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The #1 Key to Financial Success
Financial illiteracy is a widespread problem in the world today.
Particularly in America, statistics show the following:
- Financial illiteracy cost Americans collectively $388 billion in 2023
- Financial illiteracy cost each American an average of $500-$2500 in 2023, a range that has not changed since 2018
- Financial illiteracy resulted in $120 billion in credit card interest and fees in 2023
- Financial illiteracy resulted in $17 billion in overdraft fees in 2023
- Financial illiteracy resulted in $10 billion lost to fraud in 2023
And this doesn’t even get into the lost opportunity costs created by financial illiteracy such as lack of saving, living paycheck to paycheck, and the failure to invest sufficient enough money to generate wealth.
As we can see, this is one of the most expensive problems Americans face, and not much has been done about it.
The ideal is to be financially literate, knowing the truth about money and applying it successfully to build wealth and improve the quality of life for themselves, their loved ones, and the world around them.
We should have learned this in school, but most of us didn’t.