Financial literacy is a life skill that everyone should learn. It’s as fundamental as knowing how to cook or dress yourself. Yet it can sometimes seem that the manipulation of our budgets, learning about percentages and interest, figuring out passive and active income, and of course, crawling out of debt can feel much more difficult than learning how to make a nice casserole.
That said, financial literacy can quite literally determine the quality, standards and even safety of your life, and the lives of those you’re responsible for. But is there a way to take out the pain of learning new financial concepts, particularly if you’re not that skilled with calculations? Thankfully, there are, and new resources are made available all the time.
In this post, we’ll discuss three measures you can use to enhance your financial literacy while being able to understand complex financial tasks and investments in simple terms, without ridding them of their essential principles. With that in mind, please consider some of the following advice:
Follow Financial Blogs (Like This One!)
Financial blogs can keep you up to date with necessary concepts and the best ideals related towards financial practice. Follow blogs that have a long pedigree of good information, not necessarily just Instagram influencers that share platitudes. Opt for those that give you direct advice and are more about saving you money than convincing you to invest in absolutely everything you see. Also, tools like Investopedia and news sources like The Economist or Financial Times can keep you up to date with the common necessities.
Use Worthwhile Broker Services
When hoping to invest, it’s important to use broker services that can help guide you regarding how to begin, how to diversify your portfolio, and the value of an investment. Absolute clarity is the name of the game, as you will be paying for access to the best expertise and the most insightful opportunities ahead of time. No matter if you hope to invest in stocks or Forex for US citizens, a clean, keen eye dedicated to making you money, informing you of how to build your portfolio as well as how sensitive monies may be used properly to minimize risk can be key.
Understand The Components Of A Concept
Often, financial components are levied on top of another to build that complexity. Understanding the core concepts can help you understand how those concepts are used to provide practices that may be relevant to you. For instance, learning the difference between puts and calls can help you understand how stock options are constructed, why people invest in them, and how they work in the broader market.
You can also use mainline news stories to put these concepts into a major case study, such as how more people than ever became aware of investment tools thanks to the recent GME scandal.
With this advice, you’re sure to take the difficulty out of financial concepts and will no doubt understand them better as a result.
Money-Smart Millennials 