A headline today, Former Celtics star Antoine Walker is broke and in debt, showcased why financial literacy is important and yet ignored. We all thing becoming rich is the hardest but I believe staying rich after the fact is much harder. This is because many of us are never taught to be financial literate. Not to say that Mr. Walker wasn't. I simply do not know the extend of his situation but could assume that with a net worth well over $100 million, chances of him going bankrupt is rather small unless severe hardship hits.
The simplest thing for anyone of us to do is to track our expenses and income on a regular basis. Thanks to my parents who pushed me to balance my own check book at 16 and track my expenses during college. The power of knowing your financial status is needed before any investment is made because managing profits are much harder than making them.
Quicken Online offers a free software to track expenses.
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