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Financial Literacy, Explained – Let’s Break It Down

Let’s talk about financial literacy. You probably hear this phrase get thrown around all the time, but let me break it down for you. Financial literacy is the ability to understand and use different financial skills, such as budgeting and investing. When you become more financially literate, you get to keep more of your money. Financial literacy is the foundation that can help you achieve life goals, such as saving for education, preparing for your retirement, using debt responsibly and being an entrepreneur. Where do you begin?

Start your literacy journey by investing

Investing is one of the major keys to understanding and growing your finances. There are plenty of platforms out there that make investing accessible to regular people like you and me. Before, you had to call someone up, send them your money and trust that they would do the right thing – all while paying them a hefty commission. Now, you download an app on your phone, link your bank account and, voila, you’re ready to go.

Remember to do your research

Recently apps like Robinhood and TD Ameritrade began limiting the stocks that regular investors were allowed to buy. If that turns you off, there are so many platforms out there that are doing commission-free trading, such as TradeZero America, Fidelity and Vanguard. And if you’re looking for apps that help you save more money or prepare for retirement, check out Acorns and Betterment. I want to remind you: I’m not a financial advisor. So make sure that you do your research and find a platform that’s right for you.

It’s never too late to learn

It’s never too late to get financially literate and start saving for your future. If you want more financial literacy tips, follow Bold TV and GenBiz on all social media platforms.

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