Why is so important to be financially literate?

After Lehman Brothers' collapsing 1 year anniversary, did you noticing the urgent needs to be financially literate? If no, you must start now. And if yes, what have you done for the past 1 year on it?

Financial products (insurance, investment, loans, credit cards) are becoming more complicated nowadays, if we are not well-verse with it, how?
A very good example have been shown by the toxic-bonds thrown by Lehman Brothers.

If we are financially literate, we will be able to:

• make effective personal decision
• avoid financial breakups because of money
• improve our mental and emotional well-being
• know our own financial status, and not blaming others
• asking the right questions and getting accurate answers
• increase our ability to understand sophisticated products
• mitigate the investment market risks
• avoiding scams and toxic investment products
• differentiate between network marketing and pyramid schemes

Sometimes, it's not necessary to fall into a hole, for the sake of knowing how deep the hole was.

If the hole is shallow, congratulation for having a 2nd chance with lesson learned.

If the hole is deep, you may not back to your feet anymore. Good Luck !!!