The basic reason for soaring credit card bills and swelling student loans is the lack of personal finance education. The majority of people all around the world are struggling to manage their finances as ‘Financial Literacy’ has never got the importance it actually deserves.
Financial experts agree with the fact that most people are now struggling to manage their money as they are not aware of the basic concept of financial planning. While coping with their credit card bills and student loan debts, people often end up having nothing to build their own houses and to save for their retirement.
Thus, it is crucial to have a basic understanding of managing personal finances and it can only be possible if Personal Finance Education starts from early school.
Financial literacy advocates have also suggested starting teaching kids the Personal Finance Education basics as it is the only way they can grow as financially independent adults.
But what if you are an adult and are struggling to learn the basics of personal finance? Well, there are plenty of platforms you can seek Personal Finance advice from. Some of the ways that can help you start with are provided below.
What Should I Do To Manage My Personal Finance Well?
If you are willing to learn the art of managing personal finances, the very basic thing is to identify the resources that match your learning style. We are providing here some of the platforms that can help you to begin with your Financial Literacy journey.
Number One: Finance Related Blogs
To get the best financial advice we would suggest you read as many finance blogs as possible. Doing so will help you get deeper insights into what challenges related to Personal Finance do people face and what practices they follow to overcome the challenges.
As you start reading the blogs, it will connect you to several other platforms via the backlinks thus you will be able to get access to vast information related to personal finances.
Some of the most reliable blogs you can begin with include:
- Forbes – Personal finance category
- Mr. Money Mustache
- CentSai
- Million Mile
- Rich & Regular
- Investopedia
Number Two: Visit Any Online Library
You can learn the best financial lessons from books thus visiting a library is always a good idea. Look for online libraries and start reading Personal finance audiobooks and e-books. If possible get yourself a library card and read the best financial books you get.
Some of the best seller books from the category of personal finance are:
- Rich Dad Poor Dad
- I Will Teach You To Be Rich
- The Psychology Of Money
- The Millionaire Next Door
- Broke Millennial
- The Simple Path To Wealth
Number Three: Look For Online Financial Literacy Classes
Online courses have become immensely popular after the emergence of Covid-19. People now prefer taking online courses rather than going out to join academies.
Online courses also have made it easier to amass certifications whilst adding to their information and that for minimum charges.
Quite similar to all other areas, there are plenty of courses related to financial education. You can opt for the courses of your choice and start boosting your financial knowledge. While taking the courses, make sure you are participating in the quizzes so that you will be able to assess whether or not the lessons are worthy.
Some of the online platforms that offer personal digital courses include:
1. EdX
The foremost platform that we would suggest is, EdX, which is a digital platform aimed at providing online learning opportunities. This platform is being created by Harvard University in collaboration with the Massachusetts Institute of Technology.
EdX offers three finance-related courses and you can get the best advice from them. These courses include:
i) “How to Save Money: Making Smart Financial Decisions” (This course is designed by the University of California at Berkeley
ii) “Personal Finance” (This course is designed by Purdue University)
iii) “Finance for Everyone: Smart Tools for Decision-Making” (it is presented by the University of Michigan).
All these Personal Finance courses are designed with an aim to provide you with deeper insights related to, what insurances you must decide on, how you can increase your savings and can save more every day. You will also get the idea of how the time value of money can help you handle your credit report.
2. Personal Finance
The second course we would suggest is Personal Finance designed by Missouri State University. It is an online video course that can help you understand basic budgeting techniques, analyze personal financial statements, ways to use consumer credit wisely, and make better housing and other investment decisions.
Number Four: Personal Finance Podcasts
If you don’t have enough time to read blogs, take online classes or read financial e-books, we have got another idea for you.
Why don’t you start listening to financial podcasts while driving, having breakfast, or even exercising? There are several podcasts where financial experts have shared personal finance advice and ways to keep you financially sound throughout your life. Sounds good huh? Well, here are some go-to podcasts if you are struggling to learn financial management skills.
1. “The Dave Ramsey Show”
To start listening to such worthy podcasts, all you are required to have is a Podcast app. If you don’t have one already, get it installed and start listening to The Dave Ramsey Show.
This popular show will inform you about the financial problems people faced and the ways they came out of it. You will also get to listen to stories of millionaires who broke and the ways they followed to come out stronger.
2. “So Money with Farnoosh Torabi”
It is another amazing podcast that covers the stories of successful business people and their advice. In the exclusive interviews with these people, you will also get to hear the basic questions related to personal finance and their answers.
3. American Public Media’s “Marketplace”
It is another extraordinary podcast that will give you a deeper insight into what’s currently happening in the business world, the changing investment and business lessons, and the changes taking place in the economy.
These were the basic platforms to seek financial advice from, but remember that the business and investment world is evolving constantly. Thus, it is crucial to cope with evolving financial tools. Never stop your search for the best personal finance advice.
Use budgeting applications; think about your preferences, read the blogs you enjoy the most. Only this way you can refine your money skills to get rid of loans and credit card debts.
What Consequences Lack of Financial Literacy Can Have on Your lives?
Research has proved that finances are the major cause of stress among the majority of adults. According to a report published by NCVER International, a proportion of young Australians (from 20 to 25 years) experience certain aspects of financial stress. The report further discusses how financial stress negatively impacts the productivity of people.
Financial stress is one of the major causes of a Lack of Financial Literacy. This not only impacts your productivity but can also result in poor health, depression, and bankruptcy.
Thus, to avoid several problems related to financial issues, it is essential to have a basic knowledge of managing personal finance.
Related: Financial Lessons You Need To Learn From 5 Major Bankruptcies
The Bottom Line
To invest time and resources in personal finance education is always a good idea but you can get a perfect credit score only if you stay determined. So, stay disciplined and never break your personal finance rules.
