Today, on lesson 1 of the financial literacy series I learnt some terms used in the financial realm, the importance of financial literacy to me as an individual and to my business.
Financial literacy means the knowledge of money and how to use it. Some of the reasons to gain financial literacy are, but not limited to independence, security, informed decision making and compliance with the law.
Some importance words to know include income, expenditure, savings, bank, investment, budget, economy, share market, interest and taxation.
It's importance for individuals to have financial literacy for personal asset management and family asset management. Businesses owners need financial literacy to be able to make sound decisions concerning their businesses that include founding and operation costs, sustainability and scaling up.
