Financial literacy is what thousands of people want to achieve in their attempt to become financially independent. Wherever you come from and whatever educational background you have, being financially literate is a must today. It helps you to know the basics of personal finance, learn how to manage your own funds, handle debt, and avoid pitfalls.
It also helps you to make smart money-related decisions regarding saving and investing your money. Understanding the basics of financial literacy is essential to achieving long-term money goals such as building a retirement fund or purchasing a home. Keep on reading to find out about the best financial literacy resources in 2022.
Financial Education And Why It Is Important
What does it mean to be financially educated? It means a person has all the relevant habits and knowledge to pursue short-term and long-term money goals while being confident and making wise financial decisions concerning spending, saving, or investing funds. There are two main terms to help people understand this topic:
- Financial literacy – this notion means all the relevant and necessary information you know about financial matters. If you understand the difference between credit cards and debit cards, know which one of them is linked to your bank account, and are aware of the way to calculate the interest on a personal loan you are requesting, then you are financially literate.
- Financial Wellness – this notion means the ability to make wise finance-related decisions using financial resources and materials to boost your monetary security for the present and the future. This is mainly the outcome of your financial literacy.
Being financial literate is really important today. Students should start getting financial education at schools. Then they will be prepared for adulthood and real life. You may have an overwhelming number of decisions you have to make later in life. It includes your spending, saving, and dealing with debt. People without financial education have tough times coping with unforeseen monetary disruptions and debt while financially educated consumers know how to take out personal loans or how to get borrow cash from app wisely and avoid mistakes.
Best Financial Literacy Resources
There are many great resources you may utilize to improve your financial education and become more financially literate today.
#1 Books
There is a great number of useful books about financial literacy. This is a helpful way to start getting education in this sphere and cover the most relevant topics. You may go to the local library to find some resources or find them online.
Personal Finance for Dummies, 9th Edition by Eric Tyson
Don’t look at the title of this book, it isn’t meant for dummies but for all people who are just starting their way in the world of financial literacy and don’t have enough knowledge. This is a great resource to start with. It covers all the relevant topics from spending and budgeting to investing hacks. You may also find helpful financial habits and topics such as technology and cryptocurrency in it.
I Will Teach You To Be Rich by Ramit Sethi
This book has already become a Wall Street Journal and New York Times bestseller for offering people updated and relevant information about saving money and earning more funds. You may also find useful data about investments and the best ways of growing your personal funds and savings.
#2 Financial Magazines
There are plenty of relevant resources available to consumers on the web these days. You can take advantage of them and subscribe to some financial magazines online. It is easier and faster than traveling to the book shops or libraries.
Kiplinger
This is the magazine that concentrates on money management and investing strategies. While many other magazines are relevant more to business owners, Kiplinger allows common people to obtain necessary financial advice and updated tips on how to overcome financial difficulties and stay on top of your finances.
The Economist
This is a rather popular resource today. You have a chance to find lots of articles about technology and economics in it. There are not so many financial tips but you can get a better understanding of the global markets and gain general knowledge in this sphere.
Barron’s
This is a helpful tool for checking how markets work. Common people and business owners may benefit from relevant articles in this magazine. You can learn about investments and find content about mutual funds and stock picks.
#3 Financial Podcasts
Do you have a lack of time reading the printed materials? If you want to save your time and effort while still having a chance to obtain relevant knowledge on financial topics, you may enjoy listening to podcasts. It can be done while you are doing the household chores, jogging in the park, and even driving.
Millennial Money
Shannah Compton Fame who is a certified financial planner, created this podcast to spread awareness about financial topics among consumers. She talks about personal finances, offers interviews with other professionals and fellow specialists in the field of finance. The podcasts are released two times per week. You can find information about debt management and becoming financially independent if you have taken a loan.
Planet Money
This is a great option for everyone who is new to personal finance topics. This podcast gives a better understanding of where to start and how to handle your money. There are stories from all over the world that comprise such relevant topics as economic recession during the COVID-19 pandemic. You can benefit from it if you are curious about what is going on in the world and want to become more financially literate.
In conclusion, there are lots of relevant materials and updated resources to teach you financial literacy in 2022. It’s essential to gain knowledge in the financial sphere and know how to handle money, get rid of debt, and save for the future. This information is necessary for young students and experienced business owners. If you are financially educated, you will be able to reach your short-term and long-term monetary goals and avoid common mistakes.
