Tag: Financial Literacy (Page 1 of 2)

Financial Literacy Apps and Tools

February 19, 2023 / Frank Nez

Financial literacy refers to the knowledge and skills required to make informed and effective decisions about personal finances.

It entails a grasp of fundamental financial concepts such as budgeting, saving, investing, and debt management, as well as the ability to apply these concepts to real-world financial situations.

Financial literacy is important because it allows people to take control of their finances, achieve their financial goals, and avoid financial pitfalls like excessive debt, fraud, and money mismanagement.

A financially literate individual possesses the abilities and knowledge required to make sound financial decisions, navigate financial systems, and effectively plan for the future.

Financial literacy is more than having a high income or a lot of wealth; it is about having the knowledge and skills to make the most of what one has and to plan for the future.

Financial literacy can be obtained through a variety of tools, including financial education courses, personal finance books and articles, and the use of financial literacy tools such as budgeting apps and investment tools.

Financial Literacy Tools

Financial literacy tools are resources and educational materials designed to assist individuals in effectively understanding and managing their finances.

Financial literacy tools can provide numerous advantages, including:

Increased understanding

Financial literacy tools can help people gain a better understanding of personal finance concepts like budgeting, saving, investing, and debt management.

This improved understanding can lead to better financial decisions and overall financial well-being.

Improved budgeting and spending habits

Budgeting software and mobile apps can assist individuals in tracking their spending, identifying cost-cutting opportunities, and creating a budget.

This can lead to better spending habits and greater financial control.

Better investment decisions

Investment calculators and financial education courses can assist individuals in understanding the potential impact of various investment strategies and making informed investment decisions.

Better credit management

Credit score simulators and financial education courses can help people understand how different financial decisions, such as paying off debt or applying for new credit, can affect their credit score.

This can result in better credit management and financial well-being.

Improved retirement planning

Retirement planning calculators and financial education courses can assist individuals in determining how much they need to save for retirement and the potential impact of various savings and investment strategies.

This can result in better retirement planning and financial security in retirement.

Convenience and accessibility

Many financial literacy tools, such as mobile apps and online calculators, are available from any location with an internet connection.

This makes it easier for people to keep track of their finances and make sound financial decisions.

Ultimately, financial literacy tools can provide people with the information, resources, and tools they need to improve their financial well-being and make informed financial decisions.

Here are a few examples of financial literacy tools

Budgeting apps: Mint, Personal Capital, and YNAB (You Need A Budget) are popular budgeting tools that assist people in tracking their spending, creating a budget, and tracking their progress toward financial goals.

Investment calculators: Vanguard’s Retirement Savings Calculator, Bank of America’s Investment Calculator, and Schwab’s Investment Calculator are all examples of investment calculators.

Retirement planning calculators: Fidelity’s Retirement Planner, TD Ameritrade’s Retirement Calculator, and AARP’s Retirement Calculator are all examples of retirement planning calculators.

Credit score simulators: Credit Karma’s Credit Score Simulator, Experian’s Credit Score Estimator, and NerdWallet’s Credit Score Simulator are all examples of credit score simulators.

Financial education courses: The National Endowment for Financial Education’s (NEFE) Financial Literacy Program, Dave Ramsey’s Financial Education Program, and JPMorgan Chase’s Financial Education Program are all examples of financial education courses.

Mobile apps: Examples of mobile apps that provide financial management and education resources include the Mint app, Personal Capital app, and PocketGuard app.

These are just a few of the many financial literacy tools that are now available to individuals. Individuals can gain a better understanding of their finances and make more informed financial decisions by using these tools.

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Have Money Work for You In 2022 (You’re Ready)

January 1, 2022 / Frank Nez

Have your money work for you in 2022 — That next life is waiting for you – Happy New Year! 2022

2022 is here!

We’ve been taught many lessons stringing back from 2020 and transitioning to 2021.

Money has played an extremely important role in our lives.

How can you make 2022 one of your best years financially?

By having a plan.

Here are 3 massive ways you can command your money to work for you.

Welcome to Franknez.com – the blog accompanying you on your journey to financial and time freedom. Cheers to a prosperous, healthy, and abundant 2022.

Let’s get started!

In today’s article I’m going to go over 3 ways you can transform your finances by making some incredible money moves.

The awesome thing is that you don’t need to make a lot of money to make this happen.

It’s all about developing proper money management skills over time.

You already spend a lot of time working to earn your money; it’s tiring!

So why not learn how to put that money to work for you?

Here’s how you can make 2022 your best year financially.

#1. Start your first investment now

start investing in 2022 — Start investing in 2022

You’ve probably always wanted to invest but have never really started.

Perhaps you don’t know where to start.

Bookmark this guide on how to start investing in stocks for beginners, it’s going to change your life.

One of the best ways to have your money work for you in 2022 is by putting it in a safe index fund such as the S&P 500 where it will earn you 8%-10% per year.

Investing your money is easy!

Most people have just never been exposed to how simple the process truly is.

Depending on your level of risk, you could invest in individual stocks that you think will go up in value over a period of time (e.g., Apple, Tesla, etc..).

The S&P 500 for example invests in the top 500 companies in the U.S. so it’s very well diversified: hence making it a safer investment.

I recommend you download the app “Mint” by intuit to track all of your accounts and see how they grow in real-time throughout 2022!

Create a plan to how much of your income you will be allocating towards investments every month.

I suggest having an emergency fund set aside first so that you’re always ready to tackle any unprecedented challenges this 2022.

#2. Diversify with cryptocurrency

ways to invest your money — Ways to invest your money

Cryptocurrency is here to stay and if you think it’s too late to invest in crypto, think again.

Crypto has made a loud statement, but analysts have massive predictions for many of the popular cryptocurrencies, meaning there’s a lot of room for growth.

Is crypto safe?

It is with Coinbase.

Another way you can have your money work for you is by allocating a small percentage into digital assets.

Two cryptos I’m personally long on are Cardano (ADA), and Shiba (SHIB).

Because these two digital assets are very affordable, planting seeds now could bear incredible fruits sometime during this decade.

So even though you might only be able to double or triple your investment this decade with Bitcoin, the opportunity for massive gains with other cryptocurrencies are still out there.

You can view when I buy both stocks and crypto exclusively on the Patreon.

Bookmark: How to invest in crypto for beginners (step-by-step)

#3. Begin to fund your freedom

YouTuber Andrei Jikh – makes a living on YouTube

One way 2022 can become your best year financially is by creating a vehicle that will allow you to escape the rat race.

Have your money work for you buy investing in a vehicle that will provide you with financial security, and earn you back your time.

If you have a job or a career, use your employer as a means to fund your passions to create a sustainable second stream of income.

Most people believe that you should live off of the income your employer provides you with.

But in order to build wealth this new year, we’ll have to shift our mindsets so that the income caters to a greater income vehicle.

That income vehicle will vary from person to person but is the fastest way to financial and time freedom.

Your job/career can fund your dreams and ambitions so that one day you won’t have to rely on that job/career.

One of the greatest investments you can make is on yourself!

Do me a favor and give this blog article a social share if it provided you with any ounce of value.

For more content like this be sure to subscribe to the blog, or follow me on social media (below).

Cheers to a tremendously prosperous 2022! 🎉

Read: 3 Different Ways I’ve Earned 6-Figures [Secrets]

Millennials & Financial Education | Invest in Your Future!

June 15, 2021 / Frank Nez

Millennials and financial education - Invest in your future - franknez.com

Financial education or financial literacy, is the education and understanding of multiple financial areas and topics related to managing personal finances, money, and investments.

So why are millennials so quick to avoid the topic of financial education, and why is it essential we empower ourselves with this knowledge no one is teaching us today?

Welcome to Franknez.com – the blog where you can digest content on personal finance, side hustle ideas, entrepreneurship, and trending investing topics.

Lets get started!

The Discipline of Saving Money

Why save now when you can save later! I’ll do it when I make more money. Let me take care of Christmas first. The list goes on when it comes to reasons as to why we cannot save money.

The discipline of saving money at an early age in life will become the most rewarding thing you can give yourself in a time much different from where you are today. So why is it so difficult to save money? I mean we’re able to purchase the latest gadgets, splurge on streaming services, and constantly eat out after all.

Financial literacy teaches us that money is nothing more but a mere tool that opens possibilities and allows us to walk through life without the financial stress most of us can’t seem to stay clear of. I grew restless of living paycheck to paycheck. It was annoying, tiring, and overall an unnecessary stress that needed to be eliminated in order for me to focus on the things that truly mattered the most.

All it took was a shift in mindset and educating myself financially. And of course, the discipline to save money.

We tend to give the dollar a little too much value; we keep it close. One thing we must learn to do is to let go of the money, but not in the manner of spending it. It must be pooled into an account where you will consistently be depositing in order to ensure you begin building a safety net.

This will be useful in case of a sudden emergency (which will occur at some point), a shift in job/career, or for a large purchase such as property.

Investing Is Easier Than You Think

Investing - financial freedom — Learn the power of compound interest

A simple way to invest your hard earned money is by allowing your earnings to start working for you. Investing does not necessarily mean you have to invest in the stock market or real estate. One of the most simple ways to start your very first investment is by opening a high yielding savings account or money market account.

If you have a savings account it’s very likely your current bank is paying you 0.01% in interest a year. That’s a penny a year! They’re already investing your money so why not move your earnings to a high yielding savings account.

These bank accounts can pay up to 2.05% in interest per year. The amazing thing about these accounts is that the longer you continue to save, the more compound interest starts to reward you.

Compound interest is when interest is earned on the initial deposit, every deposit made, and on top of the interest already earned! Guys, I don’t think I’m the only one that wishes they’d known this sooner.

Rates will fluctuate from time to time but it beats leaving your money sitting in an account only to collect dust.

Read: Earn passive income with these 5 guaranteed strategies

The Path to Financial Freedom

Now that you’re consistently saving money, budgeting, and have made your very first investment, you’ve taken the initial steps towards reaching financial freedom.

Financial freedom requires self discipline, and a true desire for a financial stress-free life. By financially educating ourselves, we are able to navigate through our lives with one less thing to worry about so we can pursue and focus on the things we most value.

Take control of your life, teach this to everyone you want to see win, lets secure an amazing future, and be known as a financially educated generation.

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Awesome Money Tips That Ensure Your Bank Account Grows

September 29, 2020 / Frank Nez

Who doesn’t want more money in their bank account? Whether you’re looking to build your net worth, save for a home, or for memorable experiences with your loved ones, these awesome money tips are guaranteed to help you grow your accounts.

Be sure to subscribe to our newsletter to be notified when a new post like this one is published!

Open A High Yielding Savings Account

One of my personal favorite money tips is to open your very first high yielding savings or money market account.

This type of account is perfect for your emergency fund money because it earns you interest every month.

What are some benefits to a high yielding savings account?

Small passive income
Earnings may keep up with the rate of inflation
Some earnings may be enough to pay for a small expense
You eliminate your money collecting dust

A high yielding savings account is going to slowly grow your money as it compounds over time.

While a traditional bank account will earn you $0.01-$0.02 a year, a high yielding savings account can earn you $10-$200+ a month depending on your APY (annual percentage yield) and how much money you deposit monthly.

This is why I suggest keeping your emergency fund in one of these accounts. You will see your money begin to work for you almost instantaneously.

APY’s change from time to time. When I first opened my account with BMO Harris they had a 2.05% APY!

Can I Take My Money Out?

Yes, you can take money out of these accounts.

However, these accounts usually take up to 3 business days for the transfers to be complete.

This is why money tip number two is to manage a personal savings account.

Manage A Personal Savings Account

By managing a personal savings account you are able to grow another account that will keep you and your family financially secure during a rainy day.

This account is best used to keep liquid assets.

What is a liquid asset?

Liquid assets or liquid money is money you can access immediately. Unlike a high yielding savings account you can withdraw or send money from this account instantly.

By having both a personal savings account and money market account you will feel obligated to inject money into both accounts.

By doing so you will begin to see your accounts grow!

How much money should I keep in here?

Your emergency fund money should be the big nest which means your personal savings account should have enough money for unexpected expenses.

This could be a few thousand dollars depending on your standard of living. In most cases, $1,000 to $2,000 at hand may suffice. Your emergency fund on the other hand should be anywhere from 3-6 months worth of living expenses.

Learn to Invest Your Money

Money tip number three is to learn how to invest your money. This money tips is going to ensure your accounts continue to grow in the long run.

Investing your money in the right places will bring higher returns than any savings or money market accounts.

Where can I invest my money in?

Back into your business
To start a business
Real estate
Gold and silver
Stock market

Read: How To Invest In The Stock Market (Step by Step)

Highly successful people all use a variety of ways to invest their money. You need to find what best could work for you, and do your research like there’s no tomorrow.

It is important that you take the time and put an effort towards learning about your desired investment option. This will make the ride a whole lot smoother.

How do I set money aside for investments?

You may allocate money from your personal savings account towards investments as long as you continue to feed that account.

Make sure your liquid assets don’t run low and only move money for investments when you’re able to.

Set a threshold you cannot go below so that you have liquid assets available in case of an unexpected emergency bill.

Let me know in the comments section below which form of investment you’d like to start taking on for yourself!

Keep Track of Your Money

Money tip number four is to keep track of your money at all times.

For this I suggest downloading an app from Intuit called MINT.

Mint allows you to see all of your accounts, bills, and more on an easy to read dashboard.

Money tip number four - Keep Track of Your Money with Mint App by Intuit

How does this money help grow my bank account?

By keeping track of you money you begin to create a sense of accountability and responsibility towards your duties.

This strategy will help you achieve your goals as you see your accounts slowly begin to grow.

Maintain A Low Overhead

Money tip number five. Maintain a low overhead.

Simple – don’t live beyond your means.

Often times people will increase their income and increase their standard of living as well. Avoid the quicksand of income creep lifestyle.

By maintaining a low overhead you provide yourself with the means necessary to save and invest quite easily.

When should I increase my standard of living?

Increase your standard of living once you’ve met specific financial goals and you’ve developed a sense of financial security. When you’re ready, take things up one level.

If you increase your standard of living dramatically, you risk settling and stunt your financial growth. So, maintain a low overhead in order to grow your bank accounts.

Read: How To Set Financial Goals: 10 Simple Steps!

Find A Side Hustle

Money tip number six on how to grow your bank account is to take on a side hustle.

Side hustles are a great way to increase your household income. By increasing your income you can allocate the additional earning towards a financial goal.

Use this money to fund your emergency fund, your personal savings account, or your investment portfolio.

A side hustle can be a guaranteed way to grow your bank account if managed properly.

Discipline Your Spending Habits

And lastly, money tip number seven is learning how to discipline your spending habits.

Your spending habits are everything. Yet most people don’t understand this.

When you discipline your spending habits you are making a conscious choice to use your money as a tool. A tool that can create way for you and procure financial abundance.

The amazing thing is that this strategy works no matter what your annual income is. Learn to manage $1,000 and you will know how to man $10,000.

If it sounds simpler than it seems that’s because in all actuality it is. It’s all about your habits.

Read: 6 Money Habits You Can Develop to Win Financially

Think of millionaire’s who’ve lost it all

Ever wonder how in the world lottery winners have been able to lose millions of dollars only to wake up right where they first started?

The answer to that revelation is lack of discipline with their spending habits. This goes to show just how important it is that you understand the fundamentals of paying yourself first instead of others.

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Tag: Financial Literacy (Page 1 of 2)

Financial Literacy Apps and Tools