Increase your financial literacy. Be financially literate. Invest in yourself first.
Are you familiar with those lines? If yes, then probably you already know why and what it means. If not, then you should find out why. What those lines really means and why it MATTERS A LOT.
People who won in a lottery ended up still being broke. They won a lot of money – millions. However, in just a few years or less the money is all gone.
We also always heard from the news that there are still many people being “scammed”. Not only thousands but millions are being taken from them. Some even resorted to lending money and others used their retirement in order to be able to invest.
So, what do you think is common among these people?
They mismanaged their money. They are not that well versed when it comes to money management. In other words, a lack of financial literacy.
That’s why it is really important that you should invest first in yourself – increase your financial literacy. You must enhance your knowledge when it comes to financial matters.
In order to become financially literate, here are the nine sources to increase your financial literacy.
9 Sources To Increase your Financial Literacy
1.) Books
There are tons of good books out there. I remember the first book that I read about financial literacy was Rich Dad Poor Dad by Robert Kiyosaki. It gave me an idea regarding how to achieve financial freedom. It enlightened me that it is not through having a high degree of education that you will become rich but through financial literacy.
The main advantage of reading books compared to other sources is it is more in-depth. It can give you a deeper perspective. On the other hand, books may be somehow outdated but still, it can give you timeless ideas and lessons.
I suggest you read first those financial books that are best-sellers. They are best-sellers for a reason, right?
2.) Blogs
What’s good about blogs is that they are always up to date. You can learn about the latest trend or news. Most blogs are free but some offer you to become a premium member wherein you need to pay certain charges. Of course, when you are a premium member, you can access higher quality content.
There are many financial blogs, local and international, that you can visit and this blog is an example. But it is better to check out the locally made financial blogs since they are writing articles based on the situations here in the Philippines.
3.) Newspapers and Magazines
For newspapers and magazines, of course, they are cheaper compared to books. If you want to be always updated with the latest happenings in the business world and economy, this is is a good source. You can also read the views and opinions from business experts and financial savvy personality.
Next time when you passed by in the newspaper stand, grab a copy and head on to the business page.
4.) Audios, Podcasts, and Videos
Traffic? Grab your phone, put your earpiece and listen to audio or podcasts. Or even watch videos. Some prefer to listen to audio than to read books. It is your choice.
There are books that are being produced also in an audio format. Some, you can download it freely.
Subscribe also to YouTube channels that tackle about personal finance. There are many commendable videos to watch.
5.) Training and Seminars
There are free seminars and pieces of training being offered by different companies especially if you are a member or an agent. An example of this is the International Marketing Group (IMG). Since it is their advocacy to spread financial literacy, you can always attend their free and unlimited training and seminars. All you have to do is to pay a lifetime membership once. You can explore more about IMG here.
Another is when you are a financial advisor of a particular company. Of course, pieces of training and seminars will be more focused on the products and services being offered by the company.
However, if you are not affiliated with any of these companies. You can still attend other seminars and training being offered by different personalities. An advantage of this is you can ask questions and even interact with the speakers. Others offer it for free and some you will pay a certain amount for the registration fee. But it’s worth it.
6.) Expos and Tradeshows
Attending expos and tradeshows introduces you to the latest concepts and innovations. You can be updated on the latest products on the market. And if you want to start your own business, you can even become a franchisee.
7.) Peers
If you want to be financially educated, then join the circle with the same mindset. When you associate yourself with people who are financially literate, you can gain knowledge from them.
They will always talk regarding the investments they made, the latest updates in the market, businesses and many more. They will even share the dos and don’ts regarding managing your money. The wrong decisions they made and what they learned from it.
The best part, they will influence you. From being lavish, you can become frugal. They will push you to be financially responsible.
Remember what Jim Rohn said,
“You are the average of the five people you spend the most time with.”
Jim Rohn
8.) Mentors
Mentors will guide you, will motivate you, and will push you. Since they are more experienced, they can really give you pieces of good advice. You do not need to experience those financial mistakes that they committed first hand.
There’s a plus! Aside from giving financial advice, they can also give you pieces of advice about life in general.
9.) Social Media
This is one of the most accessible sources to increase your financial intelligence and it’s totally free. There are hundreds of Facebook pages, Twitter accounts, and even Instagram accounts that discuss personal finance.
You can even join groups and interact with the other members. Have questions or in doubt? Post it in the group and ask for some advice from them.
This is also a good way of networking – making new friends with the same interest. Or who knows, you may even find a mentor?
But there’s also a downside. Learn not to be easily affected by what others will say. Learn to scrutinize what advice worth following.
Some “financially savvy” (those who think too highly of themselves but not all) may comment something that’s not good especially if you ask something that is too basic for them. Some may comment that it is something “unrespectful or hateful”.
Fortunately, some group admins are monitoring the posts and comments. They are not allowing “hate” comments or that can negatively affect other people. They are blocking or removing these people from the group. Personally, I appreciate their effort.
Summary
Information nowadays is readily accessible than before. Do not waste your time on unnecessary stuff. To become financially literate is attainable as long as you are willing to look for the right sources.
With these nine sources in order to increase your financial literacy, I hope you can start investing yourself and become financially literate.
Do you also have other sources to increase your financial literacy? Share it in the comment section.