Financial Literacy
Financial Literacy is a skill like any other. It is the abiility to read financial texts, understand it and subsequently make better decisions.
There is no substitute for financial education but based on my research, many people are out to make it seem like it is much harder than it is. What we want to do is to simply create, grow and protect our money but it sometimes feels like there is an information hurdle to jump. It is important to consistently read about finance. See below for some resources. Please let me know if you have any suggestions that can support others. |
How many books have you read about your finances?
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Those who are more financially literate are more likely to invest in the stock market and pay attention to fees, to borrow at low costs, to accumulate retirement wealth, and to diversify risk (Global Financial literacy Report, July 2017)
Your Money Checklist: Starting from scratch
- Invest in your financial literacy (what will your read/watch regularly about money)
- Set a Money goal
- Calculate your net worth
- Plan how much you want to allocate to savings & investments
- Build a 3-8 Month cash emergency fund
- Save for planned expenses using savings pots/sinking funds
- Start a Pension
- Get a Money Accountability Partner, someone you can speak to freely
- Do a monthly financial check (block the time in your calendar)
Other things to get at when you have completed the above
- Have appropriate insurance (Wills, Life insurance, income protection)
- Invest in the stock market
- Know your credit score
- (if this is part of your own goal) Own a home and aim to pay it off by the time you retire
- Control your debts
- Diversify your investments
Deep dive into your money goals
What are the milestones of financial success? What could it feel like or look like. I use the interactive Financial Success Map to help me assess how I am doing with my money goals.
Videos
How I helped a friend budget better
This video shows you a very simple way to set up your budget WHAT SHE SAID: I love how you’ve simplified my money, I’ve set up all my standing orders, my new council bill arrived and am paying £3 extra 😏but I easily amended things - Sarai |
How to calculate your networth easily
This video shows a very simple way to calculate your networth. |
Are you ready to live for 100 years?
In this video, the authors of the 100 year life discusses how our views on retirement and old age need to change to accommodate a longer life. |
Design your own Money Map
I tapped into research and my personal experience and I have designed an interactive financial success map lets me assess how I am doing with my money goals.
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Books
Earn More
Do you dread the idea of negotiating, but know that it can make a huge difference in your life? Do you want to learn how to negotiate your pay effectively and confidently, without spending hours on preparation? If so, this book is for you.
Do you dread the idea of negotiating, but know that it can make a huge difference in your life? Do you want to learn how to negotiate your pay effectively and confidently, without spending hours on preparation? If so, this book is for you.
Your money basics
This was the first book I read about money. It is easy to read and is typically the first step many take to learning about finance. Reorganise your life for old age
A highly forward thinking book that challenges the way we think of ageing today. It calls for changes in our mindset, corporate schemes and government initiatives to provide a more realistic approach to ageing gracefully. |
Step by Step guide to Financial Freedom
Another useful resource to learn about the basis of developing a solid financial foundation. How to design a world with women in mind
This book opened my eyes to see the ways the world discounts the female experience, in finances, employment, war, government, urban planning and more. A true advocate of diversity at all levels of society to create a common good. |
You Must have a Spending Plan
A spending plan is the most significant way to develop positive money habits and is the map to your rich life. |
🤷🏽♀️ In one of my workshops, I found that 90% of the women in attendance did not have a spending plan.
🤦🏽♀️ It is no wonder that some of them, “ Hated money Found it hard to set money boundaries with family Kept seeing zero balance in their account Did not know how to manage price increases Felt deep shame about their choices Were hoping I had magical answers to cure “ Simply put, "Wealth is by definition money not spent" - Bigger Money Podcasts And 👉🏽 Serious businesses and wealth builders always plan their spending in advance. SO, When creating your spending plan, ✍️Write it down on a paper or in an excel 🙅♀️ DONT Do it in your head as this is a trap that will give your a false sense of control that won’t work for you. There is a reason individuals, businesses, governments create business plans and investment plans. Invest in you and make one. If you use an App, write it out first on paper and excel then adjust on the App. |
Download your spending plan today and move from 'lost' to 'in control'. With this spending plan you,
- Give your money a purpose
- Make tradeoffs that meet your goals
- Monitor your Debts
- Build financial confidence
- Make positive decisions about future you
- Map to your goals and values
Apps
Digital Money Management
Manage your finances on the go PLUS get a full list of apps, websites on where to save, invest, shop for savings accounts and more.
Big Money Stories
A Story of a Fuck Off Fund by BY PAULETTE PERHACH
A mother who wants to make her child a millionaire BY JP Livingston
Disclaimer
The content on WealthSquats are my own thoughts and is not financial advice. Consult certified financial experts to get information that is suitable to you.
The content on WealthSquats are my own thoughts and is not financial advice. Consult certified financial experts to get information that is suitable to you.
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