Financial literacy refers to the ability to understand and manage personal and business finances effectively. It includes knowledge of budgeting, saving, investing, debt management, and financial planning. Being financially literate helps individuals make informed financial decisions, avoid financial pitfalls, and work toward financial stability and wealth creation.
Some key aspects of financial literacy include:
- Budgeting – Tracking income and expenses to ensure financial stability.
- Saving – Setting aside money for emergencies, short-term goals, and future needs.
- Investing – Understanding stocks, bonds, real estate, and other investment options to grow wealth.
- Debt Management – Handling loans, credit cards, and mortgages wisely to avoid financial strain.
- Financial Planning – Setting financial goals and creating strategies for long-term financial success.
- Taxation – Understanding tax obligations and strategies to minimize tax liability.
- Retirement Planning – Planning for financial security in old age through pension funds, retirement accounts, and investments.
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