[5k Won!] Azà Contest - What are the 4 pillars of financial literacy?

[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.

[Righteous1]

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.

[Loru]

debt management
savings
investment
and financial budget

[Kachy]

They are Money, debt, investment and savings

[Righteous1]

Contest ends tomorrow 23rd November by 2pm

Please who is the winner?

[Jared]

Contest ends tomorrow 23rd November by 2pm

Please who is the winner?

You are

[Jared]

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!

[YoungA]

Congratulations to Righteous1 for winning the first of a kind contest series on Aza Hub

[Jared]

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.

[Righteous1]

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:

Congratulations to Righteous1 for winning the first of a kind contest series on Aza Hub

Thanks dear

[Dube]

I miss this

[Jared]

I miss this

Where you dey since? Dube is missing oooo

[B7]

[Ernest]

Wow that's huge

[Ernest]

Nice