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Test Your Financial IQ Financial literacy is one of the most important keys to financial success.
If you want to make a success of managing your money, there are some basic principles you need to be familiar with. You can test your Financial IQ by asking yourself which of the following concepts you understand:
• How to spend less than you earn
• The difference between good debt and bad debt and how you
can use good debt to increase your wealth
• The difference between good expenses and bad expenses
• Why your home is not an investment
• How the power of compounding interest can work for you or
against you
• How to minimize the amount of interest and tax you pay by
structuring your affairs correctly
• The difference between saving and investing
• What is meant by financial risk and how to manage it
• The relationship between investment risk and return
• The advantages and disadvantages of the various types of
investment (cash, bonds, property and shares)
If you found there are many things on this list that you don’t know, be reassured this applies to the majority of people. Knowing what you don’t know will help you seek out the information you need through research or talking to experts, so that you can increase your Financial IQ.
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