Whether you stay in the United States or any other country, it is a rare possibility that you will learn the basics of budget, balance sheet, and money.
Across, the United States there is only 17 states that offer courses to school student in personal finance. In a survey done by Bank Of America, it is was found that only 31% of Americans aged 16-26 knew about a good financial habit. Also, there are only 58% of young people that have an actual saving account. The 27% of surveyed aged 22-26 have just contributed to a 401k. No matter what statistics say, as per Champlain College Center For Financial Literacy – “School students should be taught about personal finances at many levels”.
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Your personal finance education must start early both at home and in school. It is because the financial concepts can be taught easily in elementary, middle and even to high graders and college-goers. Personal finance is just like any other subject, for example, mathematics and English. Knowing about personal finance empowers students to take better financial decisions throughout their life.
Online Personal Financial Course
You can learn about personal finance in a lot of ways. For a start, take up some courses online and build your knowledge about financial literacy. You can also start your own project so that you can teach while learning about financial concepts. This is one of an amazing way to get better clarity on the subject and perhaps you can make more money as well. The top platforms like course, Udemy and edx provide a lot of courses on personal finance.
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Coursera: This platform offers financial courses from the world’s best instructors and universities. The courses also include auto-graded and peer-review assignments, video lectures, and community discussion forums. When you complete a course you will also get an electronic course certificate for a small free.
Udemy: You can learn a lot about personal finance using this platform. Learn about how to make balance sheets, understand the timing in terms of savings, bookkeeping principles and how to format spreadsheets in a professional way and much more.
EDX: Using this platform learn about topics like risk management and money market, economic policy and financial decision making and enroll for online classes in finance from the top institution worldwide.
What is Personal Finance?
Finance is a broad term but it is also an easy subject. Your finance includes all decision that involves money. The financial decisions work best for everyone including individual, business and public entities. The self-paced online course helps in financial decision making. Using the online courses you can learn about interest rates, equities, and bonds, stock market, share price, saving account, financial planning, financial position, net present value, short term financing, and balance sheets, etc.
Saving Your Pennies
Here is a list of top 9 books to read in personal finance:-
- Rich Dad and Poor Dad You are a Badass At Making Money
- The Automatic Millionaire
- How to Retire Happy, Wild and Free
- The Total Money Makeover
- Why Didn’t They Teach Me This In School
- The Richest Man in Babylon
- Your Money or Your Life
The books provide key insights into the multifaceted ways people can save their earned money. Yet another great book is The Compound Effect by Darren Hardy. By understanding the miracle of compounding you can earn make your money earn interest and then your interest earns interest and that interest earns interest.
You can Make Your Money Grow
Learning to invest is one of the most critical aspects of personal finance. Without financial literacy, it can be a bit confusing to understand the world of stock and shares. Many people feel that learning about finance is difficult however it doesn’t mean that you should invest in everything or anything. As important as it is to learn about investing, it is crucial to understand the investment choices. Once you know what to buy and what to sell then you can accurately evaluate the advice that you are given by your broker.
Building and Maintaining A Credit Score
Sometimes learning about money can be boring and reading a credit report can be even more boring. But, it is essential to know about your credit score. Although many times you can take online payday loans without the credit check but to also get clear understand of your debt life you need to have financial literacy. Prepare yourself to be surprised once you start handing your personal finance. Remember your credit score and borrowing history will affect your daily life. Starting from paying home rent, credit card bills, insurance and sometimes even your job can be impacted by one bad credit history.
Multiple Streams of Income
Today it is crucial to have more than one stream of income. As per many experts, approximately 65% of millionaires have more than three steady sources of income. Here is a list of three forms of incomes:-
- Working Income: Do work and get paid, for example, salary
- Residual Income: Do work once and get paid over and over again, for example selling a book.
- Passive Income: Do no work and get paid over and over again, for example, investments.
Starting Young Is The Key
Lastly, in case you are in school or college, believe it or not! But it is the right time to learn about financial incomes. With better financial strategy and optimum financial decisions, you can easily make more money.
“Once you start making financial decision you make more of it and the gradually you make better decisions”. There are plethora’s of ways in which you can gain financial literacy and build you better and brighter financial future. You can start saving today by making a separate account to save 10% of your total incomes. It might seem like a small start but it can leave a positive effect on your financial life.