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Financial Literacy by Mind Map: Financial Literacy
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Financial Literacy

2. Defining your financial goal

Defining "financial freedom"

"SMART" goal-setting






Knowing where you stand

"Strengths" vs. "weaknesses"

What you own (assets) minus what you owe (liabilities)

What you earn (income) minus what you spend (expenses)

Knowing your environment

"Opportunities" vs. "threats"

3. Budgeting

Boosting income

By working more ("sideline")

By investing

By investing in yourself, Further studies, Certifications, Training for new skills

Controlling expenses

Prioritizing needs over wants

Prioritizing saving over spending, Preparing for unforeseeable but necessary future expenses, Accumulating capital for investment opportunities

1. Being "financially literate"

Understanding the importance of financial literacy

Knowing what you know and what you don't know

Filling the gaps


Professional training

5. Managing debt

"Good" vs. "bad" debt

Understanding debt and interest rates

Shopping around for the best interest rates

Knowing when to borrow and when not to borrow

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

Understanding how insurance works

Understanding the different kinds of insurance instruments, Term life, Health, Accident, Variable life/"hybrid" insurance products

Government subsidized insurance

Private insurance

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

Time deposits

Treasury bills/bonds

Corporate bonds


Mutual funds and UITFs

Real estate

Others (such as speculative investments)

Knowing the important aspects of investing: "SHORE"






7. Starting and running a business

Writing a business plan

Realizing key considerations, Choosing the appropriate form of organization, Sole proprietorship, Partnership, Corporation, Defining your business model. How do you plan to make money?, Identifying your market, Identifying risks, Formulating exit strategies

Evaluating the feasibility of the business

Raising capital

Your own money


Registering your business

Familiarizing yourself with the different aspects of running a business

Finance - raising capital

Accounting - keeping track of finances

Operations - managing production and processes

Marketing - selling the product

Strategy - making long-term business decisions