Every two to four business days, I come across very questionable advice on how to be “financially literate” on the interwebs. I almost want to ask the person giving the “advice” if they believe what they are saying or if it is just vibes.
See, not everyone is giving you advice is they have fact-checked, taken time to think through or practice. We have to learn how to filter what we hear about managing our hard-earned money, especially in a Panoramic.
So, in this piece, we’ll be discussing-
- What it means to be a financially literate mogul.
- How you can increase your financial literacy without any of the shenanigans online.
So, what does it mean to be a financially literate mogul?
A financially literate mogul has a basic knowledge about managing personal finances and building wealth.
If this is you, it means you have an understanding of how to
- Create and stick to a budget
- Set realistic financial goals
- Pay your bills
- Track your expenses and income
- Save your money
- Navigate the basics of loans (personal, debt, mortgages, etc)
- Invest your money
Now that all this has been listed, reflect on what you understand through PRACTICE and what you need to get better at.
Here are some No-BS ways to become financially literate.
Books, Magazines, web articles, newsletters, Facebook posts, Tweets, IG posts- read as much as you can about finance from trustworthy sources.
Read sources that speak about finance in a way that is relatable to you.
While some sources are very helpful in the advice they offer, the context that they operate in might not provide you with the insight you need. With reading comes fact-checking so Google what you do not understand or need more information on.
Use Finance Tools And Apps-
As much as we want to learn, we may not be able to do so all by ourselves. This is where apps and tools come in handy. These days, thankfully, there are apps and tools for almost every aspect of finance- be it saving, budgeting, tracking expenses or investing.
Some finance apps even have learning centres and blogs to help you stay updated. Find one that incorporates the aspects of finance you want to improve on and commit to using it.
Take A Financial Literacy Course-
Sometimes, what we need is a course to help us step up our money game. If you are clueless about where to start on your finance journey or how to stay consistent, consider taking a financial literacy course.
Find a course that breaks down what you need to know and gives take-home assignments. This will help you practicalize your learning and stay accountable.Sometimes, what we need is a course to help us step up our money game. If you are clueless about where to start on your finance journey or how to stay consistent, consider taking a financial literacy course. Click To Tweet
Join A Community Of Money-Minded Moguls-
There is nothing as uplifting as being a part of a community of people with similar goals. When you belong to a group that shares your goals and has your best interest at heart, you remain motivated.
The added accountability and access to resources can also not be underestimated. Find a community or group of friends and become an active member.There is nothing as uplifting as being a part of a community of people with similar goals. When you belong to a group that shares your goals and has your best interest at heart, you remain motivated. Click To Tweet
Learning about finance takes constant practice. There is always room for improvement so do not beat yourself up about what you haven’t learnt.
Approach learning about finance with an open but cautious mind and you will be surprised by how much you will grow.