A key element to the work of World Academy for Innovation and Entrepreneurship (WAIE) is financial wellness and generational wealth creation. Financial wellness comprises the importance of financial literacy and has to do with your relationship with money. It refers to how secure your money is, given all the variables involving an unknown future.
One of our strategic partners, Numbers Don’t Lie, CPA, has written a guest post to provide our community with insights on why financial literacy is important. Numbers Don’t Lie, CPA, is a Black-owned business that specializes in accounting and tax preparation services for a wide variety of clients. Their services include:
- Tax return filing and tax planning for individuals, partnerships, and corporations
- Bookkeeping and financial statement preparation
- Excise tax and quarterly payroll tax filing
In these economically uncertain times, financial wellness has never been more important than it is today. Whether you’re building a safety net for basic living expenses, putting money to the side for retirement, or saving for your children’s college tuition, it all starts with planning. Here are a few things you can do today to get started:
1. Write down your financial goals —
Speak success into existence by making a list of what you want to accomplish financially, and sticking with it.
2. Develop a debt payoff strategy —
Whether it’s credit card debt, student loans, or other things holding you down, strategize on how you can pay off hefty liabilities so you can focus on increasing your assets.
3. INVEST —
If you want to build sustainable income, it’s important to have multiple streams of revenue. The stock market is a great place to start. Over the last 50 years, the average annual return on the S&P 500 index is 10%. When you compare that to the 2% return that most savings accounts offer, this is a no-brainer.
Securing your financial future is a part of the importance of financial literacy and is not as far away as you may think. For more financial tips, subscribe to our newsletter at www.numbersdontliecpa.com.