How to Increase Your Financial IQ
Understanding the basics of money and personal finance is critical to creating wealth. It's never too late to learn the basics of personal finance or how to handle money. There is a wealth of information available in books and magazines, online and in the classroom. With a little effort, you can begin to increase your financial knowledge over time and change your financial future.
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Instructions
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Purchase or check out books from your local library on personal finance. They will help you understand the damaging long-term effects of debt and the importance of financial planning. Some useful books for beginners are "The Total Money Makeover" by Dave Ramsey, "Girl, Make Your Money Grow" by Glinda Bridgforth and Gail Perry-Mason, "Rich Dad Poor Dad" by Robert Kiyosaki "The Automatic Millionaire" by David Bach.
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Read about the latest economic and financial news by visiting financial websites daily. Popular financial magazines such as Kiplinger provide excellent online resources. CNN Money, Bankrate.com and personal money-management expert and popular national radio personality Dave Ramsey also have personal finance websites.
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Enroll in a local community college for continuing education courses on personal finance. Find a Financial Peace University class, a Dave Ramsey program, held locally or online.
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Listen to Dave Ramsey's national radio talk show on weekdays or even call in with your own financial questions.
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Hire financial help who can help you with planning. Ask him to explain concepts you don't understand.
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Tips & Warnings
Keep a financial notebook. As you learn good tips for saving or spending wisely, write them down and revisit your notes regularly.
Begin to take small steps to improve your financial standing by creating a budget, paying off credit cards, reducing debt, building an emergency fund and saving for retirement.
Never invest or purchase any financial product without understanding how it works and shopping around.
References
Resources
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Comments
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Sounds like traditional wisdom.. robert kiyosaki says to know the difference between good debt and bad debt.. most people think all debt is bad and its stopping them from trying.. just as saying ill probably never be rich.. it becomes self fulfilling. If you don't want to spend the time reading every book on how to max out your 401k or cut up your credit cards (cause who really wants to live below their means) read the last of robert kiyosaki's cashflow quadrant its basicly a blueprint to wealth.
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THAT's SO INQUSITIVE.
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reamere
Dec 27, 2008
Good advice, I really enjoyed reading Dave Ramsey's book. -
Julian Hooks
Oct 22, 2008
Nice, When i talk to my peers i feel like i'm so ahead of the game in finance... but in reality i'm behind.. and they're just borderline hopeless lol Actually pretty sad.
