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Financial literacy refers to the understanding of various financial areas including managing personal finances, money and investing. This knowledge is particularly important in planning for future and making informed decisions about financial products.
The key components of financial literacy include understanding how to save, invest and grow your money, as well as how to avoid scams and manage debt. It also involves the proficiency of financial principles and concepts such as financial planning, compound interest, managing debt, profitable savings techniques and the time value of money.
The lack of financial literacy can lead to making poor financial decisions that can have adverse effects on the financial well-being of an individual. Therefore, it is crucial to seek knowledge on financial literacy to build a strong foundation for money management.
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The Employee values security above all else. They hate the feeling of fear that comes with economic uncertainty. The Employee could be a janitor or a CEO - it is not what they do that's defining, but the fact that they seek the security of a long-term contractual agreement. The Employee tends to focus on income, not on assets and works within someone else's system to earn that income.
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Discover a new approach to wealth management and start with small steps that can eventually lead to substantial assets. Robert Kiyosaki, author of the...
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