As migrants, we have to shoulder many responsibilities. Adapting to a new culture, learning the system, adjusting our families to new schools and neighborhoods, and the list goes on. But what many migrants forget to prioritize is the act of becoming financially literate, so they can maneuver the financial system in a way that empowers them to make smart financial decisions.
The first step towards becoming a financially savvy migrant is to learn the lingo that is often associated with financial services and institutions. This will help to reduce the frustration that is felt by many when they don’t understand the financial jargon being tossed around, and reduce the potential for becoming a target of scams that prey on the vulnerability of newcomers.
Here are some definitions that you can loop back to over the course of this blog series:
In reality, credit worthiness is often predicated on having financial literacy skills. When you put these definitions into action, so you can put your financial knowledge to use right away. Continue your education with InstaKin as we review more essential vocabulary in the next blog.