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Time is very precious. To make the best of it, we would be wise to use our time to learn and grow personally and professionally.
ABI wishes to share informative and educational articles to impact the community.
We hope to be instrumental in the lives of those we cross paths with.
We are here to serve our family, friends and community.
Money Wise
Financial Literacy
Business Topics
There are many foundational topics we learn growing up — basics, such as numbers, letters, words, and behaviors. However, money is a currency we use to obtain many critical items, such as water, food, medicine, and education. However, it was not a subject we were able to take during our formative years in school.
We may have to learn new habits as we become young adults if our parents or family members do not expose us to finance at an early age. Unfortunately, the school system does not have the best classes to teach our young adults and prepare them for their future. The good news is that many people are recognizing the importance of financial literacy.
Changes in our mindset and lifestyle influence our decisions. Exposure to financial concepts, such as saving, investing, and diversifying, is a good start to developing a financial vocabulary.
We can help you get started or expand on what you already know.
Personal Finance
The foundation of personal finance is the management of household expenses. Many families struggle to pay their bills, either because of insufficient income or because of disorganization. Both are tough situations, but they can be overcome.
Simple systems can be created to organize, track, monitor, and review income and expenses. This can be accomplished with a pen and paper or an Excel spreadsheet. Updates can be synced with payroll or whenever income is received. This allows for a schedule, creating a routine habit.
A good starting point is to create a budget. Income should be considered before starting on expenses. This will provide an idea of what is realistically affordable. If income is inconsistent, then a list of expenses needs to be made, as income rolls in to cover the most critical expenses first. If there are many random expenses, two lists should be made: one for regular expenses and the other for uncommon bills. Each expense can be eliminated as it is paid. Nevertheless, the most fundamental expenses include groceries, medicine, shelter, utilities, including phone and internet, and transportation. Every household will have its own priorities. Furthermore, it is imperative to save for emergency situations. It is good to be prepared while hoping for the best.
It may seem daunting, but a budget creates a lot of clarity for decision-making.
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“Education is the key to unlock the golden door of freedom.”
– Anonymous
