Importance of Financial Literacy & How it Sets You Free!
What is Financial Literacy? Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. - Investopedia Steps of Financial Freedom- 1. Become Debt-Free- Pay off high interest loans, and credit card bills. Careful with loans that give penalty for pre-payment though. 2. Save Tax the Legal Way:- Study Tax Laws, use insurance, donations, tax-free bonds, etc. to save tax and pay your fair share of tax instead of over-paying. Consult a licensed tax practitioner or a Public/ Chartered Accountant from your country.. 3. Invest:- Invest in bank deposits, mutual funds, and even property to start accumulating wealth which will be useful for paying off your expenses now or when you retire. 4. Secure Your Future:- Use Term Insurance, Health Insurance, and Trust Deed / Estate to secure the future of yourself, and your family. 5. Promote Financial Literacy...