Yahoo Finance 11 Ways To Build Financial Literacy in a Few Hours
In a nutshell, financial literacy encompasses the knowledge and skills you need to manage your finances effectively. If you’re financially literate, you know how to budget, save, invest and manage debt wisely. You also know how credit and credit scores work and how compound interest can work for you or against you.
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According to GOBankingRates’ 2024 Financial Literacy Survey, over one-third — 36% — of Americans are struggling with financial literacy. The aspect of paying off debt Americans find the most challenging or confusing is how to save money while doing it. And when it comes to retirement planning, top struggles include knowing how much to save for retirement and which retirement accounts to choose.
Becoming financially literate can help solve those struggles and more. No matter your learning style, here are 11 resources for building financial literacy when you have just a few hours to spare.
Book: ‘The Richest Man in Babylon’
“For those who enjoy learning through stories, ‘The Richest Man in Babylon’ is a straightforward read that outlines key financial principles through engaging narratives,” said Rhett Stubbendeck, CEO of LeverageRx. “It’s a book I frequently recommend and use in training sessions at Leverage to illustrate complex concepts in simple terms.”
Podcast: ‘Planet Money’
Stubbendeck said that the “Planet Money” podcast by NPR is perfect for auditory learners. “I often listen to it between meetings,” he said. “It breaks down economic concepts into fun, digestible episodes.”
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Online Courses: Coursera
“The Financial Markets course by Yale University on Coursera offers an academic approach that’s still quite accessible,” Stubbendeck said. “I recommend it for those who are serious about getting a comprehensive understanding of financial markets in a structured way.”
Online Courses: Khan Academy
“Khan Academy has free resources so it’s a great place to start,” said Gloria Garcia Cisneros, a Latina wealth manager and certified financial planner with LourdMurray. She recommended the Financial Literacy course.
Podcast: ‘Erika Taught Me’
“My podcast, ‘Erika Taught Me,’ is a great podcast for doable advice related to getting out of debt, saving money and achieving financial independence,” explained Erika Kullberg, founder of Erika.com, an attorney and personal finance expert. “I’d recommend starting with Episode 66 if you want to learn the basics of investing.
“For a more general broad overview of personal finance, start with Episode 47, where I interview Morgan Housel — author of the best-seller, ‘The Psychology of Money,'” she added.
Book: ‘The Psychology of Money’ by Morgan Housel
“One of my favorite books for the mindset behind money — which is arguably as important as all the financial jargon you also need to learn — is ‘The Psychology of Money’ by Morgan Housel,” Garcia Cisneros said. Kullberg confirmed the book is a great one to start with.
Book: ‘I Will Teach You to Be Rich’ by Ramit Sethi
Garcia Cisneros recommended “I Will Teach You to Be Rich” by Ramit Sethi as a good how-to book for building wealth. It’s a comprehensive guide to help you increase your knowledge about financial topics such as investing and saving.
YouTube Videos: James Conole, CFP
“Root Financial Partners founder James Conole also has easy-to-understand YouTube videos,” said Garcia Cisneros.
If you’re struggling with financial literacy related to retirement, two of Conole’s most popular videos are “5 Things People Regret at the End of Retirement” and “5 Reasons to Retire as Soon as You Can.”
Social Media: Instagram Accounts
Garcia Cisneros recommended the following Instagram accounts on Instagram because they offer a wide array of personal finance topics:
@migloriaco
@moneywithkatie
@herfirst100k
@latinawealthactivist
Podcasts: Personal Finance
Garcia Cisneros also recommended the following podcasts that she said she listened to at the beginning of her personal finance journey and still continues to follow:
The Financial Diet
Rethink Your Money
Morning Brew
Yo Quiero Dinero
The Money with Katie Show
Marketplace
Website: Watch Her Prosper
Ruchi Pinniger, founder and CEO of Watch Her Prosper, focuses on next-level small-business finance by providing financial guidance, bookkeeping and business advisory to service-based women business owners and helping them increase their prosperity mindset.
To increase your financial literacy, Ruchi offers a free Cashflow Projections Template. “This tool helps people see the full financial picture by incorporating their business revenue and expenses,” she said. “It goes beyond the basic profit and loss report, providing a deeper understanding of what affects their cash flows.”
Ruchi also recommends visiting the Ask Ruchi section of her website where she answers all money and finance-related questions in a way that everyone can understand. Topics covered include how to avoid lifestyle creep, build a year-end financial checklist and plan for retirement as a small business owner.
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This article originally appeared on GOBankingRates.com: 11 Ways To Build Financial Literacy in a Few Hours
