Financial Journey
(featured column)
Create Your Own Learning Program to Become Financially Savvy
by Karen
Kuebler
Do you ever feel like you “just don’t get it” when it comes to various topics related to finances – saving, investing, debt elimination, taxes, retirement savings, etc.? Take comfort in knowing that there are a vast amount of resources
(in addition to the wealth of information we provide for you here at
BetterBudgeting.com), just for the time and effort to do the research without having to pay fees to a financial advisor.
More...
I’m not criticizing financial advisors, by any means. Often times, this is the best way for a person to go when investing their money. But even if you are using an expert to make your decisions, if you know where your money is being invested, you will have a lot more assurance that your money is in good hands and will have some idea about how it is being handled.
There is a caveat to this, however. You have to be willing to put in the time and effort to research and learn. You might even find that it has turned from a boring topic to one of great interest once you have become more educated. Often we fear that which we don’t understand, and it is easier to avoid dealing with it altogether. With your own personal finances, it really would be well worth your while to take the time to learn in order that you won’t be afraid of whether or not you are being a good financial steward of your monetary resources.
The following are some ideas to get your creative juices flowing. Allow for the fact that you might find it boring at first--but if you keep reminding yourself that your financial future is at stake to understand these matters-- it will suddenly become more interesting!
Radio – there are many good money talk show hosts nationwide. I’ve had several referred to me, and won’t name them by name. However, you can research those available in the area you live, talk to friends and neighbors, do a “google” search to locate local programs. First rule to remember--you may not always agree with the talk host’s views, but by listening you will be learning and creating your own opinions. I often take a contrary point of view, but it sharpens the financial saw in my head!
Television – as with radio, there are a variety of money talk show hosts on daily. Check your TV guide and tune in. You might not have a clue what they are talking about at first, but as you listen more and more--your knowledge will increase. It will also prompt you to take notes and look these subjects up on the internet to do more research.
Magazines – you can take advantage of the local library and read several Money Magazines. Pretend like this was your hobby. What magazines would you pick up, and what articles would you read? Start with baby steps and pick up one or two at first. Interested in an article on retirement or how to save on taxes? There are many good money magazines available in your library including Money, Fortune, Forbes, Smart Money, Business Weekly, Mutual Funds Magazine, and more.
Barron’s Weekly Publication – I am listing this one separately because I have had a very personal experience with this publication. When I was completing my MBA in Finance, we were required to read Barron’s Magazine regularly. We were forewarned that it might be very confusing at first, and that we might not understand 75-80% of what we read. However, our Professor promised that if we kept with it and read it regularly those things would begin to come together and we would start understanding things we hadn’t in the beginning. Believe me, my Professor was absolutely correct. I have learned so much from that publication and when I first started reading it, I felt like I had picked up a newspaper in a foreign language!
Seminars – you can pay to go to seminars or take advantage of the ones that offer free meals. I used to think the free meals were a hoax because they were trying to sell a particular product. And, I was correct--they were trying to sell their product. But, the ones that were charging money were often selling their own product! By attending and asking a lot of questions (at the ones with the free meals) I have learned about a variety of subjects such as Long Term Care Insurance, Wills and Trusts, and more. I’ve never made a purchase at a seminar. I enjoyed the free meal and learned a lot, and then left to do more research on my own to make an unpressured decision.
Subject Experts – you might not be aware just how many people you come into contact with on a daily basis that are subject experts on some form of financing--real estate, taxes, debt elimination, annuities, stock market, bonds, etc. Learn to feel more comfortable engaging in conversation about these topics. I’ve never been afraid to say that I really don’t understand exactly how “such and such” works--would you be willing to explain that to me a little more? For example, if you are talking to somebody who works in real estate, tell them that you have always wondered if it would be a good idea to buy property for rental, but you just don’t understand it well enough. Ask them what things they would put on their top 10 or 20 list for you to consider if you were to do this. (Ask them if they don’t mind if you jot a few notes since you won’t remember it all). The world is full of resources for you if you just use your curiosity; get comfortable asking questions, and opening your mind to learning!
Classes – look for classes available at local colleges, community centers, financial institutions, etc. You might pay a tuition fee, but it could be well worth it. We attended a retirement seminar put on by a financial institution over a period of five weeks where my husband was employed. We learned so much information and received so many handouts. Their hope, of course, is that as a form of public service (advertising), you will come to their institution. You are under no obligation to do so, and you have the right to take advantage of any and all learning opportunities that come your way!
If you need help with starting a budget you can even take a 5-week budgeting
class led by Michelle Jones (she's the founder of BetterBudgeting.com!), you can
visit the Budgeting Class
page for more information.
These are some ideas that might get your creative juices flowing. One that I really like is the idea of a “Master Mind” group which comes from Napolean Hill’s notorious “Think and Grow Rich” book. You only need two or more people interested in getting together and sharing ideas, problems, resources, different ways of thinking, and information. As a matter of fact, I would add that book to your reading list. It is a bit dated, but the concepts are inspiring. Have fun in the wonderful world of learning available to all of us!
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Copyright
© 2006 by Karen Kuebler. All rights reserved.
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