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ARE YOU FINANCIALLY LITERATE?

"Financial literacy" sounds incomprehensible to many. "What is it? This is probably very difficult. Am I literate anyway? I am not a bank employee, I don't need your financial literacy! This is just a small part of the thoughts that arise in the head of an ordinary citizen. In fact, finance surrounds us everywhere, and it is vital to know the basic rules of their competent use. Consider a set of simple financial rules for one and all.

Fundamentals of Financial Literacy

Competent approach to funds. At this point, you must completely change your attitude towards money and teach yourself to perceive it as a flexible tool that can be easily and simply managed, not dependent on money, but to make it work for you and your well-being;

Accounting and careful planning of your financial resources. Only with the help of a personal financial plan, which you can draw upon your own or use the services of a personal financial advisor, will you be able to rationally manage all your income and expenses, correctly set goals for yourself, for which you need to accumulate a certain amount of money;

Fundamentals of Cooperation with Financial Institutions. Today, in order to become successful and wealthy, you need to be able to establish relationships with banks, insurance companies, brokers and other participants in the financial market, to use tools for effective financial management, saving and increasing money;

Financial literacy includes the understanding that an active way of earning income will not last forever. Sooner or later, you will have to retire and it is better to make sure that by this time you have sources of passive income. And it is better not to wait for a pension, but to try to create sources of passive income at a young age;

Investing is the most challenging, risk-based foundation of financial literacy. Here you need to make an effort in order to understand all the nuances that can await you in different segments. And the higher the return on investment is expected, the higher the risks of losing your money. The ideal solution in this case is the services of a personal financial advisor who can help you build your investment portfolio and minimize risks.

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