What is Financial literacy? “‘The ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.” (2008 Annual Report to the President)'”PBS.org
“For a lifetime of financial well-being,” really sticks to my mind when I think of financial literacy. What am I doing today to prepare for my lifetime? Although I have a better understanding of my finances today, it wasn’t always this way. I’m sharing how I’ve been able to become more financially literate.
Why is financial literacy important?
As a Latina, I feel the urgency to have a handle on this topic. The very basic financial literacy concepts start with opening and managing a bank account, understanding the importance of credit, and of course including home ownership. It’s important because the future of our U.S. economy depends on us. We have to get this right!
About 70% of Hispanic and Latina women between ages 25 and 54, have a job or are looking for one. And with a median age of 29 years, almost a decade younger than the average US woman, Hispanic women’s earning power has a lot of room to run.
DePillis, CNN Business, 2019
We know financial literacy is important but how do we begin to learn about finances? I’m sharing several ways I’ve learned about finances. #howshedoesit #ontheblog #financialliteracyTweet
Ways to learn financial literacy
- Hands-on learners. There’s nothing better than an in-person event on financial literacy, empowerment, and action. It was challenging to find public events in the Stockton, California area. If you know of any, please comment here! For now, you can catch me at the Wealth Empowerment Summit in April 2020.
- Audio learners. There are many videos and podcasts to listen and learn. I found the Hispanic Wealth Project video series very helpful to build a foundation of financial literacy. Start here with an overview of the Hispanic Wealth Project. Then watch the first video in this series, Have A Mature Understanding Of Wealth And Prosperity.
- Visual learners. I really like looking at info in an easy to understand format. Wealth 101 does this perfectly. Take a look at the infographic, The Financial Literacy Problem.
How are you building financial literacy?
Let’s share more ways to learn financial literacy! Would you be interested in a financial literacy workshop in Stockton, California? Let me know!