One of the most important aspects of personal finance is learning how to manage debt. So let's look at some of the ways that a basic grasp of personal finance can help you get ahead.

As a result, you could find yourself in debt, or even bankrupted, by these unexpected financial events. But the problem compounds as the stakes get higher: What if you lose your job or get sick and have to take some time off work while also racking up medical bills? You may not have the savings or the credit available to cover these unexpected costs. On a small level, this could be something like your car breaking down. If you're not familiar with key financial topics, you'll likely be less prepared for unexpected expenses, too. In fact, I’d encourage you to take electives that cover these topics in greater depth. My advice to students is not to ignore Accounting or Finance classes. If you don't have this knowledge, it may be difficult to find a job after graduation. In today's economy, many employers are looking for candidates who have a basic understanding of financial concepts. As a result, you could end up paying thousands of dollars more in taxes than you need to. This doesn’t just mean putting cash into a savings account it also means knowing how to invest in a 401(k), or how to take advantage of tax-advantaged accounts like IRAs. If you don't know anything about personal finance, you're missing out on opportunities to save money. They affect when you retire, the quality of education you receive, the foods you eat, your access to healthcare and so much more. Good financial decisions impact just about every area of your life. Why Is Access to Financial Education So Important? You don't need to know everything, but understanding the basics of interest, investing and taxes will go a long way to help you build wealth over time. There are real costs to not being financially literate.

The other half is taking ownership of your education. Having access to financial education earlier in schools is a huge step, but that’s only half the battle. Part of the reason we aren’t taught this is because it’s not mandated.

Download financially literate