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Being Financially Literate means having a basic grasp of a number of specific concepts. I cover all of these concepts in my most recent book, Effort-Less Wealth.
The purpose of this particular article is to give you a template or overview of those financial concepts I covered in my book.
In subsequent articles, I will peel the onion for each concept. When you are done, the compendium of these articles will give you knowledge of just about everything you need to know in order to be financially literate.
17 Finance concepts you need to know in order to be financially literate:
Bank Accounts/Banking – Checking Accounts, Savings Accounts, Money Market Accounts, CDs
Investment Accounts/Investing – Types of Investments, Types of Investment Accounts, How to Build Investment Wealth
Retirement Accounts – 401(k) Plans, 403(b) Plans, 457 Plans, IRAs, Annuities, Cash Surrender Value in Life Insurance Policies, Pensions
Personal Income Tax – Basic Concepts, Federal & State Income Tax
Home Ownership – Types of Traditional Mortgages, Home Equity Loans, Reverse Mortgages, Costs of Home Ownership, Tax Advantages of Home Ownership
Apartment Rentals – Tennant Obligations, When it Makes Sense to Rent vs. Own, Tennant Insurance
Social Security – Benefits According to Your Retirement Age, Spousal Benefits, Divorcee Benefits, Death of a Spouse/Former Spouse, Disability Benefits
Insurance – Life Insurance, Health Insurance, Homeowners Insurance, Auto Insurance, Tennant Insurance. Long Term Care, Disability Insurance, Comprehensive Insurance, Professional Liability Insurance
College Costs – Private vs. Public College Costs: Tuition, Fees, Books, Room & Board, Travel, Study Abroad
College Funding – 529 Plans, Roth IRAs, Home Equity Loans, Scholarships, Student Loans, Financial Aid
Automobiles – Lease vs. Buy, Auto Insurance, Repair Costs, Electric vs. Gas vs. Hybrid
Personal Living Expenses – Food, Clothing, Entertainment, Travel, Gifts
Family Finance – Having a Baby, Raising a Child
Getting Married – What to Expect, from Engagement to Wedding
Divorce – Costs of a Divorce and Aftermath
Funerals – Costs Associated with Burying a Loved One
Debt – Mortgages, Auto Loans, Student Loans, Credit Cards
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