Too many people in America do not know how to tackle their own financial problems. They find themselves stuck in a bad position and have no idea how they got there or how to solve the problem. This is especially critical to the young adults today because most of them have graduated, jumped into the workforce, and have accumulated massive student loan debts over their shoulders. Why are so many people struggling with money and how to build their wealth? The answer is that most people have not developed a foundation of financial knowledge.
The most crucial thing that schools around the country continue failing to teach students is financial literacy. Joshua Bridwell, and I, have talked to many people about personal finances. When we ask them what they learned in school about handling money, the most common response we receive is "NOTHING!" This is completely absurd, considering that every person will eventually have to handle their own money and make big financial decisions in their lifetime. Unfortunately, as the proud graduates move on to the next chapter in their lives, most of them do not have the proper foundation of financial education that they need to drive them to make smart decisions. They usually rely on their parents, or friends, for advice. In many cases, not even their closest relatives have been on top of their finances either. As a result, people with wealthy parents, or relatives, will most likely receive different financial advice than people with relatives that are poor or in the middle class. With no financial education in the school system, people do not have an equal foundation to use when they begin to handle money. But not all hope is lost. If you are reading this blog, you are, probably, ready to turn your life and your finances around for the better. We have three solutions that you can use today to further enhance your financial IQ.
1) Read Financial Books
This is, by far, the most effective way to grow your financial IQ without actually moving money. There are many great books by financial experts and investors who understand the financial situations that you may find yourself in. Just remember to research the author of the book and ensure that they are competent to teach you financial lessons. You also want to read from authors who have been wildly successful with their money and have built substantial wealth in their lifetime. If you do not know which books to read, check out our "Recommended Reading" page. If you suffer from dyslexia, or have difficulty reading, consider using audio books as an alternative. This first solution is also very cost-friendly to most people.
2) Watch Videos and Take Courses Online
If reading a book doesn't fit your preference, or learning style, consider watching videos online or taking various financial courses online. Some websites that I strongly recommend are:
You can receive extremely valuable information and education from all of these sites. Just remember to check the credentials of the person making the videos or the courses. The best people to listen to are certified financial experts, successful entrepreneurs, and intelligent investors who have made a fortune. This method is also great for people who struggle with reading, visual learners, and audio learners.
3) Find a Personal Mentor
If you are able to find someone who will personally help you get out of your financial hole, and become free, you are at a great advantage. The downside is that, spending the extra money on a financial adviser, or coach, may require a significant investment on its own. Be sure that you fully trust the person helping you and that following their advice pays off in the long run. Also, be sure that all of your mentors have truly succeeded with their money, practice what they preach, and have successfully helped others as well.
We do not want people to be robbed or scammed by somebody who does not have real financial knowledge. Although it may cost you extra money for a personal mentor or a CFP, you have the benefit of being held accountable for your decisions and knowing the specific steps to take for financial success. Stay proactive!
With the absence of financial education in the school system, it is unfortunate that most people are at a disadvantage. We hope that these three solutions will help you get started on your journey to your financial freedom. Here, at the Coin Counselor blog, we take pride in helping people achieve their financial dreams by sharing valuable financial knowledge and resources. If you subscribe to our blog via email, you will get a notification every time we make a new post. Take action TODAY so that you can win with your money in the FUTURE!