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On a scale of 1 to 10, how financially literate are you?
Let's take a temperature check together! Rate yourself on a scale of 1-10 (1 being clueless, 10 being a financial whiz) and share why you chose that score.
Here's a breakdown to help guide your rating:
1-3: Basic concepts are fuzzy. You might struggle with budgeting, understanding interest rates, or the difference between a debit and credit card.
4-6: You've got a grasp on everyday finance. You can budget, manage debt somewhat, and understand basic financial products.
7-8: Solid foundation! You can make informed decisions about saving, investing (with some research), and long-term financial planning.
9-10: Financial guru status! You confidently navigate complex financial products, understand market fluctuations, and have a personalized strategy for your goals.
I would rate myself 6. Looking forward to hearing from the PH community! :)
P.S. I recently started learning about Crypto and Stocks through StockPe app. I hunted it today. It helps you learn about crypto and stock markets risk-free without losing a dime: https://www.producthunt.com/post...
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Simon Zaku (Sirzaku)
I believe I'm a 5!
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probably a 5, avoiding debt and credit cards successfully, but struggling to invest.
Me to, I reckon I'm a 6. I understand debt, budgeting, financial products & fine print etc but investing on my own, without advice makes me nervous given the time involved to keep an eye on the market. Things have improved in Australia since the industry has to disclose fees etc, which helps improve trust.
@rohanrecommends Agree Rohan, there's definitely an opportunity for a community-centric financial product (or maybe there is one & I've never had time to research & find it!) What do you use? I have a fund manager managing our Superannuation (I'm Australian, it's a government-mandated retirement savings fund employers have to put a % of income into for employees.) Many invest in indexed funds which are low-risk but you need to be "in the market" which I never have time for. I loved one of the products launched on PH recently for couples to manage finances.
@rohanrecommends I have fair knowledge of share market I do invest, mutual fund, govt bonds, etc. fair knowledge of banking etc. I try learning whenever I get some time.
I'd give myself a 5 - I can budget like a pro, but sometimes investing lingo still makes my brain do the floss dance. How about you? Are financial waters a smooth sail or a turbulent crypto storm?
8 - I can do strategic international corporate structuring and have a solid foundation in personal/corporate financial products... but I fall asleep when I look at numbers.
