In the times of the worst economic crisis since the Great Depression it is vital for everyone to have the best possible level of financial literacy. Only in this way it will be possible to manoeuvre through the complex process of rising interest rates, depreciation of property and general loss of funds.

Here is an example which shows how simply knowing a few facts could save you lots of money.

Do you know that if a person is well enough informed, he or she would be able to save some of his or her mortgage expenses? There are several ways to do that.

Of course, the easiest option is by refinancing the loan and getting a better interest rate. Only a few days of careful study of the market opportunities are enough to find such a lower rate. Personally, I find it with Institutional Lending by Amerisave. I really appreciate everything their team did to help me. However, everything comes with a price and when you refinance your loan you will also extend the returning of the mortgage and by doing that you will have a greater total payable amount.

While usually the best option, the refinancing of a mortgage loan is possible only for people with good credit history and with good enough income to enable them to make a new loan.

Another option involves a reduction in the cost of mortgage loans which is related to the removal of the private mortgage insurance. This is a type of insurance that is linked to the value of the real estate. Depending on your contract in case of lowering the value below certain limits, you can request the removal of this insurance.

Of course, examples of the usefulness of higher financial literacy in times of crisis are not limited only to cost savings from the mortgage loan.

Rational spreading of your portfolio and the transfer of assets from high to low-risk business operations and vice versa would also help to do better with the challenges of the financial crisis. In times when all financial experts are particularly cautious, every successful operation would bring many times more profit than the times when all the financial experts are working hard.

Perhaps this is the most important financial advice, that you can receive these days. Being well educated and active in business is the shortest way to overcome everything, that the financial crisis can offer us.