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Financially Literate

Lately, I have been doing some adult learning (imo). I have been trying to learn more about money through various podcasts on money. AND BOY is there a lot of things I don’t know… As a young one, I have never been that interested in money and my parents did not teach me much about it, except that it was precious and we didn’t have much. *sad face*

What even is Super?? How does it even work??

Through the last year and a bit, I have encountered terms like Salary Sacrifice, Life Insurance, Bonds, ETFS, mortage brokers, credit scores, and Stocks. I think I’ve grown up a bit now that I have become interested in money, or should I say in the fancy adult word, finance.

Studying in the health sector for 5 years has allowed me to become health literate, maybe a bit too much (those wrong self-diagnoses LOL). I did not understand why some people had poor health literacy and make such bad health decisions (every 1st generation child of a migrant would understand). I have always thought that was sufficient enough to keep me healthy and sustain me through life. However, I have only just realised I am seriously financially illiterate (and many of my friends are too)! I have never really did any check up on my money and just thought putting in the bank and getting a little interest was enough to sustain me for life. LOL.

I have realised, that if you want to look after your finances well, you need to take some time and think about what your saving goals you are aiming for and to make a budget (of some sort). You need to think about where you want to invest your money, because leaving it in the bank, while it is safe, it typically has low interest rates, and hence low returns.

Your super fund is basically your retirement fund, as a young kid in my first job, I always scowled at how money from my pay went into this “SUPER” fund that I couldn’t access until I was like 67. BLEH. What if I didn’t even live to that ripe age? Gimme my money now! Is what I probably thought. But, when I am old and wrinkly, and when I get to receive that money in my fund, hopefully I will be able to thank my younger self for working so damn hard for all those years to build a better retirement future. I don’t really know how supers work, but in my limited understanding I think they use your money and a good company hopefully will use it to invest and grow the super. However, for those with multiple super accounts, they might be paying a whole bunch of fees that they are unaware of.

There is still much to learn about money and finance and surprisingly, it is becoming more interesting and appealing to learn about money. $$

I ask my self, Have I stepped another step towards this holy adulthood? As I sit on a chair wearing my snoopy PJs and thinking about how it would be great to not go to work tomorrow. *Sad face*

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