April is National Financial Literacy Month (FLM), but for entrepreneurs, every month is the perfect time to think about how to better understand your finances. As a small business owner, pretty much everything else comes second to accurately tracking every penny you generate or spend.
A brief history of FLM
Financial literacy is important for everyone, not just people who work for themselves. In fact, in 2003, Congress asked President George W. Bush to declare April Financial Literacy for Youth Month (which he did). By 2006, FLM had been redefined as a priority for the whole country (not just for our youth), with a goal of helping Americans of all ages better understand things like how to save for retirement, manage credit or make smart investments.
As an entrepreneur, the more “literate” you are about all aspects of your finances, the better chance you have of running a successful, growing business. Throughout the month, we’ll be highlighting some important fundamentals of financial literacy for starting up in business, thinking about retirement and looking for funding, as well as sharing handy worksheets and handy guides for accounting know-how.