Financial literacy refers to learning finance best practices so that one can manage finance better in life. When I say you have to be financially intelligent, it doesn’t mean that you have to get a finance degree or be excellent in finance but yes you should have some basic knowledge which is required.
It doesn’t matter where you are, whether you are working in an IT company or you are running a shop or you are doing a business, you have to deal with some kind of finance in your daily work and it requires financial understanding to deal with that.
Those who lack financial wisdom, don’t see financial growth in their lives and it becomes stagnant. The best example is to understand why some people are rich and some are poor, the only difference is rich people are more financially intelligent than poor. They keep learning new skills to avoid mistakes that eventually helps them grow their finance.
They have a growth mindset; they use their money wisely for everything they do, and they don’t just spend their money left and right on Mundane activities. On the other side if you notice poor/middle class they are neither financially intelligent nor invest their time in learning.
But it’s never too late for anyone, one can learn the finance best practices and become financially intelligent. Now you will be wondering how you can master these finance secrets so there are no shortcuts or you can learn overnight while sticking to points described below can help you learn those skills faster.
- Learn from your neighbors or your friends or colleagues, you can learn from them how they are using their money intelligently? Why they are rich? What is different they are doing? How do they actually use their money? Where do they invest in? Where they don’t spend?
- Read finance blogs in the language you speak as blogs are available in many languages. You can also use Google or others’ translators to translate blogs into your language if you find blogs in other languages but not yours.
- YouTube finance videos, search for any topic related to finance on YouTube and you will be presented with many videos around that topic, you can watch these videos to learn those skills.
- Learn from your mistakes, we make mistakes and that is bound to happen as we are not perfect. But this also teaches us many valuable lessons including finance. You can go back in memory and try to think what wrong you have done in terms of making financial decisions and try to correct that.
- Invest your time in learning & calculating different ideas to better manage your finances you will not find everything on the internet so brainstorm new ideas as your issues may be new & different.
