knowledge without practice is like wax without honey

  What is financial literacy? If you’ve heard the term financial literacy thrown around, it’s not about being fluent in accounting lingo (although that can help). According to the  United States Treasury’s Financial Literacy and Education Commission,  financial literacy is “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial wellbeing.”  Lack of financial capability can make it hard to make major financial decisions like opening the right kinds of bank accounts, planning for retirement, and paying off personal debts from student loans or credit cards.  So how do you become financially literate? Some high schools and colleges offer courses in money management, but if yours didn’t, or you’re looking for a refresher, start with a few simple concepts.  According to the Financial Literacy and Education Commission , there are five key components of financial literacy: earn, spend, save and invest, borrow, ...