List after-tax income from their part-time job and add up their car insurance, cell phone bill, clothes, haircut, and money spent going out with friends. A Basic Financial Literacy Educator for Late Teens . The best way to define financial literacy is: You are able to understand financial issues everybody deals with like saving … For instance, include your teenager’s actual income and spending from last month. These decisions include how to generate, invest, spend, and save money. Understanding financial basics thus allows you and others to make smarter money choices and are able to be self-sufficient in financial decisions. Definition: Financial literacy is the education and understanding of knowing how money is made, spent, and saved, as well as the skills and ability to use financial resources to make decisions. He wanted this basic financial literacy module to be designed with principles of learning that are based on evidence. Financial Privacy: A term used to encompass a wide variety of privacy issues. Basic financial literacy is important because it enables you to make smart decisions in regards to budgeting, saving, debt, credit, investing, interest, taxes, retirement,, and many other aspects of personal finance. Writer-speaker-billionaire Robert T.Kiyosaki advocates the importance of financial literacy through this book and provides basic rules and principles to achieve financial freedom. Make the sample budget relevant for your student or child. Basic financial Literacy course offers quick fun videos guiding how one can start managing their finances and save for better future When you’re financially literate, you have the ability to manage your finances so that you can achieve your financial goals. Financial literacy lesson plans that met these criteria would be formal enough to impress the authorities in the world of personal finance while also being real-world enough to make a positive change in the students. Key Takeaways From This Top Financial Literacy Book: Rich don’t work for money; they make their money work for them.