Take Control: What Are Your Levels Of Financial Capability?

[00:00:00] Speaker A: Well, it's Tuesday. That means it's Take Control Tuesday with Mansa, Moussa and Mansa. Today we're going to talk about something that can be applied with the things that are going on currently. We're going to talk about financial capability. [00:00:16] Speaker B: Yeah. And basically what financial capability is. What do you do with what you have talking about money now, now there's a more formal definition. Randy, if you can read that to give our listeners the scope of what we're talking about, your level of financial capability greatly impacts your life. Yeah, Randy, go ahead. [00:00:43] Speaker A: All right. Financial capability for an individual refers to the combination of knowledge, skills, attitudes and behaviors that enable a person to make informal financial decisions, manage resources effectively and achieve financial well being. It includes the ability to budget, save, invest, access and use financial products responsibly and navigate financial challenges while planning for short term and long term goals. Financial capability also involves confidence in financial decision making and the ability to adapt to changes in person, personal and economic circumstances. [00:01:34] Speaker B: Now that's a whole lot. [00:01:36] Speaker A: Yeah. [00:01:38] Speaker B: And as we're Talking about in 2025, financial literacy and capability, we're going to be going into everything that's in that definition in more detail. But right now we're just taking an overview of financial capability. So once again, to break it down, the way I understand it, it's what do you do with what you have? Another question you can ask is how much do you keep of what you make? [00:02:11] Speaker A: Okay. [00:02:12] Speaker B: The next question is what can you do to remove the limits on your income? And the final one for, for the Christians is what percentage of your income can you give away? [00:02:28] Speaker A: Yes. [00:02:29] Speaker B: Now if you can answer all those questions in a way that satisfies you, then you probably are well on your way to being financially capable. [00:02:40] Speaker A: Right. [00:02:40] Speaker B: And the goal of being financially capable is to achieve financial well being. [00:02:48] Speaker A: Yep. [00:02:49] Speaker B: And we've talked about that in the past. So once again, as we proceed through 2025 and we deep dive these subjects once again, our overall goal is to help people increase their level of financial capability. How to keep more of what you make and how to increase what you make. [00:03:16] Speaker A: All great things to know and great things to learn and relearn in some instances. So they can go back to our archives and check out some of the things that we have talked about in the past about this and looking forward to the future. But go to take controltuesday.com and Manta. I'm looking forward to this as always. Thank you. [00:03:36] Speaker B: Thank you.