Achieving financial literacy is crucial to managing your money. Because state institutions don’t put much emphasis on financial education, many are forced to educate themselves on financial management and learning the basics of how money works, how to invest, save and budget.
Fortunately, the Smartvestments series brought to you by Your Friendly Crypto Exchange is a good place to start your financial literacy journey. Becoming financially literate when it comes to good investments will help you save money for your life goals, save yourself from a life of debt, and plan for your retirement, so continue reading to learn the ropes.
Why is financial literacy an essential part of success?
Many people assume they lack the financial skill to invest in their future and get discouraged, but financial literacy can be achieved through self-education. It doesn’t matter how old you are or what circumstances you find yourself in, it’s never too late to learn how to make good financial decisions. The best time to start is today.
Benefits of financial literacy:
- Helps you make good financial decisions
- Teaches you to manage your money
- Helps you pay off debt or ensures you don’t land up in debt
- Allows you to reach your financial goals
- Reduces anxiety and stress regarding finances and financial decisions
- Helps you select an investment or savings strategy that works best for you
- Supports a positive lifestyle, good mental and physical health
What can hold you back on this journey?
There are many obstacles on the way to financial literacy and being aware of them and how to overcome them is crucial to achieving your end goals.
- A lack of educational resources
Growing up, almost no person has received the right education regarding finances, which is ironic because the entirety of adult life seems to be built around money. Fortunately, there are many resources available to make up for these educational system shortcomings. IXFI Academy is a good place to start, with online courses, webinars, quizzes and expert panels to bring the right information to those in need.
- A lack of community to share experiences
A lack of immediate community with the same interests is also detrimental to your financial success and mental health. Looking for online groups of individuals who take similar interests in achieving their financial goals through the same means as you can be very beneficial. The IXFI Telegram group is a warm and friendly community of crypto enthusiasts who share experiences and learned strategies, so the opportunity to connect to like-minded people is possible through such groups.
- A lack of financial resources
It can be expensive to get access to the best courses and programs that teach you how to manage your money better, but there are plenty of free resources out there if you know where to look. With IXFI, we provide educational series through the IXFI Medium blog, such as Crypto Fundamentals for beginners, which covers the basics of crypto and investing. There is also, of course, the Smartvestments series which is designed to help you pave the way towards your own financial independence.
- A lack of support from loved ones
Those who don’t really understand what taking your finances into your own hands implies might be quick to judge or disregard someone on their financial freedom journey and it can be hurtful to not have your family’s or friends’ support. In these situations, it’s better to understand that they might not be as aware or open-minded as you are now, and looking to build relationships with others at your level is more beneficial than letting the lack of support bring your spirit down. Build your own community and share your interests with those who want to listen.
- Searching in the wrong places
With all the options in the world at your fingertips, it’s sometimes hard to distinguish reliable sources of information from malicious intent. The truth is, there are many out there who want to take from you and not provide anything back. That’s why it’s essential to search for help in the right places and avoid options that present obvious red flags.
One thing is obvious: financial literacy can do nothing else besides help you create better financial practices and a better future. Our goal at IXFI is to help you get there and be your guide every step of the way. Register now to get the most out of our advanced, secure and user-friendly crypto exchange.
Disclaimer: The content of this article is not investment advice and does not constitute an offer or solicitation to offer or recommendation of any investment product. It is for general purposes only and does not take into account your individual needs, investment objectives and specific financial and fiscal circumstances.
Although the material contained in this article was prepared based on information from public and private sources that IXFI believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and IXFI expressly disclaims any liability for the accuracy and completeness of the information contained in this article.
Investment involves risk; any ideas or strategies discussed herein should therefore not be undertaken by any individual without prior consultation with a financial professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal financial and fiscal objectives, needs and risk tolerance. IXFI expressly disclaims any liability or loss incurred by any person who acts on the information, ideas or strategies discussed herein.
