Financial Education is one of the things a smart person would do in order to be financially better. For the rich and the elite, for the businessmen and entrepreneurs, their secret is no secret. They are equipped with the proper financial education and career guidance. This draws the line between the business class and the working class, the rich and the poor.
Not all rich people are born rich. The majority of successful people are where they are because of proper financial planning, making smart decisions, and striving hard every day to become better. When you are well equipped with proper knowledge in the field of finance, you are most likely keen to small details. Building up credit is one of the secret keys that rich people have. They protect their credit history and are well aware when to dispute experian credit report whenever they see an error.
Understanding The Power of Debt
You want to achieve your goal but you lack the finances to start. This calls for the power of debt. These days, when you need some finances to back you up, you will need to take on loans to get started. And you will need to have established a good credit standing to gain loans. And while you are at it, you will have to use these loans wisely because debt can make or break you. Debt is a useful weapon but you have to be very careful. So before taking out a loan, utilize it properly so that you are able to use it to your advantage.
Improve your Financial Knowledge
There are many ways to gain financial knowledge to improve your financial journey. Below is a summary of an article from Forbes website that highlights 5 ways to improve financial literacy.
1. Read newspapers and magazines focusing on money matters. The local/regional newspapers are great resources to dig in starting with their financial section. The Wall Street Journal is also a good read to further your knowledge on the financial marketplace.
2. Robert Kiyosaki introduced the Cashflow quadrant. There are 4 ways that people are able to make money – employment, self-employment, business and investing. You work your way one step at a time, giving yourself a timeline as you reach each step to the next.
“And it’s kind of like a ladder; you can work your way up to being an investor, but you need resources and specialized knowledge to do well in that field. As Warren Buffet said, a better business owner makes a better investor. – Ismael Wrixen, FE International”
3. One great way to gain financial literacy is to use a finance management tool like Mint to your personal accounts. These are great aids to improving financial literacy.
These tools will also help manage your personal finances. It’s a win/win. – Charlie Youakim, Sezzle
4. Talk to an experienced advisor. They can help people understand how to budget and save, look at how they are handling credit and debt, and make suggestions on how to pay off, consolidate and manage finances.
5. There are thousands of educational resources to help us improve our personal finances. Gain expert advice from your immediate network. Use the knowledge and lessons learned from your circle of influence.