We all need money for various purposes: to afford life basic needs and necessities like food, shelter and clothing. Money is also required for other extended purposes. Whereas, getting money is not very easy.

Money is harder to get, or keep. Hence The importance of financial literacy, recommended by Aza Hub

We all put in a lot of efforts and resources to make money each day. We put in our time - the most valuable resource- and our energy and expertise. While some are on paycheck (salary earners), working tirelessly 9 to 5, some are business owners making huge sacrifices whioe taking risks, yet others are freelancers. But the constant thing is: making money is not easy.

What if I told you that while we are all busy trying to make this money, our efforts are most times eroded simple because we do not know how well to manage that which we are toiling for, the money we trying to make? While we are all busy trying to make money, we have many times forgotten that we need to also manage this money so well so as to optimise our efficiency! That's where financial mastery comes in.

ILLUSTRATION
Take a look at this bucket. It signifies your pocket where you store money made and where you spend from. It's your Azà, your account.
Figure 1: Leaking bucket

Can you tell us: what's going on here? Will this bucket ever be filled?

Figure 1: Such is the fate of anyone who has not learned the art of financial mastery. Such one keeps struggling, thinking things are working against them. Whereas, all along, they got leaking buckets.

What do those leakages represent? Keep reading, we'll get to that.

Imagine another bucket, but this time, one without leakages.
Filled bucket, no leakage.

Needless to say, it would be easier for bucket 2 to fill up as there are no wastages. No leakages.

Now, back to topic.

FINANCIAL MASTERY- A NECESSITY
Financial literacy and mastery will protect you from those leakages. Not only that, the critical knowledge and the application will also help you optimise via suitable investments "the water in your bucket."

Making money and keeping money have become harder than ever. In the wake of dwindling buying power of our money, skyrocketing inflation rates coupled with a devalued currency and the reality of subsidy removal in Nations like Nigeria, it sure is no longer business as usual.

Internalising this, let us now grab practical applications of the illustration as far as personal finance is concerned.

IMPORTANCE OF FINANCIAL LITERACY, MASTERY

1. Helps spot and block leakages in your pocket
What are practical leakages that could erode your money-making efforts?
Mostly bad money habits, like impulse buying, living above ones means, prioritising liabilities, vices like bad debts, gambling and other addiction problems, notbworkiwith budgets, not saving, not investing, and many more constitute leaks in your pocket!

Proper financial knowledge will help you identify those and block them so that your bucket could stand the chance of holding water.

2. Securing water in your bucket
Accidents could happen. What if after, yes, your bucket is no longer leaky, but someone or something falls on your bucket by accident? What if the bucket shatters or the water pours off? It could happen. Someone could even outrightly steal your bucket and the water!

Whereas, financial literacy and mastery will afford you tactics like savings to protect your bucket. Yes, savings, insurance and others are protective measures taught and recommended by Azà Hub as means of protecting water in your bucket. Got the trick?

3. Optimising your water
Some buckets could be large, while the water turret is some cases could be lean. What if there's a way whereby you multiply the water in your bucket and it magically multiplies by x2 or even more? That's the magic of investing and wealth building. Proper investment will optimise your water, making it birth even more water, while the original source remains unchanged, or even stops. This should ring a bell. Investing!

4. Find alternative or more water taps..
5. Expanding your bucket and more...

Enjoy more topics like this: The Importance Of Financial Literacy And Mastery - Illustrated on Aza.ng Hub.

cc: @wittywriter wittywriter

I can see. Few people are interested in a topic which their whole life depends on.

What an irony. The people have been blindfolded.

What a mess.

How can one acquire this financial literacy and mastery?

TrossardT:
How can one acquire this financial literacy and mastery?

Knowledge is key sir.

Visit Aza.ng to enroll.

Immediately I graduated from School.

I started buying expensive books on money and financial discipline,saving and all sorts.

After about 20years,my life has really transformed positively,both in the areas of family finance,personal and even group finance.


I can confidently say,that i am financially independent now than before.

ibechris:
Immediately I graduated from School.

I started buying expensive books on money and financial discipline,saving and all sorts.

After about 20years,my life has really transformed positively,both in the areas of family finance,personal and even group finance.


I can confidently say,that i am financially independent now than before.

Please come and volunteer to help our members at Aza.ng

Your experience is gold. We have a beautiful platform to make you heard loud and clear.