08/14/2023
How much would you like to bet that most people don’t know August 14 is National Financial Awareness Day?
It’s more important than you think. And plus, what’s more fun than financial independence? First off, think about that great feeling you get when you don’t have the looming specter of debt hanging over you. Also, sound financial decisions can really make a difference down the road. Remember, retirement is a time to take all those vacations you couldn’t when you were working the daily grind. Because money is important to our overall peace of mind, Financial Awareness Day is a great time to review where you are now and where you’re going financially. Don’t let bad financial decisions ruin the best years of your life!
WHEN IS NATIONAL FINANCIAL AWARENESS DAY 2023?
Start saving, investing, and building up that nest egg on National Financial Awareness Day on August 14.
HISTORY OF NATIONAL FINANCIAL AWARENESS DAY
Do you lavishly spend money like they did in “The Great Gatsby”? Are you saving for retirement but uncertain where every penny is going? Do you live from paycheck to paycheck? Whatever your financial situation may be, it is time to look at the big picture and commit to becoming more aware of your spending. Most of us like to wait until our birthday or the new year to plan our finances but today is a great time to start. August 14 is National Financial Awareness Day and a good reminder to take investing and saving seriously to build financial stability and prepare for the future.
The origins of the holiday are unknown but the aim of it is to develop and instill good financial practices that will solidify a person’s current financial status and serve them through retirement. Investing will make money do the work for us, which will result in less time spent working and leave more time for us to enjoy our lives. David Ravetch, a senior accounting lecturer at the University of California, Los Angeles, says, “We live in a world of financial illiteracy.” What he means is that most of us do not possess the knowledge and skills that are necessary to make informed and effective financial decisions with our existing financial resources.
It seems overwhelming, but everyone has the capacity to learn sound financial principles and save up. Just making small changes to our daily habits can reap great financial benefits. Finances can be quite straightforward once we distinguish our wants from our needs and take inventory of our spending. Joining an investment or money management club or consulting a financial advisor is encouraged, and books and blogs on personal finance are promoted.
