Building Wealth with Purpose: Financial Literacy & Holistic Wealth Plans w\/Dr. Elisabetta Basilico

In today’s fast-paced world, financial literacy is more crucial than ever, yet it’s an area where many women, in particular, struggle. Whether you're just starting your journey toward financial independence or looking to sharpen your knowledge, having the right tools and guidance is essential. That's where Dr. Elisabetta Basilico, a seasoned financial expert and educator, comes in.

In this conversation with Mayim Vega, Dr. Basilico shares insights into how understanding the fundamentals of finance can help women create sustainable wealth and break free from financial fragility. Dr. Basilico, a published author and founder of the "Journey to Building Your Wealth Plan," empowers people to take control of their financial futures by providing actionable advice on how to build long-term wealth that lasts for generations.

According to Dr. Basilico, one of the most important reasons for increasing financial literacy is that women, on average, lag behind men by 10% in understanding basic financial concepts. This knowledge gap often means that women face financial instability and a lack of confidence in managing their personal finances. However, research also shows that women who understand finance tend to outperform men in areas like investing and business management. The key, Dr. Basilico believes, is ensuring that women have access to the right resources and education.

Financial literacy isn’t just about crunching numbers; it’s about understanding how the financial world affects your day-to-day life. Dr. Basilico points out that the fundamentals of financial literacy influence everything from managing your budget to understanding inflation, interest rates, and how to create a retirement plan. She emphasizes that by learning concepts like compound interest, risk diversification, and inflation, you can start to create a strong foundation for your financial future.

One of the key elements Dr. Basilico highlights is compound interest. Often referred to as the "magic" of wealth-building, compound interest helps your money grow exponentially over time, especially when you invest early and consistently. Dr. Basilico’s advice is to start understanding this powerful concept and leverage it for your future prosperity.

Dr. Basilico discusses the five pillars of financial literacy: inflation, compound interest, risk diversification, mortgages, and interest rates. These fundamental concepts are essential for managing personal finances and planning for long-term wealth. She explains how being financially literate allows you to save more, manage debt better, and ensure a solid retirement plan. For example, understanding the impact of interest rates can make the difference between paying off debt efficiently and struggling with it for years.

As Dr. Basilico explains, “If you’re not financially literate, you’re more likely to under-save, accumulate unnecessary debt, and face higher levels of financial stress.” However, with the right knowledge, financial literacy can become a tool for achieving financial freedom, reducing stress, and securing your future.

It’s a startling fact: financial literacy is not a core component of most school curriculums. As Dr. Basilico notes, the lack of formal financial education is a major contributing factor to low literacy rates across the globe. Women, especially, often find themselves with little to no financial education, which puts them at a disadvantage when it comes to managing money effectively. Dr. Basilico is actively working to change this by helping women gain the financial education they need to thrive.

While some countries and institutions are taking steps to address this gap, Dr. Basilico believes that financial education should be introduced at a much earlier stage in life, starting in elementary schools. In fact, she is working on a children’s book to teach financial literacy to kids aged 3-6, making these crucial concepts accessible from a young age.

Dr. Basilico emphasizes that financial literacy is not only about securing your own future but also about building wealth that can be passed down to future generations. She explains that building generational wealth requires a mindset shift from immediate gratification to long-term planning. By investing wisely and making sound financial decisions today, you can create a financial legacy for your children and grandchildren, ensuring that they have the tools and resources to build their own wealth in the future.

Are you ready to take control of your financial future? Dr. Basilico’s mission is to empower women to become financially literate and to help them create a sustainable wealth plan. Her program, “Journey to Building Your Wealth Plan,” provides the tools, education, and support you need to succeed. If you’re looking for guidance on how to build a holistic wealth plan that aligns with your life goals and values, Dr. Basilico’s approach could be the perfect starting point.

Website - https://wealthmamma.com
Free Financial Audit: https://docs.google.com/forms/d/1ZwvDwMTUOQarZ6xWg9O01bmPIXYJnFq0Qoz_m9aW1dE/edit
Book: https://link.springer.com/book/10.1007/978-3-030-26692-9
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Take the first step towards financial empowerment today—whether it’s by learning the basics of financial literacy or enrolling in Dr. Basilico’s signature program, building wealth with purpose is within your reach!