My Financial Literacy Research Report
Financial Literacy refers to money, and matters,
where large sums are involved and when you are
able to read or write.
 Financial Literacy is the ability to understand
finance. More specifically, it refers to the set of
skills and knowledge that allows an individual to
make informed an effective decisions through
their understanding finances.

Source: Webster’s New World College Dictionary
 Source:
http://en.wikipedia.org/wiki/Financial_literacy

In a test to see if one is financially literate, I was
one of the 10% of people who did well on the
test.
 Also, being financially literate means that you
understand the importance of keeping a budget
and this module will help you learn how to make
a budget to gain control of your life.

Source:
http://www.rand.org/labor/centers/financialliteracy/widgets/financial-knowledge-test.html
 Source: http://bluworld.org/learningcenter/financial-literacy/did-you-know/

 In
South Carolina a key building block to
financial capability is the extent to which
households build savings. In South Carolina,
22% of individuals reported that over the
past year, their household spent more than
their income (not including the purchase of a
new home, car or other big investment).
Individuals who are not balancing monthly
income and expenses are not saving, and
thus may find themselves struggling to make
ends meet.
 Source: http://usfinancialcapability.org/
 We
have done a comparison of financial
literacy across eight countries (the US, Italy,
Germany, the Netherlands, Sweden, Russia,
Japan, and New Zealand). In a nutshell, the
world is flat in terms of financial literacy!
 Source:
http://annalusardi.blogspot.com/2011/08/te
n-quiestions-and-things-to-know-about.html

There are costs of being financially literate.
Studies show that those who have low financial
literacy are less likely to take advantage of the
opportunities offered by financial markets (for
example, refraining mortgages when interest
rates go down or getting higher returns by
investing in stocks and bonds), are less likely to
have problems with debt and to pay higher
borrowing costs.

Source:
http://annalusardi.blogspot.com/2011/08/tenquestions-and-things-to-know-about.html
 1)
Have a better understanding of financial
and banking products.
 2) Be more prepared to pursue your financial
goals.
 3) Take control of your money.
 4) Improve your saving skills.
 5) Be more prepared for unforeseen
situations.
 Source:
http://financialliteracycaribbean.com/why_
be_financially_literate/
 You
can go to the Official CASHFLOW Club
meets in your area and you can buy a book
called Rich Dad Poor Dad by Robert Kiyosaki.
Who is said to be the best selling author of
all time, in the financial literacy genre of
course!
 Source:
http://www.meetup.com/OfficialRich-Dad-CASHFLOW-Club-London/
 You
can play games that will help your
financial literacy skills increase. There are
many games like: Refund Cash, Celebrity
Calamity Mobile, Groove Nation, Farmblitz,
and Bite Nightclub.
 Source:
http://financalentertainmeant.org/



To be financially literate, one must be able to
confidently read, analyze, and manage their personal
finances to lead more secure and satisfying lives.
The Financial Literacy Promotion Project provides an
opportunity for chapter members to demonstrate
their knowledge and understanding of financial
literacy, to engage in activity(s) that clarify and
enhance understanding of financial literacy, to plan
and implement a presentation or activity(s) to
educate and promote financial literacy to organized
groups and/or the general public.
Source: http://www.deca.org/_docs/conferencescompetitions/DECA_FLPP_Guidelines.pdf
Both President Bush and President Obama have
been supporters of financial literacy, via, for
example, the President’s Advisory Council on
Financial Literacy.
 Ray Lewis, a 12 time Pro Bowl player for the
Ravens, supports financial literacy.

Source: http://www.treasury.gov/resourcecenter/financial-education/Pages/Advisory.aspx
 Source: http://articles.nydailynews.com/201104-29/sports/29510296_1_ray-lewis-uaffinancial-literacy

 Yes,
there are many. One important initiative
is that the OECD (Organization for Economic
Cooperation and Development). Starting in
2012, the OECD’s Program for International
Student Assessment (PISA) will measure
financial literacy among 15-year-olds in 19
countries.
 Source:
http://annalusardi.blogspot.com/2001/08/te
n-questions-and-things-to-know-about.html
A business plan is important because it summarizes
both your vision for the company and your
blueprint for the company’s operating success. The
business plan is a written guide that details the
start-up and the future direction of your company.
The one to write a business plan is the
entrepreneur. No one else knows your business idea
and goals better. Yes, there are services that can
do the work for you. However, you must present
this business idea to bankers or other investors.
Therefore, it is best if you are very familiar and
comfortable with the plan.
 Source: http://articles.bplans.com/starting-abusiness/top-15-startupquestions-from-score/205



In order to determine how much seed money you will
need, you must estimate the costs of your business
for at least the first several months. Every business is
different, and has its own specific cash needs at
different stages of development, so there is no
universal method for estimating your startup costs.
Some businesses can be started on a shoestring
budget, while others may require considerable
investment in inventory or equipment. It is vitally
important to know that you will have enough money
to launch your business venture.
Source: https://smallbusiness.dnb.com/businessplanning-structures/starting-a-business/661-1.html


Some markets are highly competitive, while others
are a lot less so.
A good example of a competitive market in which
there are many buyers and sellers is that of Internet
booksellers. Because there are so many firms selling
identical products then the price of these books will
be highly similar. This competition helps to drive
down the profit that such firms can make.
Competition occurs when two or more organizations
act independently to supply their products to the
same group of consumers.
Read more:
http://businesscasestudies.co.uk/businesstheory/marketing/how-businesses-are-affected-bycompetition.html#ixzz1tWh3mAD7
A
marketing plan is one of the major things
needed in a business. Eight key components of
a marketing plan are: 1) Situation Analysis, 2)
Executive Summary, 3) Situational Analysis, 4)
Competitor and Issue Analysis, 5) Marketing
Objectives to include your Marketing Strategy:
Product, Price, Promotion, Place, 6) Action
Programs: What, When, Who, 7) Budget, 8)
Supporting Documents.
 Source:
http://www.americasbestcompanies.com/sbc/
kb/question/26


There are A LOT of websites on the following
question, but I chose the website below:
http://www.businesslink.gov.uk/bdotg/action/detail?
itemId=1087351667&type=CAMPAIGN
Information: Business Link is government's online
resource for businesses. It contains essential
information, support and services for you and your
business – whether you work for a large organization
or are on your way to starting up. Simple to use, up
to date and practical, Business Link is the first place
to go to find guidance on regulations and to access
government services. It also has a number of useful
online tools, calculators, and best practice case
studies; and provides access to funding options, as
well as wider support.
 Webster's
 Library
 Internet
Dictionary