If you’re a businessperson, it’s important to have some basic finance knowledge. This means being familiar with accounting, the basics of finance, and how to allocate capital over time. Having some basic knowledge of these areas will
help you make informed business decisions. This course will teach you the basics of finance and how to apply that knowledge to make the right financial decisions.
One of the most basic personal finance basics is having an
emergency fund. You should understand your paychecks and how your money works, and you should know your social security and medicare benefits. Understanding taxes is also an important part of basic financial knowledge. In the event that
you get laid off, your emergency fund will come in handy. You should also know what kind of insurance you need and how to use it to cover your expenses.
Financial literacy is an important skill that can benefit anyone throughout
their lives. It can help you manage your money, save money for retirement, and make sound decisions. Financial literacy also translates to confidence and trust. While Americans could always improve their financial literacy, there has
been significant progress in recent years. According to the 2020 TIAA Institute-GFLEC Personal Finance Index, people in the U.S. are able to answer questions about saving, debt management, and investment risk.
Aside from improving
your financial knowledge, financial literacy also helps you build your credit score. Having a high credit score will allow you to get lower interest rates and other money-saving perks. Moreover, it will also allow you to choose from a
variety of financial products and offers.