Cosmic FOMO

Scarlett O’Hara’s “I’ll think about it tomorrow” postulate doesn’t work anymore. As the practice of recent years has shown, anything can happen tomorrow, and we, being smart people, should think about it today.What we’re on about? You guessed it. Financial literacy. In this article we’ll discuss this safety tool for everyone and outline what rational management of finances can give, and also — what NOT to do in order not to be a King instead of a Jack.Financial literacy: What’s it like?There is a popular belief that financial literacy is about spending wisely. But it’s not that simple. Yes, it is a great tool that will make your life more comfortable, but you will have to learn its basics and hone this skill for the rest of your life. It’s like drinking, eating, and sleeping for maintaining physical health and reading books, resting and doing your favorite things for mental health.Elements of financial literacy:- Financial management- Budgeting- Investing and evaluating financial products- Everything else related to moneyThe global idea of the entire financial literacy concept consists of one simple but very important skill: making rational financial decisions. We’d like to emphasize the word “rational” in this case &#x1f642;It seems simple, but it’s kind of not.In order to make these rational decisions, you need to follow a few guidelines:<ol><li>Don’t make stupid and obvious mistakes</li></ol>Don’t take a loan without having a permanent source of income. Don’t mortgage your only property. Don’t invest in a place where you can withdraw money only in 10 years. Don’t take a loan without paying attention to the interest rate. Don’t put everything on the line in the hope of a bright future.2. Be prepared for emergenciesEverything is well today and you’re riding the wave, but tomorrow there could be a crisis. Sooner or later it is bound to come, that’s life. Job loss, downsizing, global economic crisis, the next pandemic, illness (heaven forbid), anything. you never know what awaits you around the next corner, and you have to be prepared for it.3. Change the quality of your life for the betterWe understand that you don’t want to think about bad things all the time, but financial literacy also helps you realize your dreams and expand your horizons. Travel, the opportunity to try to open a business or any other goal you set will be available if you handle your finances skillfully.4. Be confident in the correctness of your decisionYou are unsure of what to do and where to spend your money. You are afraid to make a mistake and not to make a profit. Financial literacy will help you avoid mental anguish, correctly assess the risks and accurately make the right investments. Even if it doesn’t work out, you won’t cry into your pillow, because you’ll be ready for such a turn.We hope we’ve convinced you of the necessity of introducing this important “guarantor of security” into your life. Financial literacy can become both gran’s piggy bank in case of trouble, and a magic wand that fulfills any dream. Not without your presence, of course, but without rose-colored glasses and with full confidence that you’re doing everything right.To learn how to take your first steps towards financial literacy, you are welcome to read other articles and subscribe to our <a href="https://t.me/CosmicFOMO_Channel_en" rel="noopener noreferrer nofollow">Telegram channels</a>.

Financial Literacy: Granny’s Rainy Day Piggy Bank or Magic Wand?

Cosmic FOMO

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