Last Updated on: 18th July 2023, 04:33 am
In this article, I want to talk to you about the 5 ways you need to take to become financially literate in 2020.
As I began my journey to success, I wondered why school systems never taught us about money. As I continued to grow, I trusted my elders to teach me money, I asked my parents, I asked my preachers, I asked my teachers, I even asked my employers and bosses, and then I realized they could do. It teaches me two things I wanted to learn about money.
I discovered that there were 5 ways to learn exactly what to do in order to become financially literate.
Reading Books
The first way to become financially literate that you should take is reading books. Look, my friends, our libraries are paved with gold and full of financial advice. When we choose the right books in our life, you need to decide which books to read.
Personally, I recommend the three books The Winner’s Lifestyle, the Abundance Mentality, and You are the Boss.
I wish if you were looking for financial advice, I would have read hundreds of books on money alone and I can tell you this is a universe. When it comes to this very special topic, there are so many people who ignore this topic because they consider it a taboo subject.
My mantra is: I want you to know that you should never be afraid of any of the most important issues of all time. You can see men and women have died from this very special subject, but many people ignore talking about it when they understand exactly how money works and exactly what you need to know about your own finances.
Here is something I have learned over all my years of money school. There are only seven things you can do when it comes to your finances.
- Earn
- Spent
- Savings
- Invest
- Give
- Pay Debts
- Ga..le
My Question for all of you is that How can we never learn this in school? How will we never learn this in church, or at work, or from our parents? See guys, everything you want to learn can be found in the book. When you apply, you can really study the material that will help you. Understand your overall financial situation.
Talk To Experts
The second way in acquiring financial literacy is to speak to experts. When I started my business, I was very scared to speak to an accountant. I thought they were going to overwhelm me with information. The first conversation I had with an accountant was exactly what they were doing. However, I realized that I needed the courage to speak to my second accountant, and as I had this simple conversation, I realized he was a person to hire.
When it comes to the money you want, talk to professionals who know exactly what they’re talking about and can explain things in a simple way. There are so many people who are confused about money because simply talking to an expert can turn them off. My friends, I never want you to. Feeling intimidated or even overly emotional just because you’ve had a few conversations about money.
Also Read: Benefits of Teaching Personal Finance In High School
Sometimes when we talk to professionals it can be extremely challenging and many of us can walk away easily because we get straight to the truth and once we look at the numbers. They tell us exactly what to do and often we get too excited or sometimes we get nervous or excited and that prevents us from reaching our financial goals. For example, I spoke to a close friend who is also an entrepreneur and he told me a story about how he first filed his taxes. He said it was all a mess and when he spoke to a professional he was basically murdered for being disorganized and having taxes. The professional showed him everything he needed to do now, the lesson was hard to grasp, but he understood exactly how to manage his books to get to the next level of his business.
Dear Readers if you know your money you can grow your Money. The best way to understand your money is to speak to experts who know exactly what they are doing.
Research Online
The third way to become financial literacy is to do your research online. The difference between the poor and the rich is that the poor get advice from amateurs, but the rich get professional advice. Every time you study online, You need to ask yourself if this is really a piece of expert advice.
Often times people are just trying to collect views and talk about the hot topics that they can’t. You really need to do it, so you need to understand exactly who you are listening to and where they are getting their information from. There is a ton of research that you can find online, but make sure you align with those who will strategically help you reach your financial level target.
Also Read: 6 Ways on How to Become Rich and Famous in 2020
Knowing Your Money
The fourth way to become financially literate is to really know your money. When you know your money, your money goes up, but you need to know your bank account, you need to know your creditworthiness, you need to know the state of your affairs and how much money you spend daily, weekly, monthly, and yearly.
Surprisingly, there are a lot of people who skip this data and spend their days not even thinking about checking their accounts or checking their credit scores or understanding how their money is really working. Come on guys, if you understand how it works your money then the universe will bless you with more but if you ignore it the universe will take it away from you and this is why so many people go broke because they don’t.
If you don’t understand the things they need to know about your financial picture, if you fully understand your financial picture, you will know exactly what action to take to get to the next level in your finances.
Another great thing that you can do and so are you can study your currency, collect the coins, collect the dollars, euros or pounds, and study your money. To read the label, think about the person who appears in the photo and study where it comes from, Study the numbers, Study the design and colors that you see. If you study your currency, you will learn a lot more about your country. You will learn a lot more about your economy. You will learn a lot more about what to do to get more of those coins in order to get more of that money.
I want to give you a fun challenge over the next 24 years. If you try to find every coin and bill that you can actually study and study them right away, guys you will learn a lot more about money if you choose to interact in this way.
Implement What You Learn
The fifth and most important way to become financially literate is to apply what you have learned.
There are so many people who only become dependent on self-help maybe they’ve heard everything I’ve said and what others have said and researched, and they know everything. They can get for their money but they really don’t do anything to make money other than invest, pay, and of course, we don’t gamble, but you know what I’m saying guys, you have to act on what you learn.
If It’s You Learn about business but never do business. So if you are researching ways to improve your income but not improve your income over the next 12 months, you are just wasting your time having to challenge themselves and act on the principles they learn from studying books, do research online and speak to experts, but they need to use the information they receive and apply it in your life. This is indeed the fastest way to learn.
Read and write in finance, just think about it, better read just one book, and act on that book if it helps you compared to a person who reads a hundred books. Lots of notes, but you never take action guys when you act on what you’ve learned, especially when it comes to money, increasing your knowledge, and making much more.
Final Words
Now I’m going to tell you right now that you can make money mistakes, but OK no worry as long as you are learning from those mistakes and doing something to change your habits, change your thinking and actions so you have it, guys, I just shared with you five ways to become financially literate in 2020.
If you like this article, let us know what you think by leaving a comment below and I look forward to your financial success.
