Financial Literacy is not a Jargon! Rather, it has become a necessity of today. People are in need, more than ever, to be aware of financial terminologies and how they are impacting your business and overall well being.
Marvin Nathaniel Smith JR, one of the very renowned credit consultants, has stressed on the importance of financial literacy on his website as well as on many other platforms. Before we understand why financial literacy is important, let’s see what Marvin shared on what being financial literate really means.
According to Marvin, financial literacy means establishing a feeling of control over your finances and making the life decisions with free choice. It also comes handy when you are going through the tough times in your life like job loss, unexpected car repair, old age, etc. In those times, financial literacy help you navigate through your life decisions.
Now coming to the topic about why everyone needs to be financial literate, Marvin Nathaniel Smith JR shares that when you are financially literate, you not only gain confidence to manage your money properly, but are also able to allocate the right amount to the situations in need.
Also, financial literacy help you be aware of potential frauds and take the right action immediately as soon as any such case arise. You would also be able to save diligently for things that matter to you, like a vacation or child education.
Some major actions that can contribute to being financial literate include:
- Regularly checking your credit score
- Contributing to your retirement savings
- Properly allocating percentage of your earnings to expenditure and savings, and so on.
You can reach out to him on any of the following media to get assistance on your credit queries: