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[5k Won!] Azà Contest - What are the 4 pillars of financial literacy?
Posted: November 22nd, 2023, 3:35 pm
by Jared
Hello guys. This is another edition but first in a series we will be hosting: Azà Hub QA Contest.
5k to be won each time!
Today.
When handling the topic of financial literacy, four foundations serve as the fundamental pillars. Do you know what they are?
Terms:
1. First correct answer wins 5,000 
Azà Gèms.
2. Winner shall not be a Verified member
3. All members can still comment and answer
4. Winner shall use 1,500 to cater to #Verification
5. Contest ends tomorrow 23rd November by 2pm
Invite your friends.
Lets go.
Azà Contest - Win 5k: What are the 4 pillars of financial literacy?
Posted: November 22nd, 2023, 5:03 pm
by Righteous1
Jared wrote: ↑November 22nd, 2023, 3:35 pm
When handling the topic of financial literacy, four foundations serve as the fundamental pillars. Do you know what they are?
1. Debt; Good and Bad Debt
Debt is spending money you are yet to earn. You are borrowing from your future, whose certainty you are not sure of. Most people perceive debt with a lot of negativity. This, however, should not be the case.
Good debt entails borrowing for absolute necessities or stuff that can generate money. On the other hand, bad debt entails borrowing for stuff that depreciates fast or adds little-to-no value.
Good debt entails borrowing money to invest in a skill, education, or a home. Borrowing to buy the latest fashion, the latest technology, and unnecessary holidays falls into bad debt.
2. Budget properly
Budgeting skills enable financial literates to account for every penny. To create wealth, your income should be more than the expenses.
A budget helps you allocate money to short and long-term expenses. The amount that doesn't fall into expenses should go to your savings.
A budget saves you from impulse buying and sticking to one, shields you from buying stuff you don't need.
3. Save for the Future
A safe financial future depends on your savings. 20% of your income should go into your savings account. Good savings accounts are those that have the potential to increase the amount through interest.
4. Invest wisely
Investing involves increasing the number of sources and your income amount. This is the most challenging pillar because people fear losing their money or end up investing in things they don't understand.
Azà Contest - Win 5k: What are the 4 pillars of financial literacy?
Posted: November 22nd, 2023, 5:06 pm
by Loru
debt management
savings
investment
and financial budget
Azà Contest - Win 5k: What are the 4 pillars of financial literacy?
Posted: November 23rd, 2023, 6:11 am
by Kachy
They are Money, debt, investment and savings
Azà Contest - Win 5k: What are the 4 pillars of financial literacy?
Posted: November 23rd, 2023, 8:11 pm
by Righteous1
Jared wrote: ↑November 22nd, 2023, 3:35 pm
Contest ends tomorrow 23rd November by 2pm
Please who is the winner?
Azà Contest - Win 5k: What are the 4 pillars of financial literacy?
Posted: November 23rd, 2023, 9:26 pm
by Jared
Righteous1 wrote: ↑November 23rd, 2023, 8:11 pm
Jared wrote: ↑November 22nd, 2023, 3:35 pm
Contest ends tomorrow 23rd November by 2pm
Please who is the winner?
You are
Azà Contest - Win 5k: What are the 4 pillars of financial literacy?
Posted: November 23rd, 2023, 9:27 pm
by Jared
Righteous1 wrote: ↑November 22nd, 2023, 5:03 pm
Jared wrote: ↑November 22nd, 2023, 3:35 pm
When handling the topic of financial literacy, four foundations serve as the fundamental pillars. Do you know what they are?
1. Debt; Good and Bad Debt
Debt is spending money you are yet to earn. You are borrowing from your future, whose certainty you are not sure of. Most people perceive debt with a lot of negativity. This, however, should not be the case.
Good debt entails borrowing for absolute necessities or stuff that can generate money. On the other hand, bad debt entails borrowing for stuff that depreciates fast or adds little-to-no value.
Good debt entails borrowing money to invest in a skill, education, or a home. Borrowing to buy the latest fashion, the latest technology, and unnecessary holidays falls into bad debt.
2. Budget properly
Budgeting skills enable financial literates to account for every penny. To create wealth, your income should be more than the expenses.
A budget helps you allocate money to short and long-term expenses. The amount that doesn't fall into expenses should go to your savings.
A budget saves you from impulse buying and sticking to one, shields you from buying stuff you don't need.
3. Save for the Future
A safe financial future depends on your savings. 20% of your income should go into your savings account. Good savings accounts are those that have the potential to increase the amount through interest.
4. Invest wisely
Investing involves increasing the number of sources and your income amount. This is the most challenging pillar because people fear losing their money or end up investing in things they don't understand.
CONGRATULATIONS on winning this contest.
5k has been awarded to you
Added after 10 hours 40 minutes 50 seconds:
[5k WON] Azà Contest - What are the 4 pillars of financial literacy?
5k to be won weekly!
[5k Won!] Azà Contest - What are the 4 pillars of financial literacy?
Posted: November 24th, 2023, 9:34 am
by YoungA
Congratulations to Righteous1 for winning the first of a kind contest series on Aza Hub
[5k Won!] Azà Contest - What are the 4 pillars of financial literacy?
Posted: November 24th, 2023, 9:37 am
by Jared
YoungA wrote: ↑November 24th, 2023, 9:34 am
Congratulations to Righteous1 for winning the first of a kind contest series on Aza Hub
More to come.
@Righteous1 may apply for verification now according to the Contest Terms.
[5k Won!] Azà Contest - What are the 4 pillars of financial literacy?
Posted: November 25th, 2023, 9:26 am
by Righteous1
Jared wrote: ↑November 23rd, 2023, 9:26 pm
Righteous1 wrote: ↑November 23rd, 2023, 8:11 pm
Jared wrote: ↑November 22nd, 2023, 3:35 pm
Contest ends tomorrow 23rd November by 2pm
Please who is the winner?
You are
Thank you very much, I appreciate
I will apply for verification immediately
Added after 40 seconds:
YoungA wrote: ↑November 24th, 2023, 9:34 am
Congratulations to Righteous1 for winning the first of a kind contest series on Aza Hub
Thanks dear
[5k Won!] Azà Contest - What are the 4 pillars of financial literacy?
Posted: November 25th, 2023, 10:30 am
by Dube
I miss this
[5k Won!] Azà Contest - What are the 4 pillars of financial literacy?
Posted: November 25th, 2023, 10:36 am
by Jared
Dube wrote: ↑November 25th, 2023, 10:30 amI miss this
Where you dey since? Dube is missing oooo
[5k Won!] Azà Contest - What are the 4 pillars of financial literacy?
Posted: December 4th, 2023, 10:19 am
by B7
[5k Won!] Azà Contest - What are the 4 pillars of financial literacy?
Posted: December 9th, 2023, 9:10 pm
by Ernest
Wow that's huge
[5k Won!] Azà Contest - What are the 4 pillars of financial literacy?
Posted: December 30th, 2023, 9:03 pm
by Ernest
Nice
Azà Gèms.
