What is the best way to educate myself about financial matters?

What is the best way to educate myself about financial matters?

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What should young people be doing to increase their financial education? I have a great desire to become an entrepreneur and investor. To improve my knowledge I am reading numerous books and watching many videos on the topic of business and investing. However I want to know what else could I be doing to learn, grow and strive towards my success?

Without knowing you too well, we would ask the question “it all starts with you – what do you have in place personally, financially speaking”.

This is what we mean:

  • Do you earn pocket money?
  • Do you have a part time job?
  • What is your source of income?
  • How do you manage your income?
  • Do you have a personal budget planner to help you manage your income and expenditure?

This last point is a key one. If you do have a budget planner that works in place, then you will know whether you have money left over at the end of the month.

It all starts with a plan

If you do have spare cash at the end of the month, the next question is – what are you doing with that cash? The answer should be “I am saving it” or “I intend to save it”.

This is where it gets interesting, but in the first instance you need to have a budget plan before we consider anything further.

 

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No plan means that you will likely land up in debt and that means little or no savings.

Get the basics right before you take the next step – get your daily, weekly and monthly budget plan in place, free up cash flow and then start to look at where to save and where to invest.

Nigel Willmott
Nigel Willmott is a certified financial planner and financial wellness coach. He founded Motivate Today, a financial wellness solutions company focused on the financial wellness needs of employees, members of retirement funds, financial planners and young adults and teens.