Financial literacy is a key life skill that every young adult should have by the time they reach college. Young adults who have received some personal finance education are more likely to budget their finances wisely, have an established savings account, and understand the basics of investing. It’s never too late to learn about bank accounts and credit cards, what lenders look for in qualified borrowers, and how your credit score affects the interest rates you qualify for on loan products.
Financial literacy refers to your understanding and practice of personal finance concepts that help you build personal capital. Key concepts that will help you reach your financial goals include understanding how to budget, pay off debt, track your spending habits, and plan for retirement.
A great, free way to learn about personal finance concepts is to head over to the local library or bookstore. There are thousands of books covering every topic of finance you can think of. If books aren’t your cup of tea, you can also search for topics of interest online and find a wealth of reliable information from reputable websites. Many websites feature content written by economists, investment strategists, and financial advisors who offer their expertise and advice.
Investment properties are a great way to grow your personal capital if you understand real estate. Flip investors purchase properties at discounted prices then make the necessary improvements to meet conventional lending standards or sell the property for profit. You can find flip property deals on your own, with the help of a realtor, or from a wholesaler. Northwest Private Lending offers first-time real estate investors valuable insights about fix and flip loans in Oregon and how to find flip projects. Foreclosure sales are perfect flip properties for investors who can purchase the property in cash, or secure a fix and flip loan from a hard money lender to fund their project.
Bank-owned properties often don’t meet conventional financing and are also ideal investment properties for investors with cash or a hard money loan. You can proactively find projects by sending mailers to specific neighborhoods that are transforming, or go door to door and look for the most affordable house to rehab. Before committing to a flip project, flip investors must consider the physical location, the health of the real estate market, the costs and timeframe needed to rehab the property, and the costs of permits and licenses.
It’s a good idea to consult a financial advisor who can help you learn about all your options when it comes to growing your personal capital. Many banks and credit unions have financial advisors available that can help you understand your current financial situation and create a long-term financial plan.
A great way to learn about financial literacy is to explore a website dedicated to all things personal finance. Wealth Rocket is a site designed for people of all demographics and financial backgrounds who need help navigating tools and financial resources. You can find the answers to all your questions about bank accounts, credit cards, loan products, the perks of bill payment, the need to create an emergency fund, and traditional mortgages. There’s a Wealth Rocket article that covers every topic and offers useful advice for people of all financial situations.
At wealthrocket.com you can explore their recommendations for the best online banking, the best financial mobile apps, the best places to find insurance quotes, and how to overcome credit card debt.
Another great way to gain financial literacy is to listen to financial-themed podcasts. You can listen to in-depth discussions about paying off debt, real estate investment, creating multiple income streams, and ways to find savings. Entrepreneurs, thought leaders, intellects, and business leaders lend their financial experiences, philosophies, time-management strategies, and more that contribute to their personal and financial success. Listening to podcasts and learning from the experience of others not only teaches you about key concepts, but also gives peace of mind that you have the power to change your financial situation.
There are several ways to learn about personal finance and improve your knowledge. Reading books or articles published on financially-themed websites and listening to podcasts are all great places to start.