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Healthy Money Habits Start with Financial Literacy

2024-04-07 – BE&O ATC

The key to a healthy business for an entrepreneur starts with financial literacy. 

April is Financial Literacy Month, and James Wilkerson, a Certified Financial Planner with Wealthwave, says one of the first steps to understanding money is not being afraid to discuss it with family and friends. “People who don’t have money don’t like to talk about money,” he says. Wilkerson encourages people to have those conversations around the kitchen table so they can begin to understand their finances. This includes talking with your children about money. Wilkerson says it’s a great way to set them up for success. 

Wilkerson, a 20-year Navy Commander, says most people worry about earning more money and spend too little time focusing on protecting and growing the money they already have. He says developing a savings and investing plan and monitoring it often is important.  

Even if you have made financial mistakes earlier in life, Wilkerson says it’s important not to focus on the negative. “What’s in front of us is far better than what’s behind us,” he says. Even though past mistakes may have caused a setback, Wilkerson says it’s important not to let those mistakes control you. “Most people operate from the perspective of fear,” he says. Weathering those storms and getting past those challenges with renewed knowledge is critical.   

Wilkerson stresses the importance of separating your wants from your needs and taking the proper action to curb your spending and grow your savings. “Sacrifice what you want for what you need.”    

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