Financial Literacy The Key to Excellent Financial Health


A recent study revealed that two-thirds of Americans are financially illiterate. Financial literacy revolves around being informed about money and building a solid capacity to be in charge of finances in each area of your life.

Insufficient knowledge about money is the main reason why most people make wrong money decisions. Normally, it’s also the cause of bad financial habits that are detrimental to a healthy financial health. Financial knowledge helps you not only live within your means but also plan for the future.

With a rapidly evolving economy, it’s your responsibility to learn more about money. There are numerous ways to improve your knowledge and this article will explore some actionable approaches.

Take action today

Money is a broad subject and you won’t learn and master in a few minutes. Taking a more targeted approach will be a strategic move in attaining mastery in the long run. With topics ranging from budgets, credit cards, insurance, emergency funds, retirement, and taxes you can easily decide a starting point. Find out the areas that interest you most and start there.

To keep the motivation alive, always aim for progress, not perfection. Track progress by using the many resources found online that can provide a benchmark for assessment.

Master the Rich Dad’s financial approach and the cash flow quadrant

This is a clever approach to finances that has been well outlined by Kiyosaki, a financial expert and New York best seller. Most people don’t know there are four facets to income generation. This will help in a paradigm shift that is necessary for revolutionizing your finances. The insight that is found here can inspire action and reveal an intrinsic motivation that can act as your anchor to developing life transforming habits.

Grab all the free professional advice you can get

Most Americans today have confessed that they don’t understand their debt. That is sad considering all the free information resources scattered around. The next time you walk into a bank take a moment to ask a few questions to the staff. These are professionals with careers they have formed around finances and they have dedicated their life to that. It will serve your interests to talk with someone who understands money.

Make use of online literature

You will be startled to learn that there are tons of online platforms that offer a wealth of information on money. The best thing is that you get to learn almost any topic for free. Most financial blogs are updated on the current financial knowledge and well laid out in simple language.

If budgeting it the target topic, there are blogs that will go as far as providing templates and suggest workable ideas on budgeting. In addition, becoming part of a budgeting community on the platform provides the moral support necessary for success.

There are also some experienced journalists that are dedicated to educating the public on the recent trends. Also, it will be great to follow them online and the lessons you can learn will be worth it.

Enroll in a course

We are in the digital age and that means you can learn just about anything in the comfort of your home. Platforms like Udemy are never short of resourceful courses that you can take anytime. If you want a different approach, there are comprehensive books on personal finance and most will come with worksheets to track your progress.

The government has partnered with local institutions and you can get educated for free. All that is required is to commit some time and the journey begins.

Start reading financial news and reports

In the business world, trends are changing every day and it is very easy to be left behind. To stay updated on the current trends, financial news should become a priority. Scanning through the pages only requires a few minutes but the insight can be priceless.

Determine what motivates your financial advancement

The world is full of useful advice and insight about money. While most people do listen, almost all of them ignore the lessons learned. In short, every great advice received is utterly useless until it is acted upon.

You must realize that there is a similarity between money matters and dieting. They both involve a change of habits that are deeply woven in a lifestyle. No matter how simple the implementation appears, habits are comfortable beds that are difficult to get out of.

If you will ever make any meaningful adjustments to your financial habits, you need some advice and action plans that anchor on your deepest motivations about money. It’s the only way to inspire a deeply rooted action that can stand the test of time.

Conclusion

Becoming smarter about money doesn’t require complicated approaches with long hours per session. Instead, taking a few moments regularly will lead to accumulation of a significant knowledge in finances. Every day ask yourself how much you know about a topic and work relentlessly towards mastery.

All that is needed is the right motivation and the process becomes effortless.

Powered By DT Author Box

Written by Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER
and FACEBOOK
. Happy investing 🙂

Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER and FACEBOOK . Happy investing 🙂

More Posts - Website

Related posts:

Google+ Comments

banner
%d bloggers like this:
Read previous post:
Best Ways to Obtain Payday Loans

Personal loans can be started at any point in time, by selecting one of the vendors that can offer you a...

Close