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Jrd · 2023-11-21T02:11:38Z

We all need money for various purposes: to afford life basic needs and necessities like food, shelter and clothing. Money is also required for other extended purposes. Whereas, getting money is not an easy task. We all put in a lot of efforts and resources to make money each day. We put in our time - the most valuable resource - and our energy and expertise. While some are on paycheck (salary earners), working tirelessly 9 to 5, some are business owners making huge sacrifices while taking risks, yet others are freelancers. But the constant thing is: making money is not easy walk.What if I told you that while we are all busy trying to make this money, our efforts are most of the time eroded simply because we do not know how well to manage that which we are toiling for -- the money we trying to make? While we are all busy trying to make money, we have many times forgotten that we need to also manage this money so well so as to optimise our efficiency! That's where financial mastery comes in.ILLUSTRATION Take a look at this bucket. It signifies your pocket where you store money made and where you spend from. It's your Azà, your account. Can you tell us: what's going on? Will this bucket ever hold water?Figure 1: Such is the fate of anyone who has not learned the art of financial mastery. Such one keeps struggling, thinking things are working against them. Whereas, all along, they got leaky buckets.What do those leakages represent? Keep reading, we'll get to that.Imagine another bucket, but this time, one without leakages. Needless to say, it would be easier for bucket 2 to fill up as there are no wastages. No leakages.Now, back to topic.FINANCIAL MASTERY- A NECESSITY Financial literacy and mastery will protect you from those leakages. Not only that, the critical knowledge and the application will also help you optimise via suitable investments "the water in your bucket."Making money and keeping money have become harder than ever. In the wake of dwindling buying power of our money, skyrocketing inflation rates coupled with a devalued currency and the reality of subsidy removal in nations like Nigeria, it sure is no longer business as usual.Internalising this, let us now grab practical applications of the illustration above as far as personal finance is concerned.IMPORTANCE OF FINANCIAL LITERACY, MASTERY1. Helps spot and block leakages in your pocketWhat are practical leakages that could erode your money-making efforts?Mostly bad money habits, like impulse buying, living above ones means, prioritising liabilities over assets, plus vices like bad debts, gambling and other addiction problems, not working with budgets, not saving, not investing, and many more constitute leaks in your pocket!Proper financial knowledge will help you identify those and block them so your bucket could stand the chance of holding water.2. Secures water in your bucketAccidents could happen. What if after, yes, your bucket is no longer leaky, but someone or something falls on your bucket by accident? What if the bucket shatters or the water pours off? It could happen. Someone could even outrightly steal your bucket and the water!Whereas, financial literacy and mastery will afford you tactics like savings to protect your bucket. Yes, savings, insurance and others are protective measures taught and recommended by Azàland as means of protecting water in your bucket. Got the trick?3. Optimises your waterSome buckets could be large, while the water turret is some cases could be lean. What if there's a way whereby you multiply the water in your bucket and it magically multiplies by x2 or even more? That's the magic of investing and wealth building. Proper investment will optimise your water, making it birth even more water, while the original source remains unchanged, or even stops. This should ring a bell. Invest! 4. Finds alternative or more water tapsAnything could happen to the current water source. Even if nothing happens to it, for as long as the goal remains getting more water secured, imagine how happy you'd be to find more running water taps sources!Financial knowledge and literacy will afford you the power to optimise your earning power and make you earn even more. 5. Gets bigger buckets, or larger taps.Can you explain this? How can financial literacy and mastery afford you larger buckets even bigger taps? To show you follow everything said so far, please comment below in the comment section on Aza.ng how well point 5 could play out. Make it practical and relevant to you.Don't disappoint me. Theses illustrations have certainly driven the point home, I bet.Wrapping it upWhile you struggle each day to make money, or even more money, I challenge you dear reader to pay attention to your bucket. Stick with Azàland as we sensitize more and more people, young or old, of the importance of the right financial education. Our lives revolve around our finance. Let's give it the attention it deserves.Block that leaky bucket, now!Share this topic.Y...

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The importance of Financial Literacy and Mastery - Illustrated

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Loru

Nov 25, 2023 11:39 pm

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This is really an eye opener :thumbup!

:thumbup! :thumbup! :thumbup!

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GOLD21

Nov 26, 2023 10:59 am

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Thank you

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Dec 03, 2023 3:39 pm

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:thumbup!

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Ernest

Dec 06, 2023 6:29 pm

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Thanks for sharing

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Entrust

Apr 30, 2024 4:21 am

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Evergreen. :peaceout:

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The importance of Financial Literacy and Mastery - Illustrated

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