Did anybody teach you the ins and outs of how to purchase a car or house? How to balance and reconcile a checkbook? Or how about the bigger ticket…investing in your future so your life is enhanced?
If you answered no to 2/3 of those questions; you are not alone and you are not an idiot! Schools do not teach these basic principles that are actually the most complex as well as important. So, most of us go through life with the self taught personal finance lesson. There may be people who learn from their mistakes and others who just keep digging their hole a little deeper because of increased debt. I want YOU to be one of those who comprehends and succeeds!
Just because you got a high score on the ACT, SAT, or other source of testing does not mean that you are ready for this enormous scary world! You need to know the basics of money and how it can enhance your lifestyle if used properly. Nobody is going to disclose the financial battle and how to overcome it; because honestly they may not know enough of this topic to teach you!
Self taught personal finance does not mean that you have to go to higher education and receive a business degree. It can be taught through everyday life and going through the step as well as finding resources to help you overcome your weaknesses.
Let me start by going through the resources:
Blogs: Following people on different blogs about money management and personal finance will be huge. You will discover what worked for them and what didn't. They will be able to tell you their story and mistakes they made along the way. When choosing a blog you can be as specific as following home mortgage to simply personal finance.
Podcasts: Listening to a well financially educated guru for 10 to 30 minutes per day will help with your self taught personal finance situation. They will reveal the truths about money and how if not used correctly can ruin your life. They will explain ways to prevent this situation and give astonishing solutions to enhance your life. There are several options for podcasts; choose one that fits your financial situation and reserve the same time daily to comprehend what they are saying to you.
Books: There are thousands of books on personal finance and how to create a lifestyle where you will not have to worry about finances. The book that I started with several years ago was Dave Ramsey's Total Money Makeover; this book literally changed my life in 18 months. I was able to demolish $90,000 in debt in that time period and I give credit to Dave Ramsey guiding me along the way! Another good source is Robert Kiyosaki's, Rich Dad, Poor Dad.
Self taught personal finance is learning what you need to know to get rid of your credit, increase your assets, and lastly investing for your future. It all begins with the basic knowledge which you will enhance your teaching by blogs, podcasts, and books. But then you must put it all into action! Experience is the key. And you may fall a few times along the way and that is okay as long as you get right back up and try again.