Learn more about moneyandinvestments with this collection
How to create a diversified portfolio
How to analyze stocks and bonds
Understanding the basics of investing
Financial Literacy Questions
A financially literate person should be able to answer these questions:
- How much are they earning after tax and after saving for retirement? Is it fair considering their education level and job title?
- Are they earning above sector median rates, below, or on par?
- How much goes to their retirement accounts?
- How much goes into their investments?
- What are the rates of return on their investments when benchmarked against an index like the S&P 500?
- What are their financial plans?
- Can they read a company's financial statement?
- Do they understand their tax benefits?
- Do they understand their retirement requirements?
- Do they have a plan for retiring?
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“A person can be highly educated, professionally successful, and financially illiterate.”
ROBERT KIYOSAKI
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Is Rich Dad Poor Dad Still Relevant to You for Financial Freedom? You Decide.
drwealth.com
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"There's no money in poetry, but then there's no poetry in money, either." ~ Robert Graves
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Financial Personalities
There are five different types of financial personalities, each of them having their own set of values and outlook towards money:
- The Big Spenders: The ones who place a high value in their possessions, and identify their worth with the things they can buy, at any cost.
Stick to your Circle of Competence
Charlie Munger once commented that "in order to disagree with somebody you must first understand their argument better than they do."
The most common way people lose money is to overestimate how clever they are and how much they know. Even after a fifty-year investing career, both...
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