3398: What is Financial Literacy? by Jake Wengroff with I Will Teach You To Be Rich on Essential Finance Skills

What It Covers

Jake Wengroff outlines five practical steps to achieve financial literacy: automating money management, discovering hidden income, investing early, eliminating debt, and increasing earnings systematically.

Key Questions Answered

• •Money Automation: Allocate income automatically into four categories: fixed costs for bills, retirement investments in Roth IRA or 401k accounts, savings for emergencies and large purchases, and guilt-free spending money.
• •Hidden Income Discovery: Negotiate existing bills like car insurance, cell phone service, and student loans through five-minute phone calls to supervisors, potentially saving thousands annually without daily spending restrictions or deprivation.
• •Investment Timing Impact: Starting investments early dramatically increases wealth accumulation over time. Even beginning in your fifties or sixties with target date funds and automated IRA contributions beats having zero retirement savings.