If you don’t have any background in accounting, finance or business, it can be tough to understand some terms related to finance.
Business has its own language. The terms used in the business realm doesn’t necessarily coincide with the normal use of words in one language.
It can be tricky to understand the simple words when used in finance.
There are several ways to improve your financial literacy, you only need to put in the effort and time!
1. Enroll in a business course for College
If you were in your 20s and on time to decide on which course you want to take in college, choose a business course.
This is something you won’t regret in your future. If you can attend some economics class, it’s the best use of your time too.
If you already graduated, you can always look into taking a graduate class to gain your masters degree.
If your course is so unrelated with business and finance you can then consider taking some online lessons as there are alot of information available for you to tap on.
2. Read financial related books
There are alot of free books that you can download online. Use this free information to try and apply in your own life.
I try to read financial books and it really helps me to handle my finances well. I also learned great principles and rules in handling my money.
I use those that I learned from financial books and see the progress I made as I continuously follow the way the author handles finances.
3. Experience the Stock Market Ups and Downs
What helps me the most is the experiences that I gain from actually investing my money.
I can see my money shrink in value. I can also see my money grow in its paper value. No matter what happens, I gained the experience of being through the stock markets downs and ups. The dips thought me to stay focused on the long term. I also gained composure throughout my financial journey as I learned alot from my own stock market experience.
4. Make your own budget
When you start writing down the things you will spend money on, you are learning more on handling your finances.
You are being well equipped with how you will tackle the challenges that comes with budgeting well.
Budgeting opens up possibilities of higher savings rate. You are improving your position financially as you budget each month.
5. Connect with someone who achieved the financial situation that you like for your life
Through social media platforms, it’s easy to connect to people with the same interests as you.
I engage with people through comments section and also I try to follow those who interests me alot with their own achievements financially. It ends up with them following me back and having a great exchange in the comments.
It is a fun way to connect and be inspired at the same time.
There are alot of ways that I haven’t mentioned here, you can also do further readings through different blogs and books.
I can also learn from you by putting your thoughts on the comments section. I love to read the thoughts of other people and also it will be great to receive life lessons from another person from time to time.