Money Magnets

Financial literacy is not taught in schools. It is up to us, to find ways to be financially literate.

Here are a few suggestions on what you can do to increase your financial literacy.

Make it a habit to read atleast 3 articles everyday from the Business section of a newspaper. If there are words you don't understand, take note of them and find someone who can explain them to you. (I am willing to help you on this, just leave a comment on my site. I will try to explain it to the best of my knowledge.)

Apply to volunteer or work for a company in an industry that you plan to start yourself. Hands-On training is very important. You will be acquainted with the INs and OUTs of the trade in no time. Like for example, if you want to start up a Coffee shop, consider applying as a barista at Starbucks, or any other established coffee shop in your area first.

Approach financially successful people that you know and ask for their advice. Visit them from time to time whether you need advice on a financial matter or simply just to chat. Grab every opportunity to be around them. This can be your parents, successful relatives, or even your professors in school.

The old adage "Experience is the best teacher" still holds true. Starting your own business will allow you be involved in all aspects of it including finance. Not only will you learn how to prepare income statements and balance sheets but you'll also learn about costing and pricing your products. It doesn't have to be big business. You can start by selling anything! Maybe you can sell sandwiches or lunch packs to your officemates or even start a cellphone prepaid loading center. As for me, I started selling home-baked brownies and it has given me additional income ever since.