How Financial Literacy Helps

By | January 14, 2018

The stock market has been among the things that have been fringing on obscurity for much of the ‘punter’ ever since it came into being in the 15 – 16 centuries. Investors have been generally perceived as gambling men, who speculate on things and make a ‘killing’ on the ups as well as downs of the market. It is true that most common people lack the basic information on how the markets work, and they lack the least bit of knowledge on the how’s, what’s, when’s, and many other factors that is involved in investing. With the lack of knowledge, many people plunge into the market like it was something in the nature of a sweepstake, where you depend wholly on luck. Investing without having the correct knowledge may not be as obviously idiotic as drive a car without knowing how, but it come quite close. Reading an item in the finance papers recently, it was in the nature of a pleasant surprise to discover that among the things most searched online by people are personal finance tips, stock market workings as well as ‘saving tips‘.

This means that while many people are in the dark about these aspects, they are extremely eager to know more, and use something that is most at hand, the internet! It is obvious that while there are numerous websites that provide excellent and exhaustive information on these subjects, these can not be followed word to word without understanding your financial situation yourself. So as far as personal finance tips go, it is suggested that you become financially literate at first, and then sort your finance worries ahead. Saving tips, well this is rather a shaky term and is often misused, as well as misunderstood by people since generations. Entire lifetimes, people have saved in the wrong way, and have suffered the consequences at an age when health is not at the peak. Putting all your money in the bank and relaxing, the be all and end all since ages is hardly advisable in our times when you see established names in banking collapsing like the figurative house of cards. If you think that if you are not an accountant, an investment banker or something to do with the finance sector, you do not need to know anything about finance, or its workings, the recent recession may have come as something of a shock. Money makes the world work, and although disparaged as the cause of many ‘evils’ by ignorant people, it is among the most crucial entities that are extremely important for human well being, in fact survival itself. The recession wreaked immense destruction, and made life a misery for millions of people who had no idea such a thing would happen. Personal bankruptcy statistics have reached never seen numbers. It is when many people found themselves made redundant in your job, or your business sees decreasing orders as well as supplies, that they got the idea that trouble was in the air. Retired people with the 401 (k)’s as their only ‘nest egg’, were in for a brutal shock.

Personal bankruptcy stats apart, the numerous small businesses that have collapsed are other examples. It is impossible and definitely foolish to suggest that anyone, even finance pundits could have foreseen the complete picture of what was coming, but the fact is that while the big industries as well as numerous multi millionaires got affected in many ways, it was the common people, the working class, the retirees that got the brunt of the calamity in more numbers and with more impact than the more affluent citizens. Many investors have made money in the recession; in fact they made it ‘by’ the recession. The downfall of the market did affect everyone, but it affected the prepared investors who had the financial know how notably less than others. The key to this is the basic fact that, while the ‘markets’ may seem like something in the nature of a capricious God figure whose temperament changes by the minute, this is definitely not the case. True, knowing the ups and turns of the markets in detail may be possible or even easy to the top notch experts, but for the common man it is an absolute impossibility. Even if you think you know everything, it is but certain that there will be something that bypassed your omniscient self! Joking apart, it is imperative that you understand what a smart investor does, and this is incredibly simple and applicable in life as well. A smart investor knows that information overload (dose!) is hardly the answer to handling the market. You know some things, other things you can not. The way to survival is hardly to know everything that looms in the future, but to have a basic understanding of how things work, and then to be prepared for what you can not predict in the future. This is the way it works, and how it should. ‘Options’ is the operative word. And true financial literacy will show you can deal with this. gives information on finance and banking sector including personal bankruptcy, understanding investment banking, borrowing credit, credit card consolidation, mortgage loans and even Saving Tips for a brighter future.

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