Benzinga offers tips to assess and increase your financial intelligence.
You know that one friend who actually seems to understand their taxes or who feels comfortable saving for retirement? They may have mastered financial intelligence. While business leaders are often lauded for their financial intelligence, this skill set translates into real-world benefits for everyone.
One more piece of good news: you don't have to be good at math to have financial intelligence. Instead, think of it as practical skills that can build long-term wealth. Suppose you were making $4,000 a month, and now you make $8,000 a month. Don't immediately buy a new car, get an auto loan, or move into a bigger house. Instead, see if you can use a little more for certain budget items but implement a pay-yourself-first savings plan and live well below what you could buy.
Plan for retirement Start saving early and take advantage of employer-sponsored retirement plans, including any employer-matched options. If you are struggling to save a lot, start small. Consider a no-spend challenge, aiming for $20 a week or some other achievable goal, and build up gradually as saving becomes a habit.
Plan for emergencies Creating an emergency fund is essential to your long-term financial safety. Once you're living below your means and saving, an emergency fund is the first savings to protect yourself financially. Aim for three to six months of expenses in a high-yield savings account.
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