How Financially Literate Are you?

Hello Friends!

Congratulations! If you are reading this blog and have been self-educating yourself on personal finance and investing, you are ahead of the curve.  

Now I’m guessing you wouldn’t call yourself a financial wizard (or maybe you do?), but the sad fact of the matter is that by just being cognizant that there are still things you need to learn puts you ahead of many.

A study by the National Endowment for Financial Education found that 69% of millennials considered themselves financially literate. While the study found that actually, only 24% of respondents were knowledgeable in basic financial concepts. 

Knowing what you don’t know is half the battle, right? Ok, maybe not half the battle, but you know what I mean. It’s at least a start.

FINRA offers some short financial literacy tests that can be fun! 

So what can you do to become more financially literate and take control of your finances? Great question!

Below are a few options I would recommend:

• Read more books!
• Listen to podcasts
• Start using a budget. If only just to see where your money is going. 
  

I know this sounds cheesy, but the biggest thing that stands between you and your financial goals in a lack of knowledge. Yes, you need to work hard and earn money in order to be able to save and invest it. But if you don’t have the knowledge piece in place and aren’t pro-active about managing it, money usually slips through our fingers. 

I’m a firm believer that if you don’t have a plan for your money, it will soon find its way to someone who does. 

Would you say you are financially literate? What other resources have you found helpful in leaning about money and investing?

Do you know what you don’t know?

All the best!