perform to achieve it.

In many countries around the world, adults inherit low Financial Literacy these days. They often possess financial attitudes mainly oriented towards the short-term success or instant gratification and thus fail to engage in good financial behaviors that could help them improve their financial security.

What is Financial Literacy?

Well, one can always believe Wikipedia to provide a fair definition of financial literacy

“Financial literacy is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources available. Understanding basic financial concepts like compound interest, debt management, etc allow people to know how to navigate in the financial system. People with appropriate financial literacy training often make better financial decisions and manage money better than those without such training.”

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Welcome Post to Blog

I have started my journey to the financial freedom not too long ago. I initially started investing in the Indian stock market but was quick to realize I knew more about losing than earning even in the longest bull market of 2018. So, I started reading more and more on the topics of investing and smart money management. Eventually, I started my journey of passive income and personal money management.

The first book I read was “Rich Dad Poor Dad” followed by “The Richest Man in Babylon”, which did open my eyes regarding how the financial world works.

Thanks for visiting. 🙂