6 ways to help improve your financial literacy (2024)

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Annuity contracts and group annuity contracts are issued by Athene Annuity and Life Company (61689), West Des Moines, IA, and Athene Annuity & Life Assurance Company (61492), Wilmington, Delaware, in all states (except New York), and in D.C. and PR.Annuity contracts and group annuity contracts are issued by Athene Annuity & Life Assurance Company of New York (68039), Pearl River, NY, in New York state.Payment obligations and guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company.Insurance products may not be available in all states.These companies are not undertaking to provide investment advice for any individual or in any individual situation, and therefore nothing in this should be read as investment advice. This material should not be interpreted as a recommendation by Athene Annuity and Life Company, Athene Annuity & Life Assurance Company, Athene Annuity & Life Assurance Company of New York, or Athene Securities, LLC.Please reach out to your financial professional if you have any questions about insurance products and their features.

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Reinsurance contracts are entered into with Athene Annuity and Life Company (61689), West Des Moines, IA; Athene Annuity & Life Assurance Company (61492), Wilmington, Delaware; Athene Annuity & Life Assurance Company of New York (68039), Pearl River, NY; Athene Life Re Ltd., Hamilton, Bermuda; and Athene Annuity Re Ltd., Hamilton, Bermuda.Not all reinsurance products or structures offered are available in all jurisdictions.Reinsurers may not be licensed in all states.All transactions are subject to meeting a reinsurer’s underwriting requirements.Reinsurance products are not protected or guaranteed by state insurance guaranty associations or insolvency funds.

6 ways to help improve your financial literacy (2024)

FAQs

What are the 5 ways to be financially literate? ›

The 5 components of financial literacy. There's plenty to learn about personal financial topics, but breaking them down can help simplify things. To start expanding your financial literacy, consider these five areas: budgeting, building and improving credit, saving, borrowing and repaying debt, and investing.

How do I improve my financial literacy? ›

Six ways to improve your financial literacy
  1. Read books and educational material. ...
  2. Take online courses. ...
  3. Follow financial blogs and news. ...
  4. Attend workshops and seminars. ...
  5. Use financial apps and tools. ...
  6. Seek advice from professionals.
Apr 15, 2024

What are the 4 steps to financial literacy? ›

Key steps to attaining financial literacy include learning how to create a budget, track spending, pay off debt, and plan for retirement.

What are three of the 7 components of financial literacy? ›

Key Components of Financial Literacy
  • Budgeting. Controlling overspending and making conscious choices about where your money goes are crucial for building financial stability. ...
  • Saving. ...
  • Investing. ...
  • Managing Debt. ...
  • Building Credit.

What are the 3 keys to financial literacy? ›

Three Key Components of Financial Literacy
  • An Up-to-Date Budget. Some tend to look at the word “budget” as tantamount to the word “diet,” but at its most basic, a budget is just a spending plan. ...
  • Dedicated Savings (and Saving to Spend) ...
  • ID Theft Prevention.

How to grow financial literacy? ›

6 ways to improve your financial literacy
  1. Subscribe to financial newsletters. For free financial news in your inbox, try subscribing to financial newsletters from trusted sources. ...
  2. Listen to financial podcasts. ...
  3. Read personal finance books. ...
  4. Use social media. ...
  5. Keep a budget. ...
  6. Talk to a financial professional.

How do I make my own financial literacy? ›

How to be more financially literate
  1. Learn about money matters. ...
  2. Use financial management tools. ...
  3. Ask for advice. ...
  4. Learn to budget. ...
  5. Determine your credit score. ...
  6. Understand debt and loans. ...
  7. Invest in retirement.
Aug 18, 2024

How to improve financial status? ›

7 Money Management Tips to Improve Your Finances
  1. Track your spending to improve your finances. ...
  2. Create a realistic monthly budget. ...
  3. Build up your savings—even if it takes time. ...
  4. Pay your bills on time every month. ...
  5. Cut back on recurring charges. ...
  6. Save up cash to afford big purchases. ...
  7. Start an investment strategy.
Jun 27, 2023

What are the six principles of financial planning? ›

Watch to learn about six personal finance topics that can have a big impact on your life: budgeting, saving, debt, taxes, insurance, and retirement.

What are the 5 main areas of personal finance? ›

What Are the Five Areas of Personal Finance? Though there are several aspects to personal finance, they easily fit into one of five categories: income, spending, savings, investing and protection. These five areas are critical to shaping your personal financial planning.

What are the 5 steps of financial literacy? ›

What are the 5 steps to financial literacy for beginners?
  • Step 1: Control Your Money. This might be the most important part of financial literacy. ...
  • Step 2: Start Saving Regularly. ...
  • Step 3: Get Out of Debt. ...
  • Step 4: Look at Your Credit Score. ...
  • Step 5: Set Some Financial Goals.
Dec 26, 2023

How to enhance financial literacy? ›

7 Ways to Improve Your Financial Literacy
  1. Step 1: Do your research to gain money smarts. ...
  2. Step 2: Understand your banking options. ...
  3. Step 3: Learn the basics of budgeting. ...
  4. Step 4: Check your credit. ...
  5. Step 5: Understand the true cost of debt. ...
  6. Step 6: Lifelong learning is key to financial literacy.

What are the big 3 financial literacy questions? ›

Table 1 The “Big Three” financial literacy questions
  • Suppose you had $100 in a savings account and the interest rate was 2% per year. ...
  • Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. ...
  • Please tell me whether this statement is true or false.

What is the 50 30 20 rule for financial literacy? ›

The rule targets 50% of your after-tax income toward necessities, 30% toward things you don't need—but make life a little nicer—and the final 20% toward paying down debt and/or adding to your savings.

What are the 5 steps to take to accumulate personal wealth? ›

Follow these five steps to get started on your generational wealth building journey:
  • Step 1: Pay off Debts. Think of debt as missed opportunity. ...
  • Step 2: Buy a House. ...
  • Step 3: Start Long-term Investing. ...
  • Step 4: Put an Estate Plan in Place. ...
  • Step 5: Share Your Financial Wisdom.
Mar 19, 2024

What are the three C's in financial literacy? ›

Students classify those characteristics based on the three C's of credit (capacity, character, and collateral), assess the riskiness of lending to that individual based on these characteristics, and then decide whether or not to approve or deny the loan request.

What are the 5 qualities of money and explain each one briefly? ›

The characteristics of money are durability, portability, divisibility, uniformity, limited supply, and acceptability. Let's compare two examples of possible forms of money: A cow. Cattle have been used as money at different points in history.

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