Nine Must-Know Financial Concepts

You don't need a master's of business administration degree to be financially savvy. It just requires a little common sense.

In honor of financial literacy month, here are nine concepts you should understand:

The difference between "wants" and "needs:" Being able to distinguish between the two is essential to making basic financial decisions. Prioritizing your needs doesn't mean you can never indulge in something that's not essential. You just need to consider your "wants" after you've addressed your basic needs. ...