Never Go Broke

THE 4 STEPS OF THE FINANCIAL PLANNING PROCESS 1. Analyze Your Financial Situation: Take a close look at your income, expenses, and savings to understand your starting point. 2. Set Clear Financial Goals: Define what you want to achieve, whether it’s saving for a home, reducing debt, or building wealth. 3. Plan for the Present and Future: Create a plan that accounts for both immediate needs and long-term goals. 4. Save and Invest with Purpose: Put your money to work by saving and investing strategically to reach your financial milestones. #financialplanning #financialliteracy #financialfreedom #save #invest #financialgoals

Navigating loans can be tricky, predatory lenders often target those who may not be familiar with the fine details. To protect yourself, start by researching any lender you’re considering. Always read the fine print and check for hidden fees or high interest rates. Don’t settle for the first loan you come across; comparing multiple offers ensures you’re getting a fair deal. And remember, if a lender is rushing you to sign, it’s a red flag. Take your time and make informed decisions to secure your financial future. #financialliteracy #predatorylending #lendingscams #scams #loans #finance #financialliteracyforteens

FINANCIAL LITERACY TERMS OF THE WEEK! 1. EARN: Most people earn money by doing their job. Their employer pays them for their job. 2. SPEND: People spend money they earn on things they need and want. 3. BORROW & LEND: When people can’t afford something they borrow money e.g. from a bank. It’s called a loan. 4. SAVE: People can keep money for use in the future, it’s called saving. 5. DONATE: People donate money want to give their money to help a person or and organization. 6. INVEST: Investing is when people put money into something to make more money from it eventually. 7. BUDGET: When people plan what they need or want to spend their money, it means they budget. 8. TRANSFER: When you people pay for something, they transfer their money from their bank account to the shop. #financialliteracy #financialliteracyforkids #financialliteracy101 #literacy ##literacyforlittles #financialliteracyforteens #money #debtfree #empowerment #budgeting #investing #credit #saving #learning #nevergobroke

BUILDING A FINANCIALLY WISE GENERATION 1. INVOLVE CHILDREN IN SHOPPING ACTIVITIES: Create a shopping list together and teach them how to make decisions based on a budget. 2. INTRODUCE MONEY VISUALLY: Use play money to introduce the shape and value of money. 3. DISCUSS SIMPLE FINANCIAL DECISIONS: Involve children in discussions about everyday financial decisions and ask for their opinions. 4. PROVIDE ALLOWANCE AND CREATE A SIMPLE BUDGET: Teach them how to divide money for saving, spending, and donating. 5. USE A PIGGY BANK: Start with a piggy bank to instill the habit of saving. #financialliteracy #financialliteracyforkids #financialliteracy101 #literacy ##literacyforlittles #students #financialliteracyforteens #money #debtfree #budgeting #investing #credit #saving #learning #nevergobroke

BENEFITS OF FINANCIAL LITERACY 1. Helps you manage money effectively and avoid debt- When you know how to budget and track your spending, it’s easier to avoid debt and keep your finances on track. 2. Enables informed financial decisions and smart investments- Understanding finances means you can make choices that grow your money, like choosing the right investments. 3. Provides a path to achieve financial independence and goals- With the right financial skills, you can set and reach big goals like owning a home or retiring early. 4. Prepares you for emergencies with proper savings-Building savings means you’ll have a safety net for unexpected expenses, reducing stress and giving you peace of mind. Follow @nevergobrokeinc for more! #financialliteracy #finance #financialliteracyforteens #money #savings

Some myths and truths about investing✨ which were you not aware of? #investing #investment #financialliteracy #financialfreedom #invest #investingforbeginners #invest #myths #truths #mythsandfacts

THE HOUSING TERMS OF THE WEEK 1. DEFAULT: A condition where a person can not pay for the loan in 90 days or more. 2. DELINQUENCY: A term used to describe the condition where the customer does not pay the mortgage loan on schedule. 3. ASSUMABLE MORTGAGE: A seller gives terms and conditions on a mortgage to a buyer. Hence the buyer takes all the remaining debt. #housing #mortgage #housingtips #housingterms #financialliteracy

OCTOBER SAVING TIPS✨💰 1. SET FINANCIAL GOALS: Set both short and long-term goals to help you track your spend for the rest of the year. 2. PAY YOUR BILLS ON TIME: Prevent the late fees to helpyou keep a lower interest rate. 3. DETERMINE NEEDS VS WANTS: Be wise before buying something whether it is your need or your want. #savingtips #octobertips #falltips #needs #wants #saving #save #financialliteracy

6 TAX RULES YOU SHOULD KNOW 1. Track Your Income: Make sure to report all your earnings, including side jobs, to avoid penalties. 2. Know Your Deductions: You can reduce your taxable income by claiming deductions like charitable donations or education expenses. 3. Contribute to Retirement: Contributing to retirement accounts (like a 401(k)) can lower your taxable income now and help you save for the future. 4. Keep Receipts: Hold onto receipts for business expenses, medical costs, or donations in case you need proof for deductions. 5. Understand Tax Credits: Tax credits, like for education or energy efficiency, directly reduce the taxes you owe-don’t miss out! 6. File on Time: Always file your taxes by the deadline to avoid late fees or interest charges. financialliteracy #financialliteracyforkids #financialliteracy101 #literacy ##literacyforlittles #students #fyp #explore #explorepage #financialliteracyforteens #money #debtfree #empowerment #budgeting #investing #credit #saving #learning #nevergobroke

Money Literacy for kids? Try these✨ #financialliteracy #financialliteracyforkids #moneyliteracy #finance #literacy