Financial Literacy is simply being knowledgeable about financial terms and having the ability to apply them to your personal finances. Unfortunately, financial literacy is not taught in schools and that is why we have a large percentage of adults who are making money mistakes like having huge debts, no savings or investments, and living from paycheck to paycheck.
Financial literacy helps you to understand how to go from working for money to making money work for you. Successful people who are staying on top of their finances had to deliberately seek financial knowledge, and you need to be one of them. Here are 6 ways to improve your financial literacy.
- Read Personal Finance Books: There are a lot of Personal Finance books that will create a solid foundation in managing your money. Some of the popular ones are “Rich Dad, Poor Dad”, “The Richest Man in Babylon”, “Think and Grow Rich”, etc. These books open your mind to the possibility of attaining wealth and set you on the right path to achieving your goals. You can find a list of the most popular personal finance books here.
- Subscribe To Finance Newsletters, Magazines And Blogs: Finance publications are great because asides from educating you on financial terms, they also keep you abreast of recent happenings in the world of finance. If you’re a frequent reader of this blog, I’m sure you are more knowledgeable about your finances. Stick with us and you’ll definitely be better for it.
- Listen To Finance Podcasts: If you’re not really a fan of reading, you’re not the only one, luckily podcasts were invented for you. The great thing about podcasts is that you can listen while driving, cooking, or doing tasks that do not need your full mental capacity. Here is a list of popular podcasts you could try.
- Follow Finance Experts On Social Media: Since we spend so much time on Social media these days, we might as well make the best of it. I personally learned a lot from some of the financial experts I follow on Social Media, which led to me making better decisions with the wisdom I acquired.
- Speak To A Finance Professional: Some finance terms may not be easy to understand, therefore you may need to speak to a professional to break down some of the terminologies and guide you with applying those terms in real life.
- Join A Community: It is very advisable to join a community of people like you who are serious about their finances. You get to learn from their experiences and also stay updated with all the trends and the opportunities to consider and those to steer clear of. A great community to join is the Crowdyvest Community. If you’re a member of Crowdyvest, you already have access to our community via the App, Check it out today!