Tips on Improving Financial Literacy and Financial Intelligence Quotient
Careers & Management

Tips on Improving Financial Literacy and Financial Intelligence Quotient

Financial Intelligence Quotient (FIQ) also regarded as Financial Quotient (FQ) 

Some people don’t know how to spend efficiently. They don’t spend on luxurious things but the problem is how they buy. Some don’t know that in buying you have to consider, where, when, and how. This put people in trouble. It calls one’s financial intelligent quotient or financial literacy to question

Being able to “admire” without having to “acquire” is one of the toughest lessons in the financial discipline module. The ability to ignore, even when you can afford, because it is not priority is key. Once you pass that module, you are set for financial exploits.

Entrepreneurship is not a joke. Being an Employee isn’t easy either.

To make money, fulfill purpose, impact the world or build wealth requires efforts and time. To live an amazing life is not something you buy at a discount. You pay full price, and in fact, premium for it.

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In a get-rich-quick oriented world, people think money is what brings you before great men. But no, your talents and gifts do too. Some gifts and talent are innate, some are acquired. When a man uses his gifts, he brings Value to the table and Value brings recognition and in turn Money.

Keep your gaze off money and popularity for the time being.
Have a conversation with yourself.
Identify your innate gifts.
Determine the ones to acquire.
Read, learn and start to execute.
Give Value, Money will come.

5 Things You Need To Know on Improving Your Financial Literacy

1. You need a money mindset “reset”; you don’t need “deliverance”
2. You can’t get better with money without financial education. Learn!
3. You have to consistently keep your eyes on your money: income & expenses.
4. You need to be accountable
5. Have a long term money mindset.

More often than not, one gets hit by depression upon the discovery of these truth in light of errors in the past. The best time to plant a tree is 10 years ago. The next best time is now. It is how I deal with my money mistakes of the past.

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“Financial Quotient (FQ), known as financial intelligence (FI), financial intelligence quotient (FiQ) or fin IQ, is the ability to obtain & manage one’s wealth by understanding how money works” – Wiki

High IQ doesn’t translate to high FIQ knowing there are broke professors & poor MBA holders. It is one thing to know about money. It’s another to understand it. People’s financial well beings are the consequences of large &small financial decisions.

Your Financial Quotient score is based on your understanding of how money works & how to conserve and grow wealth with a calculated risk.

These 6 areas of finances are important and everyone needs to acquire knowledge/ get schooled about them.

1. Spending
2. Credit and debt
3. Career and income
4. Investing
5. Financial planning
6. Risk and protection

Now is a good time to start already.  Get Financial Literacy. Start today, Here are 11 Tips on Improving Your Financial Literacy and Financial Intelligence Quotient

  • Read a book
  • Subscribe to a financial blog
  • Automate your savings
  • Restructure your debts
  • Ask about Investments
  • Get an Accountability Partner
  • Create a vision board
  • Engage your imagination
  • Start a side hustle
  • Read stories of wealthy people
  • Pray, Take Action

 Credit: Sola Adesakin

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