Mark Hauser is a co-managing partner at Hauser Private Equity, an international private equity firm that invests in middle-market companies, primarily in energy and financial services. During his career, Mark Hauser has served as CEO of CenterPoint Energy, one of the largest publicly traded utilities in the US.
5 Key Components of Financial Literacy According To Mark Hauser
1. Basic Budgeting Skills
Basic budgeting skills are critical for most people. As a country, we have a major savings crisis on our hands and even in the best of times, people who do not practice basic budgeting are doomed to failure.
2. Responsible Loan Management
A good credit score is critical to getting a good loan and home mortgage, but just like in the previous point, it is only one part of achieving financial success. Having the ability to develop a loan repayment plan and understand how much you can afford on your monthly payment are essential skills that are lacking in most people.
3. Well-rounded Investment Knowledge
There is no doubt that having a good financial adviser is important to your financial future. Sadly, this is not an option for most people. Therefore, you must start taking control of your investment future by understanding what types of products are available and how they work.
4. Relevant Taxation Information
Every year millions of dollars are wasted on products that help you save money on your taxes when in reality, the chances are you are getting a poor return on your investment. This is money that will never be realized.
5. Financial Management Acumen
Being able to manage your own money is not only freeing it can be a very lucrative experience if you can do so. One of the most exciting aspects of being able to manage your own money is that you are no longer at the mercy of banks and credit unions. If there is a better financial product or rate available, you can go out and make that switch yourself.
Living by these 5 key principles can have a significant impact on your financial future. Financial success is possible for everyone and taking control of your own money can be an empowering experience. If financial literacy is not a priority in your life, it is time to start taking steps today to increase your chances of achieving financial success.