Articles Financial Literacy – Elizabeth Naumovski

Fireside Chat with Elizabeth we discussed the importance of Financial Literacy and The Impact of Living a Frugal and Disciplined Life of saving and not spending beyond your means.

Here’s a synopsis of our Fireside Chat! Have questions for Elizabeth? See below.

When you think of Financial Literacy, and living a disciplined and frugal life, think of these seven letters of the alphabet: A, B, C, D, E, F, G.

They are key to utilizing and living the 5 practical steps below.

A – Accountability. Be accountable to yourself! If you cheat, you are cheating yourself.

B – Budgeting. If you are struggling to make ends meet, create a budget and follow it. Budgets work.

C – Communication. Communicate with your loved ones and people that can help you. Don’t be afraid to ask questions.

D – Discipline. Make a plan and stick to it. If you can’t go out, tell your friends that you need some time to catch up. Save a minimum 10% of your paycheque.

E-Education. – Learn about financial literacy and never stop learning.

F – Frugal. Live a frugal lifestyle. If you learn to live within your means now, it will be so much easier when you retire and you will happily grow old.

G – Goals. Create your own goals. Just like my parent’s goals when they came to Canada, Goal #3 was to pay of their debt.

Which takes us to the five practical steps to living a debt-free and anxiety/stress-free life:

  • Stop impulse buying. Don’t live in denial.
  • Save $5 per day. After 21 days, it will become a habit and it will be easy to save for your retirement or emergency fund.
  • If you can’t pay off your credit card, more often and pay much more than the minimum. NEVER just pay the minimum.
  • Don’t get sucked into FOMO or YOLO. Live a disciplined and frugal life.
  • Cash is king, if you can’t afford it, don’t buy it! Pay yourself first, buy on sale and save!

 Everything that I have said here is not just about personal finance and it can easily be applied to your business, as an entrepreneur as well.

Just remember, when you take on debt, you no longer own yourself or your company, the bank or credit cards will own you.

Elizabeth Naumovski  @enaumovski | Host, Finance is Personal February 13, 2020

About Elizabeth

Elizabeth Naumovski is honoured and proud to be the first recipient of the 2019 Wealth Professional IFSE Institute Award for Financial Literacy Champion.
 
Elizabeth comes from an immigrant background and is a first-generation Canadian. When her parents came to Canada, they taught her to save every penny and work hard for every dollar. Elizabeth Naumovski has worked on Bay Street for over 20 years and is a well respected Financial Literacy advocate and a champion for women’s issues. Elizabeth is passionate about Financial Literacy & is the host of Finance Is Personal, a half-hour show on Financial Literacy. Finance is Personal can be seen on YouTube around the world.
 
She decided to host women-only as her guests and focus on Financial Literacy for women of all ages. Even though Finance is Personal has a skew towards women, the show is seen by men, women, and children, with the accompaniment of their pets. In February 2019, Elizabeth partnered with Ability Online so that she can contribute financial literacy to their community through Finance Is Personal and a financial literacy forum. Elizabeth volunteers to serve both her professional and personal communities. She is on the Editorial Board of The Women’s Collection a Financial Literacy platform to help educate and empower women. She is a Member of Women in Capital Markets & NATO Council of Canada. She is also on the Advisory Council of the United Macedonian Diaspora (“UMD”) & on the Board of the Macedonian Film Festival. She was on the Advisory Committee of Canadian Blood Services Partners Council and for 10 years served on the communications committee of the Investment Industry Association of Canada (“IIAC”).

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