Why is it important to have financial literacy? - Marvin Germo

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Why is it important to have financial literacy?

By: Marvin Germo | April 6, 2021

I’m glad that more and more Filipinos are willing to invest right now than in the past years. Truly, this pandemic has taught us a lot of things about our financial stability. Without savings, it’s a struggle to survive in times like this. Without emergency funds, you will need to work despite the danger outside. Without extra money to pay for your needs while you are on leave, you will be forced to look for other jobs despite the virus.

Financial literacy is important and if you are in your 20s, it’s important to plan your strategies to save and grow your money. If you are aware of your own finances, you will know how to manage your money. You will know when to save and spend. Financial literacy will help you discover more about the importance of saving money.

Financial awareness

Financial literacy is financial awareness. If you are knowledgeable about finances, you will know the ins and outs when you face money problems. You will become aware of the potential financial problems. And, if you know what might arise from a given situation, it’s easier to formulate your strategies to find the solutions. Financial literacy will help manage your life in general. To have a Bitcoin Wallet click here. 

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Strategies to save

If you have financial literacy, you will know the effective strategies to save. Let me tell you this again—there’s no correct formula in terms of saving and investing. It’s either you learn the strategies firsthand or you learn from the experience of other people. Strategies are important when you are saving. It’s difficult to just deposit your money in the bank without plans and goals. You need plans on how to regularly increase your savings. You need goals so you can be motivated to save more. Your plans and goals should be aligned so you can effectively formulate your saving strategies. To have a Bitcoin Wallet click here. 

Relief in times of financial struggle

When you are financially literate, you will not panic when there is a crisis or economic problem. Instead, you will be relieved because you have been financially aware of your financial status even before the crisis happened. With financial literacy, you will know how and when to prepare. Whether there is a financial struggle or not, you will be ready for anything that might happen. Relief in times of struggle is guaranteed when you are financially prepared. You will be stress-free when a pandemic like this hits in the future.

How to gain your financial literacy

There are quite a lot of ways to be financially literate. You can read books, watch Youtube videos, attend webinars and seminars, and get a coach. This is the best time to learn more about money and finances. Since we are still in midst of the pandemic, online resources are still accessible and most of them are free. If you are not confident yet with your knowledge about money in general, start now! Don’t wait for another year to start learning. With knowledge, you will certainly earn money in the future to come!

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