Financial independence for a layman is not being dependent on any one for finance i.e. money.
Financial literacy is having knowledge to make decisions for your money like savings, investments, insurance, taxes etc.
We all take good education and start earning. What do we do with the income that we receive? Use it for our expenses, keep some as savings, buy something we like on EMI’s and so on.
I think it’s important to have financial literacy to make better decisions about your hard earned money for a better future.
What if:
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we lose our job how can we and our family survive
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We or any of our family member gets hospitalized, the hospital expenses
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We face loses in our business or clinic or hospital
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We have children, their future, education etc.
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We get retired
Are you prepared for all this and many more financial challenges?
Start thinking about it before it’s too late
According to me, giving financial education to everyone in school and college as part of the curriculum is very important.
Do you think you are financially independent and at the same time financially literate?
MBH/PS