Financial Literacy Education: A Practical Guide and Workbook Basics
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Financial Literacy Education - Norris Dorsey
Financial Literacy Education: A Practical Guide and Workbook Basics
By Norris Dorsey Ed.D.
Copyright
© 2023 by Dr. Norris Dorsey
A close-up of a bar code Description automatically generatedTable of Contents
Foreword…………………………………….….………………...5
Introduction………………………………….……………….…..9
Chapter 1 - Employment: First Job..………..…………………………………………..…………...19
Chapter 2 - Transportation: First Car...……………..…………………………………………..……..37
Chapter 3 - Budgeting: Managing Your Money……..…………………..………………………………..…45
Chapter 4 - Personal Credit………………...…..……….....………………….…….….59
Chapter 5 - First Apartment / House………………………………………………………..………75
Chapter 6 - Financial Literacy Education………...………………………………….….……....89
References……………………………………………..….….….98
Foreword: Financial Literacy Education
In an era defined by constant change and evolving economic landscapes, the need for financial literacy education has never been more pressing. As individuals, we navigate a complex world of personal finance, investment opportunities, and economic uncertainties. It is through understanding and mastering the principles of financial literacy that we can confidently make informed decisions, secure our financial future, and unlock the doors to prosperity.
In this groundbreaking book on financial literacy education, the authors delve deep into the core concepts, practical strategies, and transformative mindset necessary to navigate the intricate world of finance. With clarity, expertise, and a genuine passion for empowering individuals, the authors empower readers to seize control of their financial destinies.
Financial literacy education goes beyond the mere accumulation of knowledge about money and personal finance. It is about building a solid foundation, acquiring the essential skills, and developing a mindset that enables us to adapt and thrive in an ever-changing financial landscape. This book serves as a comprehensive guide that takes readers on a transformative journey, equipping them with the tools needed to make sound financial decisions and embark on a path towards financial independence.
The chapters within this book are thoughtfully structured, addressing key areas of financial literacy in a logical and accessible manner. From understanding the basics of budgeting and saving to exploring the complexities of getting the right job and building wealth, the authors leave no stone unturned in their quest to empower readers with knowledge and practical skills.
One of the most compelling aspects of this book is its relatability. The authors combine real-life examples, case studies, and engaging anecdotes to bring complex financial concepts to life. By weaving in stories of individuals who have triumphed over financial challenges, the authors inspire readers, assuring them that financial literacy is within their reach, regardless of their background or prior knowledge.
It is important to recognize that financial literacy education is not a luxury; it is a fundamental right for all individuals. As societies become increasingly interconnected and technology shapes the way we interact with money, the significance of financial literacy education becomes even more pronounced. By equipping ourselves with the necessary skills and knowledge, we become empowered to make sound financial decisions, protect our assets, and build a better future for ourselves and our loved ones.
In conclusion, this book on financial literacy education is a beacon of hope in a world often clouded by financial uncertainty. It is a call to action, urging us to take control of our financial well-being and embrace the transformative power of knowledge. I am confident that by immersing yourself in the invaluable wisdom presented within these pages, you will embark on a journey towards financial empowerment and unlock the doors to a brighter and more prosperous future.
Dr. Norris Dorsey
Business Professor and founder of Dorsey Academy of Entrepreneurs
Introduction
This book was initially inspired by a conversation I had with my 19-year-old son.
I asked him how he planned to live on his own. He responded that he hadn't thought about it and had no real idea. I let him know that we needed to start the process of investigating the actual costs of living on his own, including moving costs and monthly expenses.
I gave my son an assignment, which had him looking into costs. A week later, he came back with a round number of five thousand dollars for monthly expenses on his own. He had no line items, just a flat estimate.
I knew then that, as a parent, I had some work to do.
I