Financial Literacy... Interest rates and our money

Most of the times, we are somehow familiar about basic financial news particularly when our money is involved; if we are careful, we could afford to save after reviewing our family budget, get more information as to the interest we would like to earn hoping to see our money grow, choose the most suitable alternative based on our particularly needs, however... Do we really know how an interest rate works when we are able to save part of our money?

Do we know how an interest rate makes our money grow under the concept Compound Interest?

We are celebrating April as the Financial Literacy Month; this is a good time to share what Mrs. Karyn Hodgens, a fellow Linkedin member and very committed financial advocate has prepared in terms of explaining us -a magnificent job- how an interest rate can make our money grow.

How about we try to make things a bit easier in order to emphasize -regardless of financial math calculations- how practical is making compound interest calculations by using a financial calculator and Microsoft Excel. The election is yours...

Let's watch Mrs. Hodgens explaining us how this "magical" thing really works... it's NOT difficult.

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Financial Culture / Cultura Financiera ©

Financial Literacy Month is here... How the things are going?

Considering the magnitude of the many changes involving the global financial industry during the last two years and the current efforts intended to change how major financial institutions are working in order to manage risks on a more careful basis, although we've recently witnessed movements favoring / against efforts in the US intended to create a comprehensive financial overhaul, How the people are doing in terms of improving their financial literacy by knowing how to create budgets, how to save money, how to manage and pay their debt and ultimately, their ability to manage money on a more careful basis considering the impact of the crisis on their lives?

Once again, April 2010 is regarded as the National Financial Literacy Month; experts invite us to strengthen our awareness as to the still critical importance of becoming more financially literate.

For all of us, the task of becoming financially literate can be a tough one because we need to assimilate many small pieces of knowledge but we must keep in mind the importance of a long term planning (and our families well-being), How about if we challenge ourselves and test our financial IQ?

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Financial Culture / Cultura Financiera ©