Financial Literacy

"It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for." - Robert Kiyosaki

Understanding and mastering the knowledge of finance is a lifelong learning. One of the most common terms in Finance courses is Financial Literacy. What is Financial Literacy? It is the ability to understand financial components such as financial planning, investing and budgeting and to use the skills to make important financial decisions in life.

Women & Money Sense

Often, women have less money sense compared to men because women have less access to financial education and resources compared to men. Hence, financial literacy for women is particularly crucial because we face unique challenges and circumstances that can impact our financial well-being. Some difficulties that we face include wage disparities, career interruptions due to caregiving responsibilities and discrimination which can make financial planning and saving more difficult.

Financial literacy for women can involve learning how to negotiate salaries and benefits, understanding the importance of retirement planning, and knowing how to invest and manage money to build long-term wealth. Financial education can also include understanding financial concepts like credit scores, interest rates and taxes. Not only that, it is also important to raise awareness and help women to recognize and avoid financial scams and frauds. With better financial literacy skills, women can gain more control over their financial lives, make wiser decisions about their money and to help us achieve financial stability and security.

Financial Literacy Quotes

Formal education

will make you a living;

self-education

will make you a fortune.

-JIM ROHN-

You must gain control over your money or the lack of it will forever control you.

-Dave Ramsey-

It's not your salary that makes you rich, but your spending habits.

-Charles A. Jaffe-

Financial peace isn't the acquisition of stuff. It's learning to live on less than you make, so you can give money back and have money to invest. You can't win until you do this.

-Dave Ramsey-

Never spend your money before you have it.

-Thomas Jefferson-

The best investment you can make is in yourself.

-Warren Buffett-

Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort.

-Franklin D. Roosevelt-

It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.

-Robert Kiyosaki-

Don't work for money; make it work for you.

-Robert Kiyosaki-

Try to save something while your salary is small; it’s impossible to save after you begin to earn more.

-Jack Benny-

The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind.

-T.T. Munger-

Do not save what is left after spending, but spend what is left after saving.

-Warren Buffett-

Financial Literacy Related Books

Rich Dad Poor Dad by Robert T. Kiyosaki

Highlights: Emphasizes the importance of financial education, asset accumulation, and passive income generation. Contrasts the money mindset of a wealthy father (rich dad) with that of a poor father (poor dad).

The Total Money Makeover by Dave Ramsey

Highlights: Advocates for getting out of debt, living within your means, and building wealth through disciplined saving and investing. Offers a step-by-step plan for achieving financial freedom.

The Millionaire Next Door by Thomas J. Stanley and William D. Danko

Highlights: Explores the habits and characteristics of America's wealthy individuals, challenging common perceptions of wealth. Emphasizes frugality, hard work, and smart financial decisions as keys to building wealth.

The Automatic Millionaire by David Bach

Highlights: Proposes the idea of "paying yourself first" by automating savings and investments. Advocates for the power of compound interest and small, consistent actions over time to build wealth.

I Will Teach You to Be Rich by Ramit Sethi

Highlights: Provides practical advice for young adults on how to manage money, invest wisely, and achieve financial goals. Focuses on optimizing spending, automating finances, and negotiating for better deals.

Think and Grow Rich by Napoleon Hill

Highlights: Explores the mindset and psychology of success, emphasizing the importance of desire, faith, and persistence in achieving wealth. Outlines principles for harnessing the power of the subconscious mind to attain financial success.

The Richest Man in Babylon by George S. Clason

Highlights: Presents financial wisdom through parables set in ancient Babylon, teaching timeless principles of wealth accumulation, frugality, and sound money management. Emphasizes the importance of saving and investing for the future.

Your Money or Your Life by Vicki Robin and Joe Dominguez

Highlights: Challenges the conventional notion of wealth and proposes a holistic approach to financial independence and fulfillment. Encourages readers to examine their relationship with money, prioritize values, and achieve financial freedom through mindful spending and investing.

The Little Book of Common Sense Investing by John C. Bogle

Highlights: Advocates for passive index investing as a simple and effective strategy for long-term wealth accumulation. Emphasizes the importance of low-cost investing, diversification, and staying the course amidst market fluctuations.

Women & Money by Suze Orman

Highlight: A comprehensive guide to financial empowerment for women, offering practical strategies, insights, and encouragement to help them achieve financial security and independence.