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WFAA Academy: 5 lessons for financial literacy

It's not easy to be savvy with money. Accountant Deborah Daniel shares her five lessons for financial literacy at any age.

Whether it's with a piggy bank or a 529 College Savings Plan, teaching your children the value of saving money can set them on a path of financial freedom. 

Deborah Daniel is a certified public accountant and founder of Charter Accounting. She visited with WFAA's Tashara Parker during WFAA Academy and offered five lessons for financial literacy geared toward children.

1. Be actively involved with your money

Financially successful people have a budget that they live by. They keep receipts and track their spending, they set money aside regularly in various types of investments (e.g. short term savings accounts and long term accumulation accounts), they check monthly bills and statements carefully and pay them on time, and they plan ahead for emergencies and the unexpected.

2. Focus on long-term financial goals

Instead of just making money and spending it, they take the time to create financial plans which enable them to reach long-term goals, and then they stick to those plans.

3. Don’t assume you already know everything

86% of wealthy people love to read and believe in lifelong education.  88% of them read educational or work-related material for 30 minutes or more each day.  63% listen to audio books as the commute to and from work.

4. Earn more money wherever possible

Financially successful people know what they want, have set clear goals to help them stay focused, and take steps at every opportunity to work towards their goals. They also know that clipping coupons and scrimping and saving won’t be enough. They look for ways to increase their income, and so should you.

5. Have a good relationship with money

Financially abundant people don’t tell themselves they can’t.  And while they don’t focus on ‘luck’, they do focus on goals and having their dreams come to fruition. This is difficult to do if you have a bad attitude or relationship with finances.

You can’t ignore your financial problems and hope they’ll go away on their own, or blame money for problems in other areas of your life. Work to erase your negative or inaccurate money scripts so you to can develop a good relationship with money.  

Keep a positive attitude and take personal responsibility for your financial situation.

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