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The modern world is a conundrum of financial and economic indicators that can and will remain a mystery to anyone who has no proper education in the basic intricacies of monetary operations. This is where the concept of financial literacy comes in as the cornerstone of proper financial planning and dealing with personal finances on both the income level and with opportunities for generating additional income.
A person with financial literacy already has excellent legal skills and can figure out who is a reliable partner and who is a financial scam. Such knowledge is very important for making optimal decisions on the use of funds, regardless of whether they are personal savings, planned investments, open deposits or credit funds. The examples of why proper financial education is necessary are numerous and can be illustrated by a variety of scenarios.
By possessing the necessary knowledge on financial and legal issues, a potential borrower will not allow risks that could lead to a delay in the payment schedule for the loan and an increase in expenses on it. By relying on financial literacy, a person can quickly solve a number of issues for obtaining credit funds. Among them are the formulation of a sound basis for a decision on the choice of a reliable credit institution. It will become possible to determine the goals and optimal parameters of the planned loan. After evaluating the available offers of credit products, financial literacy will allow people to make their choice and protect themselves from situations with scammers, unreasonable terms of the transaction and hidden payments. It will become possible to predict the repayment of the loan, taking into account the early return of funds, exclude the risks of debts on loan payments, and use the services of deferral, refinancing, and consolidation of credit funds.
Possession of financial and legal literacy makes managing one’s own funds rational. The increase of financial literacy among the population is one of the main issues identified by state programs for the protection of consumer rights.
But the first question that should arise relates to what is financial literacy. First of all, it is the ability to make optimal decisions on income management in order to direct part of them to repay a loan or have rational financial behavior. A borrower is assisted by the developing consumer protection system, hot lines, information and coordination centers, the vastness of the internet, on the many web pages of which one can find reviews about any credit institution.
A number of qualities that a competent person is endowed with in the field of finance is the ability to plan a budget with a surplus, refraining from unplanned expenses, creating of a reserve fund for expenses related to force majeure circumstances, and the ability to independently conduct legal and financial analysis of the upcoming transaction.
But no matter how well the population is versed in financial matters, there are still plenty of scams around. Such scams are aimed at misleading users and their participants with false information on potential income levels for the purpose of misappropriating funds and vanishing. This is exactly where financial literacy comes in – for identifying such scam projects at the start and refraining from participating in them.
Ironically, many honest projects become the victims of foul reputations bred by scams. The same fate could have befallen the CryptoUnit project. Upon hearing of a new project, such as CryptoUnit, many new users with financial literacy will initially think that “CryptoUnit scam” is the first thing they should look for in search engine queries. However, the “CryptoUnit scam” hypothesis is unfounded, because the CryptoUnit project is not seeking to build financial pyramids or misappropriate the funds of users.
Giving proper financial education to its users is the reason for the foundation of the CryptoUnit project. The fact that it is an educational endeavor is the first reason why “CryptoUnit scam” will not hold out the test of verification. The second reason why the “CryptoUnit scam” theory will be proven fully false is because the CryptoUnit project is fully regulated by international standards.
The CryptoUnit project is aiming to allow its participants to partake in sharing financial literacy and attending courses given by experienced specialists in a wide range of different industries. Such an approach has already allowed the project to garner a community of thousands of people who are united by the idea of extending their experience in financial matters to others, allowing them to make better financial decisions in planning their expenses and earning opportunities.
