Posted by & filed under Personal Finance.

Description: 4 things you can do to improve your financial literacy. 

Source: thebalance.com

Date: April 16, 2021

Link: https://www.thebalance.com/improve-financial-literacy-5179386

 Questions for discussion:

  1. “Knowing how financial concepts work is one thing—confidently interacting with them is quite another”. As you embark on your financial journey, think of at least 3 financial concepts that you struggle with, and would want more confidence in?
  2. How does the emotional connection with money interfere with money management?  

Financial Literacy Video

Description: This 16:16 minute video discusses the basics of developing financial literacy in order to develop financial goals and sound financial planning for the future

Source: izzit.org

Date: April 6th, 2020

Link: https://www.youtube.com/watch?v=4j2emMn7UaI

 

Assignment:

MC Questions:

1.  Comparative advantage when it comes to financial planning means

  a. Being better than everyone else in everything one does

  b. Being better on one skill than others 

  c. Figuring out what you enjoy doing that others value highly

  d. Developing a financial plan that is better than having no plan in place

2.Which one of the listed elements is not part of developing financial literacy as discussed in the video?

  a. Income

  b. Assets

  c. Liability 

  d. Record Maintenance

3.When it comes to managing debt it is important to remember which one of the following?

  a. All debt is to be avoided at all costs

  b. Buying something with credit is acceptable if it gives you inner satisfaction

  c. Using credit to buy an asset is good versus using credit to consume something when you do not have the money

  d. Debt will always be part of your financial life so learn to live with it.

4.The greatest gift a young person can give themselves early on is _______________

  a. Avoiding credit card debt

  b. Building a savings account

  c. Managing their bank accounts wisely

  d. Getting the best quality education

5.The single most important reason why a lot of people do not develop financial literacy is 

  a. Because they are afraid they will make mistakes

  b. Because they are afraid they will sound stupid or do not know anything about it

  c. Because society teaches us to avoid the topic of money

  d. Because financial planning is a difficult topic 

 

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