We begin with the many benefits of financial literacy, of avoiding expensive mistakes & of establishing healthy financial habits early. Meet your older selves, totally dependent on your money choices & actions.
Financial wellness requires the ability to distinguish between what’s necessary vs. just nice to have. Understanding the difference between needs & wants, plus the value of trade-offs & opportunity costs is critical.
We choose against something every time we spend money. It's just that without financial goals, we don't know what we're giving up. Declare & organize money goals, break down into a plan & track progress.
You can't have your money and spend it all too. Learn the connection between self-control, delayed gratification & success - financially & in life. Today's willingness to sacrifice can lead to bigger things later on.
Understanding emotional vs. rational spending decisions is key. Our value is not in what we own, what we wear, or what we drive. Comparing our possessions to others on social media is no indicator of self-worth.
That paycheck doesn't belong only to you. The difference between gross & net includes the harsh reality of taxes & other deductions. Learn too the general connection between salary, lifetime earnings & education level.
The first rule of successful budgeting: learning to live within our means.
Learn how to create, manage & balance a monthly budget; which expenses get priority & how trade-offs can help reduce expenses.
Healthy budgeting habits help us make progress financially. Some expenses add value, while others decidedly do not.
How can we anticipate & prepare for the unexpected expenses that life throws at us?
The valuable habit of saving helps fund financial goals and also serves as an insurance policy of one. Good savers have habits in common including tracking spending & avoiding routine money wasters.
Debt has become an American epidemic. Understand how credit works, about interest rates & the true cost of buying with credit.
A credit rating is your money report card: providing us either future opportunity or long-term problems - our choice.
To wrap-up, meet people who have achieved financial success and how, challenge ourselves to use what we've learned to avoid being a statistic & look at the magic of compounding to show that small, disciplined actions can grow over time as motivation.
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