Learning the fundamentals of money can equip you with the knowledge and tools to reduce stress around money and properly prepare for your financial future. Money is a part of everyday life and requires continual decision-making. As such, the earlier you learn, the better off you and the bigger impact this information can have on your life.
Financial literacy entails having a solid understanding of money management so you can learn the skills needed to handle financial matters and make good decisions when creating a budget, saving and investing money, managing debt and paying taxes.
The consequences of not being financially literate can be costly. In fact, Americans estimated they lost an average of $1,819 in 2022 due to lack of knowledge about personal finances, according to a study by the National Financial Educators Council*.
In addition, financial education can help develop improved self-esteem, sound judgment, self-discipline and self-reliance.
This assignment has been designed to help you learn the basics of personal finance. We have chosen the books, Personal Finance Made Easy for Young Adults and The Infographic Guide to Personal Finance for you to read. You are being asked to read a certain number of chapters each week from each book; we anticipate that the assignment should take about an hour each week. Once you have read the materials as outlined below, please share the following with someone:
The most interesting or surprising thing you learned from the reading.
At least one question or additional information you are interested in learning about after reading the information in the assignment.
Week 1:
Personal Finance Made Easy for Young Adults: Preface, Intro & Chapter 1
Infographic Guide to Personal Finance: N/A
Week 2:
Personal Finance Made Easy for Young Adults: Chapter 2 & Chapter 3
Infographic Guide to Personal Finance: Pages 16, 17, 62, 63 on Debt, Pages 14, 15, 18, 19, 28, 29, 38, 39, 42, 43, 46 and 47 on Budgeting
Week 3:
Personal Finance Made Easy for Young Adults: Chapter 5, Extra Credit: Chapter 6
Infographic Guide to Personal Finance: Pages 40, 41, 64, 65, 67, 68, 69, 70 and 71, Extra Credit: 54 and 55
Week 4:
Personal Finance Made Easy for Young Adults: Chapter 7 & Chapter 8
Infographic Guide to Personal Finance: Pages 20, 21, 50 and 51
*https://www.cnbc.com/2023/01/19/heres-how-much-people-say-lack-of-financial-literacy-cost-in-2022.html