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Financial Literacy by Mind Map: Financial Literacy
5.0 stars - 2 reviews range from 0 to 5

Financial Literacy

2. Defining your financial goal

Defining "financial freedom"

"SMART" goal-setting

Knowing where you stand

Knowing your environment

3. Budgeting

Boosting income

Controlling expenses

1. Being "financially literate"

Understanding the importance of financial literacy

Knowing what you know and what you don't know

Filling the gaps

5. Managing debt

"Good" vs. "bad" debt

Prioritizing repayment of expensive debt

Knowing when it's okay to use debt for investments

4. Dealing with life's uncertainties

Identifying possible future events that may destroy wealth and/or capacity to earn

Getting insured

Building an emergency fund

Improving your debt capacity

6. Investing

Understanding the relationship between risk and return

Distinguishing between "passive" and "active" investments

Understanding common types of (passive) investment products

Knowing the important aspects of investing: "SHORE"

7. Starting and running a business

Writing a business plan

Raising capital

Registering your business

Familiarizing yourself with the different aspects of running a business