Dear Kiki, I am a daughter of Asian immigrant parents who are extremely frugal and risk-averse when it comes to money. As a result, I grew up not knowing much about budgeting or investing. In the current economic climate, I feel like I’m far behind my peers who have portfolios or own several assets. How can I improve my financial literacy and afford a place? – Ready to Up My Financial Game
Whether we are grabbing our morning coffee, buying groceries, or deciding on a clothing purchase, dealing with money is an integral part of our daily routine. These financial decisions may seem minor, but they can have long term impacts on our experiences and wellbeing.
However, access to financial literacy is a wide-spread issue. According to a 2020 study, only 20 percent of adults in the US demonstrated a high level of financial literacy.
You are certainly not alone in feeling like you need a crash course on how to manage your finances better, like saving, budgeting, and managing debt. Even though some high schools are starting to roll out financial courses, they’re not a requirement in all of school curriculums. As a result, most of our knowledge comes from our family and social networks, media, and other available resources.
Your parents’ attitudes about money and the culture you grew up in shape your money script. These are subconscious beliefs developed since childhood, such as being cautious about finances, and can continue to influence your decisions as an adult. By identifying what is or is no longer serving you can help you develop a healthier relationship with money that also aligns with your goals.
It’s never late to educate yourself and improve your financial wellness. Like other aspects of your wellbeing, it is an ongoing journey of learning and adjusting.
Rewriting your money script
Our perception of financial health may vary, especially based on what was modeled to us when we were kids. Understanding the…
Read the full article here
