When you reach the point in your life where you’re ready to start letting your money make even more money for you, it’s time to beef up your financial literacy game. Examples include: owning a home, investing, or having others invest in your business. It is essential that you take time to develop deep insight of the terminology used, consequences, rewards and whether it’s short term, long term or a combined strategy you’re looking for.
Financial literacy is often overwhelming with all the lingo used and technicalities of how everything works. However, if you take the time to gain the basics, you’ll be able to present your needs more favorably.
Remember, this is risky business and you do not want to come across as an uneducated investor. Brother Damon and Sister Phylecia reminded us that sharks are all around, waiting to prey on your ignorance of what’s really happening.
Enhancing Your Financial Literacy Vocabulary
There were ten primary terms shared in this Master Minds Monday broadcast. We’ll focus on a few of them here. Listen to this broadcast in its entirety to learn more about all of them.
- Mutual fund – this product packages a variety of investments under one bundle. For many, it’s most ideal! The benefit is you’re able to pool your money with other investors. This is a long term investment. A fund manager decides when to buy, sell or trade.
- Venture capital – money provided by personal investors with the expectation of high potential for growth. These investors take large risks and own shares of companies in exchange for their funding. They are focused solely on the return on investment (ROI) so they can make their money back and move on to the next investment.
- Bonds – long term investment where you are owed money with interest after the initial purchase. The longer you wait to cash it in, the more you’ll receive. These are low risk.
Energies to invoke for financial awesomeness
Oshun is great for the flow of wealth and prosperity; she controls all flow. Offerings to Oshun would include honey, cinnamon, pumpkins or peacock feathers. Other energies that can be used here are Lakshmi and Ogun. Oshun and Ogun were mates so these two work extremely well together. Ogun removes obstacles and offerings may be items made of iron, a knife, or rum.
Lakshmi is not an orisha like Oshun and Ogun are in Yoruba tradition. Lakshmi is a Hindu energy known for wealth, fortune, luxury and prosperity. She is represented by gold coins, elephants, and a lotus flower.
Financial literacy and your stewardship
Familiarize yourself with the language. Take your time and ask all the questions you need to feel comfortable. Too often, we get frustrated and jut dive in without knowing what’s happening with our money. If you are not a good steward of your money, why would you expect to be able to regenerate the currency? Remember, there are karmic vibrations in everything we do.