What is your starting point to learn financial literacy?

[Ryan Harun]

I'm aware and really concern that I need to learn financial literacy to get wealthy but Im just wondering what was your starting point to learn such a stuff. Tell me more about your foundation and the most effective way to learn it, I need to learn from each and everyone of you.
Please feel free to share it and hopefully itll be helpful for others

 

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[Joejordan95]

how much do you earn?

How much debt do you have?

Where does your money go each month/week?

 

[wyattnorton]

How are you making money? Where is your income coming from? Can you speed it up or find another avenue?

Need to learn how to look at a business and see yourself running it. Go to Starbucks or other businesses, look at the layout, the register locations, who is serving the drinks, how do they treat their customers, how many options do they have, what do they offer for rewards programs?

Start picturing yourself running businesses

For me it was starting an eBay store... very simple go around to local thrifts or Goodwills (not sure where you're from if they have them) and look some of their items up on eBay. Buy and resell.

Learn how to operate it as a business. Track your expenses (what you buy and shipping costs) and track how much you sell it for.

Some items you will lose money, some you will make it big, some will be a smaller profit. But now you learn how to see value in commodities. Eventually, you will begin to say "Oh coffee mugs are BS GaryVee says they're good but most of my thrifts don't sell rare ones."

Now you can differentiate value from non-value. See what people like.

An example for me was all the local Goodwills selling Starbucks Tumbler mugs. I'd buy them for $2.99-$3.99 and resell them for $15-$25. But you had to be careful with the shipping costs so I learned a great way to wrap them, keep them safe, and keep them light.

With eBay, you also learn how to deal with customers. Some want returns, your items get damaged or lost in the mail, you mess up and send the wrong thing.

It is a quick way to learn some aspects of business, especially as a young person!!

 

[AceVentures]

I'm aware and really concern that I need to learn financial literacy to get wealthy but Im just wondering what was your starting point to learn such a stuff. Tell me more about your foundation and the most effective way to learn it, I need to learn from each and everyone of you.
Please feel free to share it and hopefully itll be helpful for others

Financial literacy is not what makes you wealthy, look at all the poor "Financial Advisors" who work a shit 9-5.

MJs books have taught me more about money than anything else. Re-reading them might give you more perspective.

 

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[DavidePaco00]

I'm aware and really concern that I need to learn financial literacy to get wealthy but Im just wondering what was your starting point to learn such a stuff. Tell me more about your foundation and the most effective way to learn it, I need to learn from each and everyone of you.
Please feel free to share it and hopefully itll be helpful for others

Well, to become really rich You should study "The Millionaire Fastlane " like the bible.

MJ's book is going to make You realize how the tipical model of aspiring has a fundamental fallacy: TIME.

In order to become whealty in the conventional manner, You trade Your time for money.

This mechanism, my friend, doen't work if You want to build wealth.

To become wealthy, You want to build a business that has You make money while You sleep.

Remember, Time and Money should always be inversely proportional.

Hope that helps,

Davide

 

[Ryan Harun]

Well, to become really rich You should study "The Millionaire Fastlane " like the bible.

MJ's book is going to make You realize how the tipical model of aspiring has a fundamental fallacy: TIME.

In order to become whealty in the conventional manner, You trade Your time for money.

This mechanism, my friend, doen't work if You want to build wealth.

To become wealthy, You want to build a business that has You make money while You sleep.

Remember, Time and Money should always be inversely proportional.

Hope that helps,

Davide

Tq dave

 

[- Sooraj]

Take a look at this part from "The Millionaire Fastlane " [chap-37]

"As kids, we aren't taught money management or basic financial discipline. We're abandoned in a financial jungle swarming with predators. Many perfectly intelligent people lack rudimentary knowledge of basic financial concepts such as" :-

•interest rates
•taxable and non taxable yields
•amortization of mortgages
•the balancing of a check book
•basic percentage calculations
•calculating return on investment
•why stocks rise and fall
•why a guaranteed 15% return on a bank CD is screaming, "scam!"
•how stock options works such as calls and puts
•why insurance exists
•how mutual funds works
•what bonds are and how they rise and fall
•global currency

"To successfully leverage a money system for passivity, you have to familiarize yourself with financial instruments that fuel the money system. Do you know how te calculate simple interest? Return on investment? Do you know what happens to the price of a bond when interest rates go up? Can you figure out the difference between a tax-free yield and a taxable yield?
Financial illiterates can't manage money systems. To succeed on your road trip. you have to know the rules of the road and pass wealth "driver's education"-basic finance and economics."

-I am talking about this **financial education**.... How can I learn them and from where?

 

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[Subsonic]

Take a look at this part from "The Millionaire Fastlane " [chap-37]

"As kids, we aren't taught money management or basic financial discipline. We're abandoned in a financial jungle swarming with predators. Many perfectly intelligent people lack rudimentary knowledge of basic financial concepts such as" :-

•interest rates
•taxable and non taxable yields
•amortization of mortgages
•the balancing of a check book
•basic percentage calculations
•calculating return on investment
•why stocks rise and fall
•why a guaranteed 15% return on a bank CD is screaming, "scam!"
•how stock options works such as calls and puts
•why insurance exists
•how mutual funds works
•what bonds are and how they rise and fall
•global currency

"To successfully leverage a money system for passivity, you have to familiarize yourself with financial instruments that fuel the money system. Do you know how te calculate simple interest? Return on investment? Do you know what happens to the price of a bond when interest rates go up? Can you figure out the difference between a tax-free yield and a taxable yield?
Financial illiterates can't manage money systems. To succeed on your road trip. you have to know the rules of the road and pass wealth "driver's education"-basic finance and economics."

-I am talking about this **financial education**.... How can I learn them and from where?

You go and ask chatgpt about each of these points.

That bot will give you a better explanation on everything than you will get here.
A big reason for that is that he has infinite patience and won't mind you asking a million follow up questions.

 

[Kevin88660]

I'm aware and really concern that I need to learn financial literacy to get wealthy but Im just wondering what was your starting point to learn such a stuff. Tell me more about your foundation and the most effective way to learn it, I need to learn from each and everyone of you.
Please feel free to share it and hopefully itll be helpful for others

Finance is basically about time value of money.

Accounting is basically your Profit and loss statement, how much debt you have and how good your cashflow is (cash in, cash out).

Being financially illiterate will make you poor but knowing a lot about it itself doesn’t make you rich either.

Economics is a very wide subject, macroeconomics topics helps when you are interested in trading/investment. On a personal level, simple cost benefit reasoning/analysis is most useful. It is more of an art than science.

Everyone can study these same things and have different advice/conclusions. At end of the days a lot financial advices are opinions.

And I will state mine as well.

For most people, cash is king. Renting is better than buying. Things are changing fast in today’s world and avoid getting long term financial commitment. Paying premiums daily and monthly to inflation and lack of discount is often better than wrong commitment and opportunity cost of not getting involved in a good business/investment opportunity.