What tools and methods can I use to eradicate any and all financial illiteracy?!

[Arma]

Hello! Pretty much, what the title says. In TMF , when I was reading about financial illiteracy, I got kinda scared and worried about my chances, cause up until that point - I was 100% on board with everything MJ was saying, but seeing all those financial terms made me doubt the possibility of me "making it". Even though I am technically a foreigner, I would consider my English to be better than most, but seeing these financial terms - I feel like I'm at the very start again. I am not even financially literate in my own language, let alone a different one. This got me thinking, what can I do to get rid of that worried feeling about not knowing anything and actually start gaining knowledge in the field of finance to end up being "financially literate" - But I'm talking let's start baby steps - like terminology explanation n shit. WHERE DO I START!??!! and how do I keep this train of knowledge goin??

 

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[Guest06194gh]

Hello! Pretty much, what the title says. In TMF , when I was reading about financial illiteracy, I got kinda scared and worried about my chances, cause up until that point - I was 100% on board with everything MJ was saying, but seeing all those financial terms made me doubt the possibility of me "making it". Even though I am technically a foreigner, I would consider my English to be better than most, but seeing these financial terms - I feel like I'm at the very start again. I am not even financially literate in my own language, let alone a different one. This got me thinking, what can I do to get rid of that worried feeling about not knowing anything and actually start gaining knowledge in the field of finance to end up being "financially literate" - But I'm talking let's start baby steps - like terminology explanation n shit. WHERE DO I START!??!! and how do I keep this train of knowledge goin??

I was thinking about this exact thing I'm not even joking, I feel like your best shot is going to a library and bookstore and just seeking business type books out or going on youtube. For each concept you don't understand watch a youtube video for until you can understand it.

 

[Arma]

I was thinking about this exact thing I'm not even joking, I feel like your best shot is going to a library and bookstore and just seeking business type books out or going on youtube. For each concept you don't understand watch a youtube video for until you can understand it.

It's weird, that there are very few posts on this topic tho. Any youtuber suggestion or book recommendation that you've found so far?

 

[Guest06194gh]

It's weird, that there are very few posts on this topic tho. Any youtuber suggestion or book recommendation that you've found so far?

naw man I don't know any, maybe just even searching up business youtuber or something would work

 

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[Plushy]

You should get a textbook on personal finance, that's how I first dipped my toe into it. That's where I first learned terms like "retirement" and "ROI" and "compound interest" the very, very basics. Graham's book, "The Intelligent Investor" was also great, explaining a lot of stock terms, and so is Kevin O Leary's book "Cold Hard Truth: On Business, Money & Life (2011)" From then, you can check out what Amazon reviewers or the algorithm recommends.

I think your biggest problem would be fear, not lack of knowledge. After you read about 5 books you should be familiar enough with the terms. At the end of the day, I think financial literacy is a bit about understanding the math and where your money is going, figuring out the wisest use of your money.

And then, after you get familiar with the terms and the markets and your accounting, realize also that many authors are fooling around with their advice and take it all with a grain of salt. As MJ said, people don't get rich off compound interest and saving for a long time, many die before their long term investments come to fruition or the stock markets crash.

Nonetheless, read some to get used to what you're dealing with here instead of letting ignorance drive your finances. Once you gain a good body of knowledge, learn to use it to think for yourself - outside of conventional advice - on how best to manage your money. Don't be afraid, no body is born knowing financial literacy. Don't be afraid to make mistakes either, it's better to make a mistake and learn than to not try and bury your head in the sand too.

 

[BizyDad]

I was thinking about this exact thing I'm not even joking, I feel like your best shot is going to a library and bookstore and just seeking business type books out or going on youtube. For each concept you don't understand watch a youtube video for until you can understand it.

This is actually good advice. Keep posting stuff like this and you'll stop getting poo emojis.

naw man I don't know any, maybe just even searching up business youtuber or something would work

But don't just talk about it. One of the big keys to being a business owner is learning to take action.

If this is a hold up for you, go search YouTube and start learning financial jargon.

Come back and make a concrete recommendation on a good channel for beginners...

 

[Subsonic]

Hello! Pretty much, what the title says. In TMF , when I was reading about financial illiteracy, I got kinda scared and worried about my chances, cause up until that point - I was 100% on board with everything MJ was saying, but seeing all those financial terms made me doubt the possibility of me "making it". Even though I am technically a foreigner, I would consider my English to be better than most, but seeing these financial terms - I feel like I'm at the very start again. I am not even financially literate in my own language, let alone a different one. This got me thinking, what can I do to get rid of that worried feeling about not knowing anything and actually start gaining knowledge in the field of finance to end up being "financially literate" - But I'm talking let's start baby steps - like terminology explanation n shit. WHERE DO I START!??!! and how do I keep this train of knowledge goin??

Rich dad poor dad is a great book on that concept.
Opinions on it are mixed here but I personally enjoyed it and took away a few lessons.

 

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[WJK]

Hello! Pretty much, what the title says. In TMF , when I was reading about financial illiteracy, I got kinda scared and worried about my chances, cause up until that point - I was 100% on board with everything MJ was saying, but seeing all those financial terms made me doubt the possibility of me "making it". Even though I am technically a foreigner, I would consider my English to be better than most, but seeing these financial terms - I feel like I'm at the very start again. I am not even financially literate in my own language, let alone a different one. This got me thinking, what can I do to get rid of that worried feeling about not knowing anything and actually start gaining knowledge in the field of finance to end up being "financially literate" - But I'm talking let's start baby steps - like terminology explanation n shit. WHERE DO I START!??!! and how do I keep this train of knowledge goin??

You can buy books or take free courses on the Internet. Your education is up to you. And then you must apply that knowledge in order for it to stick in your mind. It can become part of you. It's like learning any language or skill. You can do it!

 

[svekk1]

Finance is a relatively big field, so it depends what you are interested in. Also knowing some economics is beneficial to understand better the concepts.

For capital markets (it also helps understand corporate finance) the best resources in my opinion are:
- CFA investment foundations (you can find the material free online)
- the book "Why Stocks Go Up And Down"
- the book "How Finance Works" From Mihir Desai
- investopedia.com

 

[Eurojanek]

Hi Arma Check out Investopedia service.
I mostly use their financial dictionary,
but for starters I'd reccommend their free Financial Literacy Courses

 

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[RudyR]

If you're starting from the beginning and want some more foundational info. I would recommend the following books:

The Personal MBA by Josh Kaufman - This goes over the business terms and concepts you would want to understand.

The Undercover Economist by Tim Harford - This goes over why things cost what they do. Basically breaking down the whole price vs demand and who really benefits.

After that knowledge, reread MJ's books.

 

[uhhfeef]

The Personal MBA is a great book. His approach is to explain various aspects of running a business, so like sales, value creation, marketing, finance, human psychology, etc. on a fundamental level; its almost like a dictionary but for business terms.