What does it mean to be financially independent?
Financial independence has many definitions. Why? Because you get to decide what your personal financial independence looks like. Some examples include:
- "For me, financial independence is simple: it means that you are not beholden to a job to provide for your livelihood. Instead, your wealth supports your lifestyle."
- "Financial Independence: Supporting our lifestyle with passive income and side hustles while minimizing withdrawal from our savings.”
Whatever your definition, on the road to financial independence, understanding what it means to be financially literate is a crucial component. Financial literacy, as defined by the National Financial Educators Council, is "the ability to use knowledge and skills to manage one's financial resources effectively for lifetime financial security."
Financial literacy encompasses increasing or changing your knowledge and perspective about money and your finances. Consider this perspective: money needs to be used by you for it to have purpose. You don’t have to be a financial expert to take control of your finances; smarter money choices can begin with something as simple as creating and using a budget. What is needed is the knowledge and know how to make money work for you! The choice to gain this knowledge is yours.
BSU’s goal is to help you to become more responsible with your finances by providing the necessary resources for you to gain this knowledge and apply it to your personal life. Applied knowledge is the most powerful action that you can take to create an excellent financial future!
The program is designed to helps students with money management and covers a range of topics, such as:
- Debt management
- Paying for school (with or without loans)
- Saving and investing
- Credit cards and credit scores
- Finding a career that will allow you to afford an abundant financial lifestyle that includes loan repayment
- Repaying student loans successfully