By 2031, California is aiming to require financial literacy as a high-school graduation requirement.
Why? Well, just like basic arithmetic and reading comprehension, being financially literate is a necessity for adult life. And in today’s society, financial literacy has become increasingly relevant due to its ability to empower Americans to make smarter choices with their money. From learning how to save money to understanding how insurance works, being financially literate offers more security and more opportunities to all Americans.
Being financially literate, in a sense, is almost like a superpower. The ability to make informed and educated decisions when it comes to finances empowers you to never regret the choices you make. One of the main regrets many Americans have about saving and their future is that they wish they had started earlier. “The early bird gets the worm.” or in this case, greater financial security. Warren Buffet, CEO and co-founder of Berkshire Hathaway (with a net worth of 134.5 billion USD!!), started investing at the age of 11. While we all can’t achieve Warren Buffett's level of success, we can learn from his example: start early.
You might be wondering, “How do I start early?” or “Is it too late for me to start?” Don’t worry! It’s never too late to learn about money. If you want to become financially literate, keep reading!
In this blog, I will break down the basic concepts of financial literacy in an easy to understand format suitable for all ages, starting as early as middle and high schoolers. With topics such as budgeting, loans, insurance, investment, retirement, and much more, this blog will be your guide, teaching you how to use the superpower that is financial literacy.
Join me and all the other Money Monkeys on our journey to become financially literate!