Best Five Ways to Become Financially Literate
1. Today’s financial world is very complex, and you won’t learn everything you need to know in order to be financially successful unless you make an effort to educate yourself. Take a personal finance class at your college or from a local organization, and then practice what you’ve learned. It’s better to learn through classroom education than through the school of hard knocks, and you’ll feel good about being in control of your money and your life.
2. When you’re tempted to spend money on want rather than need, remember the message in the bestseller The Millionaire Next Door: Wealth is accumulated, not spent. It’s usually the result of a lifestyle of hard work, planning, and self-discipline with money.
3. Find out if there’s a chapter of Students in Free Enterprise (SIFE) operating at your college. SIFE partners with businesses and colleges to teach students about free enterprise. At some colleges, SIFE offers workshops that teach money management skills to college students. To find out if they’re available in your community, visit www.sife.org.
4. Read a good book about basic personal finance, such as Everything Personal Finance in Your 20s and 30s by Debby Fowles or The Complete Idiot’s Guide to Personal Finance in Your 20s and 30s by Sarah Young Fisher. Consider it one of the most important textbooks you will ever buy.