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  • Category: Miscellaneous

    Just forget good education, at least practice Financial leteracy

    While we draw our wisdom from the knowledge acquired as to how to earn the money. We often fail to manage the money thus earned and we need to have some special skill to spend the same wisely. By financial literacy we mean the ability to understand and put the mind to effective use of various financial skills that are at our disposal. The most among them are the ability to chalk out the best personal financial management which is often not seen in many. We often end up spending for wrong things which are not the priority at all. Likewise the in budgeting ie allocating funds for the life also we falter. We must know that we must live with the live long journey of money and cannot be lethargic.
  • #746135
    Education is something different and financial management is something different. We see many educated people who are very poor in their financial management. They will have a good amount of money but they never know how to manage them wisely.
    At the same time, some uneducated people can manage their finances very nicely. They know better where to invest and where not to invest.
    Many rich and educated people also will take the help of some financial advisers to help in deciding about the place to park their funds.
    Even very good educated people also waste their money on waste expenses. They may purchase some items by paying more money and some people wisely bargain and wait for a chance for some rebates and discounts and purchase at a very low price. It all depends on their general knowledge and common sense more than on the level of education.

    drrao
    always confident

  • #746145
    To invest money wisely is an art and it cannot be strengthened with the addition of higher qualifications but this art can be learned with our own experience and wisdom. There are a lot of people struggling hard in their initial days due to financial constraints but with their patience and struggles, they ultimately became multimillionaire after a lapse of five to ten years. Though they did not enjoy education in the premier institution and hardly passed matriculation but they were proficient enough to manage their money. With the progress of time, they had all the worldly possessions and even managed higher education of their kids. They had the extra wisdom to manage their finance successfully whereas we have seen many well qualified persons even on the higher posts enjoying better perks are not able to manage their finance issues so successfully.

  • #746159
    Financial discipline can be there even for illiterates. But financial literacy needs some education to know about the alternatives and choices and how to go about it. Financial literacy helps in bettor financial decisions and also enhances financial discipline.

    Our grandparents who were illiterates also had the basic native awareness of controlling expenses, saving, having some emergency provision fund etc. But they did not know about the alternatives, choices, relative benefits etc.
    But if one has education in addition to financial discipline then he can take better financial decisions.


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