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Word of the Day: Financial literacy
We all need it, and very few of us have it.
How would you rate your level of financial literacy?
Financial literacy is knowledge concerning financial skills, including personal financial management, budgeting, and investing.
Do you feel you know enough about making, saving and spending money to make wise decisions that will affect you for the rest of your life?
No?
Join the club.
In my humble opinion, all of us have been given insufficient financial literacy.
We can all read, write, and do the math, of course, but most of us cross our fingers and hope for the best regarding compound interest, financial hedging, or retirement planning.
Most of us know the basics of how money works.
We get it, and we spend it, mostly faster than we get it.
Between the getting and the spending, some of us can add an extra step called saving, but most of us don’t really know how to make our money work for us.
That’s the secret, and that’s why we all need a better level of financial literacy.
Flesch-Kincaid Readability Test
This post is understandable by someone with at least a 7th-grade education (age 12).
On the Flesch-Kincaid reading-ease test, this post scores 78.
The easier a passage is to read, the higher the score on a scale of 0 – 100.