What is Financial Literacy? Why Financial Education is important? Ep # 4/9

What is financial literacy? Or what does financial literacy mean?
Why is financial literacy important and how to become financially literate?

Mr. Smart will answer all these questions one by one. Firstly, let us define financial literacy.

Financial literacy is the ability to take SMART FINANCIAL DECISIONS which results in DESIRED FINANCIAL OUTCOMES. It is not about knowing the stats and complex financial concepts. Basic financial literacy is simply the ability to make the right financial decisions in personal finance. It is quite possible that a college dropout is more financially literate and successful than a Ph.D. or an MBA.

In fact, educational institutions focus only on scholastic and professional training. They do not teach what is financial education. These institutions do not fully honor the importance of financial education. That is the reason why so many brilliant physicians, engineers, accountants, lawyers, artists, and civil servants struggle in their financial life. They know how to earn money but they really don’t know how to manage money well. So, teaching financial literacy is entirely left to parents. Or the cold, practical world teaches the basic lessons of money in a hard way.

Why not to start educating yourself about money matters and learn these skills in a soft way. Otherwise, the rich will continue to get richer and the poor poorer. Watch the video to know more.

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💡10 Highly Recommended Books

1) "Rich Dad Poor Dad" by Robert Kiyosaki: https://amzn.to/2WTmCYu
2) “Rich Dad's Cashflow Quadrant” by Robert Kiyosaki: https://amzn.to/36LAWTX
3) “Fake Money, Fake Teachers, Fake Assets” by Robert Kiyosaki: https://amzn.to/2SbYjAx
4) “Increase Your Financial IQ” by Robert Kiyosaki: https://amzn.to/3aY7Zrb
5) “Before You Quit Your Job” by Robert Kiyosaki: https://amzn.to/36PRZUX
6) “The Real Book of Real Estate” by Robert Kiyosaki: https://amzn.to/37Qt70x
7) “Rich Dad's Guide to Investing” by Robert Kiyosaki: https://amzn.to/2RMRyWW
8) "The 4-Hour Workweek" by Tim Ferriss: https://amzn.to/2nrViAE
9) "The Lean Startup" by Eric Ries: https://amzn.to/2o9tiSG
10) "Eat That Frog: 21 Great Ways to Stop Procrastinating" by Brain Tracy: https://amzn.to/2mBY6uI

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💡 Recommended Videos:

1. What is Poverty & Poverty Line? What causes Poverty? Ep # 1/9
https://youtu.be/qc75P3iSIdE

2. Pay Yourself First Ep # 2/9
https://youtu.be/Tus1HetPXow

3. How to make money WITHOUT working 2020? LEARN how to make money WORK FOR YOU!
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5. Mind Your Own Business in Personal Finance! Learn how to make money WORK FOR YOU.
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6. US Income Tax History | History of Taxes in the United States Ep # 6/9
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7. How to AVOID paying high taxes? | TAX LOOPHOLES for the Rich | Examples Ep # 7/9
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8. Adopt Pay Yourself FIRST strategy & Learn How to Make MONEY Work for YOU | Financial
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https://youtu.be/zMVxkbDgqJs

9. Rich Dad Poor Dad by Robert Kiyosaki | Summary
https://youtu.be/pIbeOF0PV5g

10. How to Get Rich? Learn from Robert Kiyosaki's Biography | Rich Dad Poor Dad
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Видео What is Financial Literacy? Why Financial Education is important? Ep # 4/9 канала Mr Smart