Renowned television anchor Tom Snyder once said "Misers are no fun to live with, but make for great Ancestors" and he was right. The idiom save for a rainy day holds true in any era and age. It is a basic quality of human beings to gather, consume and save for another time. Whether it is wealth or money it is only right to know how to manage your expenses than to spend all and have nothing later.
According to the dictionary definition, financial literacy is the knowledge, understanding and application of financial components in an economical and business standpoint. Skills such as investment into firms, budgeting resources, taxations and personal financial management are a must for an individual to be financially literate.
Being financially literate is crucial in today's society as it allows you to have a certain control with your money based on how smart you are in spending and saving it. Allowing yourself to be wise with your money will provide greater stability in times of economic distress and a safer sense of preparation later when you may need financial support.
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Having an understanding of finance allows you to make more informed and educated decisions on how to use money. When you get access to assets that can be bought by money it also provides the opportunity to take responsibility for these assets. You begin to learn and value what has been given to you. These concepts are usually introduced in school in Class 9 and 10 in subjects such as business studies and economics as they help young students to understand and put into context how concepts of managing money can be simplified and put to use from an early age.
Just like swimming or driving is a life skill that is a must, all young kids should learn how to use their money well. Some ways of doing this are firstly to reach out to family and friends for advice as they are your first experiences of managing finance, going to banks and learning from there what is credit and debit, how to open and operate a savings account. Secondly, you must reach out to the following resources to further extend your knowledge and understanding of what it practically means to be financially literate.
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Sharan Hegde - @financewithsharan
The founder of Finance With Sharan, through social media channels such as Instagram and Youtube hosts webinars and master classes on the secrets of minimising tax through thorough knowledge of the limitations of the tax bracket and taxation system and how investing as well as money management through investing and saving. Sharan Hegde makes learning financial literacy easy and convenient as he makes his videos fun, relatable and informative making concept retention simple for the audience and applicable to all.
BeatTheBush - @BeatTheBush
This YouTube channel primarily focuses on the concepts of streamlining budget, by omitting unnecessary spending, credit cards and increasing your credit through optimised saving habits and early retirement as well as budgeting, money hacks, lifestyle tips and what not to do when spending. BeatTheBush is great for quick learners and is simple to understand as the information is direct and explained in simple terms for everyone to understand. This can prove to be interesting for young adults who are new to knowledge of financial literacy
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Skillshare and Udemy
The above are online websites specifically made to host masterclasses on perfecting something. These channels also support creators who host workshops on financial management as well as managing assets. The content on these channels is optimal for students as they are in episodes or classes separated by different topics that are being taught, accessibility is also optimal as anyone in the world can access these websites.
These resources are only designed for one thing, to educate. When kids are given money through allowance or pocket money, they may not know the value of it. These concepts are easily taught by the above creators and allow you to find importance in an amount of money by learning how far it can be taken simply by being wise, and once one is wise with their money nothing can stop them from being truly wealthy.
