Being financially literate entails possessing the knowledge and confidence necessary to manage, save, and invest money efficiently and effectively for you and your family. This can range from debt management to budgeting, insurance, investments, real estate, college and retirement planning, and tax and estate planning.
Each of us has a unique level of financial literacy. Perhaps you have a 401(k) but are unsure how to plan for retirement in other ways. Maybe you’re debating whether to use a windfall to pay down debt or bolster the college fund. Perhaps thinking about money, in general, makes you want to bury your head in the sand!
Wherever you are on your financial journey, the following six suggestions will help you improve your financial literacy and put your money to work for you and your family:
- Affiliate yourself with financial newsletters. Subscribing to financial newsletters from reputable sources will deliver free financial news to your inbox. Additionally, suppose you are not already a subscriber. In that case, you can sign up for Athene’s Smart Strategies, which are designed to assist you in taking your financial journey to the next level through expert financial and lifestyle advice.
- Consume financial podcasts. Podcasts are an excellent way to stay current on financial news while doing housework, running errands, or walking the dog. For inspiration, check out U.S. News and World Report’s list of the Best Personal Finance Podcasts to Listen to.
- Read books on personal finance. If you prefer to learn about personal finance through books, there are plenty available. To get started, check out Insider’s list of the 17 best individual finance books for 2021.
- Make use of social media. Follow financial experts on Twitter or LinkedIn, or join a personal finance Facebook group using your preferred social media channels.
- Begin by creating a budget. All of the financial advice from experts will be worthless if you are unaware of where your money is going each month. Begin tracking your spending and creating a budget with a simple spreadsheet or online budgeting tool.
- Consult a financial advisor. A financial professional can assist you with your financial concerns, whether they are about simple day-to-day money management or more complex long-term economic scenarios. Additionally, they can assess your current financial situation, assist you in developing a plan for all of your financial needs, and assist you in remaining on track moving forward.
- Whatever your level of financial literacy, it’s critical to continue expanding your knowledge base. Any step you take toward regaining control of your financial situation is a positive step. The trick is to begin. Knowledge is a powerful tool that can assist you in making more prudent and confident financial decisions.