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Author page: Pam Capalad

Financial capable

4 Ways to Save Serious Money and Become More Financially Capable

Mixed race woman paying bill with cell phone Financially literacy is incredibly important. I’ve dedicated my life’s work to it. But what if I told you that financial literacy isn’t enough? I know I was shocked when I learned the same thing. It turns out that financial literacy will only take you so far. For you to have true financial success, you need to have financial capability.

What's the difference?

When you’re financially literate, you have an understanding of how money works – how to earn it, manage it, invest it, etc. and technically you have the skills and knowledge to make financial decisions. When you’re financially capable, you also have the confidence, attitude, and self-efficacy to act on this knowledge. Basically, when you’re financially capable, you believe in yourself. You believe that you know enough to make a decision OR that you know enough to know when you ask for help AND you believe that it’s worth your time and there is value to managing your money proactively. Yeah. I know this sounds likes a big challenge. But here’s why financial capability is way less scary than it sounds. With financial literacy, it can sometimes feel like you need to know everything before you make a move. With financial capability, you have the permission to learn and make mistakes as you go along. If you’re financially capable, it’s okay to stumble through some things and not know it all, because you have the confidence to make course corrections along the way. Here are some moves you can make this week to get closer to becoming financially capable:

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