Improving your financial literacy is essential for making smart money decisions and building a better future. Unfortunately, many schools do not teach financial literacy, and many do not learn it from our parents. This means that if you want to make better financial decisions, you must seek resources to improve your financial literacy. Let’s explore the best ways to do just that!
1. Books
Books are a game-changer when it comes to financial literacy. They not only provide information but also shift your mindset about money. For beginners, engaging and easy-to-understand books are crucial. Here are some recommended titles:
- Rich Dad Poor Dad by Robert Kiyosaki
- The Richest Man in Babylon by George S. Clason
- The Broke Millennial by Erin Lowry
- The Psychology of Money by Morgan Housel
- Think and Grow Rich by Napoleon Hill
- The Total Money Makeover by Dave Ramsey
These books cover various topics like budgeting, investing, and financial freedom. You can often borrow these books for free at your local library or find them at thrift shops.
2. YouTube
YouTube offers a wealth of free information on personal finance. Simply search for topics like “how to make a budget” or “how to improve your credit score.” Some great channels for Canadian content include:
- The Plain Bagel
- Jessica Morehouse
- Ben Felix
- Griffin Milks
- Charlie Wayne
You can find videos that cater to all levels of financial literacy, from beginners to advanced topics like retirement planning and real estate investing.
3. Podcasts
Podcasts are another fantastic way to improve your financial literacy while on the go. Some great Canadian podcasts include:
- The Rational Reminder Podcast
- Build Wealth Canada Podcast
- More Money Podcast
Listening to podcasts can help you learn valuable information while doing other activities, like commuting or exercising.
4. Courses and Programs
Structured learning can be very effective. Check with your employer, college, or financial institution for workshops and courses. Some free online resources include:
- McGill University’s Personal Finance Essentials Course
- Kang University’s Financial Literacy Course
Consider paid courses from reputable platforms if you prefer a more structured approach.
5. Social Media
Social media can be a double-edged sword, but if used wisely, it can provide valuable financial tips. Follow accounts that focus on personal finance and investing. Recommended accounts include:
- Humphrey Yang
- Steve C
- Money Sense
Curating your feed with financial content can help you learn in bite-sized formats.
6. Blogs and Newsletters
Financial blogs and newsletters are great for keeping up with trends and tips. Some popular Canadian blogs include:
- Maple Money
- My Own Advisor
- Mixed Up Money
Subscribing to newsletters from these blogs can provide you with regular updates and tips directly to your email.
7. Apps and Financial Tools
Using budgeting and expense-tracking apps can help you manage your finances effectively. Some recommended apps include:
- YNAB (You Need A Budget)
- Monarch
- PocketGuard
These tools help you gain insights into your spending habits and encourage better financial decisions.
8. Engaging with Knowledgeable People
Connecting with financial advisors, planners, or knowledgeable friends can provide insights that speed up your learning process. Just make sure to verify the advice you receive, as everyone’s financial situation is unique.
9. Real-World Experiences
The best way to solidify your financial literacy is to put your knowledge into practice. Create a budget, invest in stocks, or start a side business. You’ll learn from your successes and mistakes.
Conclusion
Improving your financial literacy is a continuous journey. With the right resources and a commitment to learning, you can take control of your money and secure your financial future. Remember, it’s never too late to start!
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