Wednesday, June 12, 2024

6 Ways to improve financial literacy

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Adetunji Matthew
Adetunji Matthew
I’m Adetunji Matthew, an Economist, Social Media Manager, software Developer/Marketer Sales Consultant, and Ecompreneur. I’m popularly known as “Matt” As an artist and designer, I aim to create something brilliant daily. Eager to learn more, I use my free time to get better at w hat interests me, whether it's researching, teaching, or even something entirely new.
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It is essential to understand the fundamentals as well as the resources assisting finance-savvy groups in making financial decisions based on the most accurate information, regardless of whether you are a fan of complex investment manoeuvres and tax-shielding strategies or struggle to distinguish between savings and investments.

Understanding the fundamentals is significantly necessary if you want to increase on significant objectives like building a business or creating wealth that would last for generations, even if money matters aren’t exactly your strong suit.

There are plenty of resources available to help you advance your financial knowledge, regardless of your background. Ordinarily, should be your trusted finance website, but numerous tools also offer sufficiency in the progress of your results. Some of the places you should go first are listed here.

Ways to improve financial literacy

1. Get a standard finance book 

Getting an excellent book on finance is a sure way tool to get you started in being financially savvy. Finance books offer guides that allow readers to see the world through the eyes of the author. Almost every financially savvy or wealthy person on earth has written and published a book on their journey to financial freedom, try keying into their success stories while exploring how you could emulate some character traits, especially when it comes to saving and finance.

If you want to take it slow, you could start up with finance books for beginners offering the best insights to first-timers on the step-by-step progress to being financially aware. If you’re confused about where to get started, check out our publication on the best finance books.

Also Read: How to pay off debt and earn financial freedom

2. Register on a finance blog

Subscribing to a relevant finance blog can make all the difference. One such blog is the blog where we offer you the best content on finance and financial concepts with clarity to get you started. Finance blogs offer an update on changes in the corporate world and make sense of the jargon used in everyday finance conversations. Finance blogs offer topics ranging from corporate finance, capital markets, property, corporate legislation, and the rules to financial stability and freedom, to mention a few. 

Aside from financial blogs, you could also try other traditional means of accessing finance, one of which is through newspapers and finance magazines. Some famous finance magazines you could try out are Forbesthe financial times, the New Yorker and others. To get a front seat on the best finance blogs to go to for everything finance, check out our previous article.

3. Listen to Finance podcasts 

Podcasts offer the best platforms for young financially savvy persons who seek to pull the financial space through understanding the best finance terms and practices for increased understanding. 

Finance podcasts have become a norm in the present times with some amazing talents pushing the finance industry to the point of clarity and increased understanding of financial terms. In addition, finance podcasts offer the best day-to-day updates on the development in the financial sector, offering increased knowledge in financial starters that aid growth. 

Some of the best places to find finance podcasts are social media networks, with Youtube taking the biggest spot having a concentration f over 70% of finance podcasters you could find. 

Also Read: Do I need a personal financial advisor?

4. Take up finance courses

Taking up finance courses is a sure way to improve financial literacy in the long run. You get a first-hand lecture from experts who have trained hundreds of financial analysts across the world. Finance courses expose users to a wind range of topics that provide clarity to subjects as they progress.

There are tons of finance learning platforms, notably among them are Coursera, Allison and others. If you’re working on a budget, some of these platforms offer the courses for free, this lets you dedicate your time to improving your financial knowledge while saving costs. Nonetheless, a paid finance course allows you to get one-on-one access with the subject teacher, this provides a clear path to the clarification of the issues you may face while undertaking your financial literacy journey.

5. Explore financial events 

In-person and virtual events are other opportunities to deepen your financial literacy and begin making wiser choices with your money. For instance, seminars that are set by some of the widely known professionals in a variety of industries in the finance market are sometimes held at public libraries. 

Additionally, many community-based events for the financially literate all over the country provide tons of opportunities for adults with low or middle incomes, such as classes on budgeting and investing. Some of the free counselling sessions that are available to participants who meet the eligibility requirements offer a close range with financial experts for further understanding.

Also Read: How to become a millionaire: 9 steps to get you there

6. Register for finance letters

Finance letters offer a clear insight into the updates in the financial markets and hope to put one on track to becoming financially literate. Finance experts often use finance letters to provide a variety of finance topics aimed at offering clarity to financial nomenclature and providing an understanding of the financial market as a whole. 

One of the best finance letters to register to would be Google finance updates, this tool provides you with the necessary updates through your email on the latest in the finance world. With this tool, you could navigate through content from Africa to the global finance space as well as get clarity in the understanding of certain financial concepts.

Increasing your financial literacy is a good way to ensure that you are investing wisely and developing healthy money habits. There are now more places than ever to get useful information thanks to the growth of podcasts and other digital media.

Frequently Asked Questions (FAQs)

Is it advisable to get a personal finance tutor?

Depending on your budget, finance tutors perform excellent duties to keep you on track with understanding certain concepts in finance.

What is the best method to gain financial literacy?

No method stands higher than the other, the trick is to choose the method that best suits your personality and schedule.


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