Unfortunately for most of us, personal finance wasn’t taught in school nor was it talked about at home. Despite making decisions with money every day, most people never receive any sort of a formal financial education!
Not having a financial education is one of the main reasons why so many people struggle today, too. According to US News, almost two-thirds of Americans are living paycheck to paycheck. If that wasn’t bad enough, even workers making over $100k per year are struggling to make ends meet, too!
On the bright side, some states are finally making financial education and literacy courses a high school graduation requirement. While that’s great news for future generations, it doesn’t help the millions of adults who are currently fighting to get by.
Luckily, getting your financial education is easier and less expensive than ever before. You no longer have to learn key financial concepts alone or by making expensive mistakes. Instead, you can gain the money skills you need to build wealth without having to break the bank!
Having never been taught about money, most people don’t know the way that it works. Besides that, they aren’t aware of the basic money rules that allow them to get ahead, either. Rather than progressing, they’re living beyond their means, taking on debt, and maybe putting their happy retirement at risk without even realizing it!
However, that can all change once you get a financial education. By learning how money works and managing it effectively, you’ll have the knowledge to build your net worth!
Getting a financial education involves understanding topics like the importance of budgeting, monitoring your spending, and the power of compounding. Once you begin to grasp these financial strategies, you can use them to your benefit instead of your detriment!
Sadly, many people who don’t have a financial education are not fiscally responsible. They end up deep in debt which leads to stress and added pressure to pay bills. If that wasn’t bad enough, they’re likely unable to save, too!
Without savings, they won’t have the means to get out from under their debts. Rather than moving forward, they’re stuck and could even be handcuffed to their job for years to come!
But with a financial education, you’ll understand how this situation happens as well as the steps for getting out. You’ll begin to realize that living below your means is a key part of saving and having a financial transformation. Not only that, but saving also allows you to achieve financial freedom and have complete control of your time!
Getting a financial education is a game changer and it doesn’t just benefit you, either. It serves your family, friends, and can even impact the lives of strangers, too!
Here are 6 easy ways you can get a free or inexpensive financial education!
One easy way to get a financial education is by listening to podcasts. They’re a great option if you’re busy and on a tight time budget!
Podcasts allow you to improve your financial well-being while also multitasking. You can listen to them during your morning commute, at the gym, or while walking your dog. Besides that, they also reduce your screen time. Research has found that spending less time on devices lowers stress, improves focus, and allows you to sleep better!
While some are more entertaining than others, most financial-related podcasts focus on education. Oftentimes, the hosts and their guests have years of experience, so they know what works and what doesn’t. Not only that, but they’ve likely helped people who are in a similar financial position as you, too!
Podcasts make it easy to improve your financial situation, too. If you’re struggling in one area of personal finance, you’ll likely find a podcast that’s completely dedicated to it. Or if you’re interested in alternative assets that aren’t covered in mainstream media, then podcasts can expose you to them as well!
Also, did I mention that podcasts are FREE?
When it comes to reading, most people turn to news sites and blogs, like TightwadTodd.com (shameless plug) While these can be excellent resources, they’re not the only options available to you.
In today’s digital world, the library is often a forgotten resource for getting a financial education. It has an endless supply of books that cover topics on being frugal with money, managing residential real estate, and making equity investments!
Also, libraries are making it easier to access their resources. They’re teaming up with apps like Hoopla and Libby which allow you to check out books from the convenience of your home. Since you don’t get a physical book, there’s no way that you can waste money on late fees, either!
Regardless of where you read a physical or digital book, there are many benefits to reading. Aside from getting a financial education, reading improves concentration, helps with sleep, and can provide motivation. Not only that, but it stimulates the brain and prevents cognitive decline, too!
Too often, social media gets used as a bragging platform. People post pictures from their vacations, flaunt their status symbols, and display unrealistic lives. Oftentimes, these images and videos lead to comparison. And comparison is the thief of joy!
Rather than using social media to feel inadequate or waste time, use it to your advantage. Follow people who inspire you and are documenting their wealth-building journey. Not only will you get a financial education, but you’ll also get another perspective as well as more tips on how you can become independently wealthy!
A great platform for learning personal finance is YouTube. It’s effective because it offers many how-to videos that walk you step by step through the process of creating a budget and paying down debt.
For many people, watching a video is much easier than reading a book or listening to a podcast. In many instances, they’re short and to the point which can help you learn quickly!
While many people on social media are genuine and want to help others, there are some out there that don’t. They’re more focused on pushing products that allow them to become rich and wealthy, rather than helping you achieve your goals. Having said that, take their suggestions with a grain of salt and do your research before following any of their advice!
Another easy way to get a financial education is by taking a personal finance course. After all, most people are used to lecture-style learning from high school and college. (Just be sure not to fall asleep this time!)
Like most of the resources on this list, courses can also offer flexibility. You don’t necessarily have to commit to a specific time or location. You can take them when they fit into your schedule, at your pace, and regardless of whether you’re at home or on a beach in Thailand!
Also, many people find that it’s helpful to take classes with a friend. This way, you have someone to ask questions and discuss topics with. Not to mention, they can also hold you accountable. They may provide you with extra motivation to keep up with your classwork and complete your financial education, too
Depending on your money personality, some of the ideas on this list may not appeal to you. Rather than getting a financial education on your own, you may find that it’s more beneficial to join a group!
When you’re part of a group, you feel a sense of community. You’re able to develop real relationships with real people. You can learn from them and understand the exact steps they’ve taken to become successful with money. Whereas with some of the other items on this list, you never know whether you’re getting the real story or one that’s been sugar-coated!
Also, not all groups meet in person and you may find that it’s easier to join one that’s online. This way, you can get a financial education by reading through other people’s questions and learning from their experiences!
Although all the previous ways of getting a financial education are free or low-cost, they still require your time. You have to sort through countless articles, videos, and podcasts to find the ones that are relevant to your exact situation!
Besides that, there is no guarantee that you’re going to use what you learn and manage your money more effectively. Despite your best intentions, you may not have the financial discipline and guidance that’s needed for you to get ahead!
Believe it or not, hiring a money coach is one of the best ways you can get a financial education. Not only do they teach you about money, but they provide tailor-made solutions that are unique to your situation. They even walk you through the steps you need to take, too. This way, being successful with money isn’t just a pipe dream, it becomes your reality!
It’s important to realize that money coaches are different from other financial professionals. Unlike some, they don’t sell insurance or investments nor do they don’t earn commissions off the products you buy. Because there isn’t a financial incentive, they can give unbiased support that truly has your best interests at heart!
Even though hiring a money coach isn’t free, it is a great value. You’re able to leverage their countless years of experience and vast knowledge, saving you time and money on the journey to your goals!
Get a Financial Education With a Money Coach
No matter how you choose to invest in yourself and get a financial education, the most important thing is that you do. However, once you’re educated, you still have to implement the skills you’ve learned. Otherwise, your financial situation isn’t going to improve and in some cases, it’s going to get even worse!
Regardless of your situation, commit to getting a financial education and taking action. As long as you keep learning and improving, then you’re going to have financial success in due time!
What are you doing to get a financial education? Comment below.
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