Financial Literacy: What You Must Know [Video]

Welcome to Money Sense, if you have any questions then leave a comment and I will be sure to reply. Here’s what this livestream is about:

Part 1: Understanding Financial Literacy
• Definition of financial literacy: Basic Understanding
• Why financial literacy is important: People Want Your Money
• Common misconceptions: I don’t need to know
• Vision, Goals, Strategy
Part 2: Basic Financial Concepts
• Income and Expenses
o Understanding different sources of income.
o What’s your income: How is it taxed
o Types of expenses: fixed vs. variable.
o How reliable/stable is your income
• Budgeting
o Purpose of Budgeting: Make $10 Spend $8, $10, $12
o Importance of budgeting.
o Create a budget.
o Tools and apps for effective budgeting.
• Saving
o Importance of saving.
o 10-20%
o Emergency Fund
Part 3: Managing Debt
• Types of Debt
o Good debt vs. bad debt.
o Low is below 4%, Moderate is 4-8, High Interest 8+
o Good: Mortgage, Student Loans, Business
o Bad Debt: Credit Cards, Payday Advance, Pay Monthly
• Debt Management Strategies
o Snowball vs. avalanche method.
o Debt consolidation.
o Negotiating with creditors.

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