Financial literacy the ability to use and understand the value of money. Core concepts of financial literacy include planning for retirement, living within your means, and preparing an emergency fund.
Understanding how your money can work for you is a key part of preparing for life as an adult and ensuring you are set up for success.
Money saving tips for everyone!
1. build a budget and stick to it create a new budget
2. reduce the number of streaming services
3. stop duplicating accounts or monthly subscriptions
4. stop wasting money on fast food
5. meal prep cook at home instead of eating fast food everyday recipes
6. shop non brand name items
7. pay attention to your bills and pay them on time
8. necessity vs luxury, pay attention to what you need vs what you want
Avoid Scams
Use sites with SSL
Verify authenticity
check reviews and ratings others may have had issues in the last
If it sounds too good to be true, it probably is
look at the return on investment and ask others if the stock performs well
Terms
Annual Percentage Rate (APR)- a predetermine interest rate that is applied your monthly balance.
high yield savings- a savings account that earns interest at a higher rate based on beginning balance or APR.
certificates of deposit- a type of investment with zero risk and minimal reward.
401k- individual retirement account that has two types; Roth and traditional.
day trading- buying and selling ETF or stocks in a short time period based on price and quantity of stock