SG Budget Babe
Asked on 17 Dec 2019
How would you start on learning financial literacy? Which area is the most important and are there guides to this?
You join communities like these ones! Read, read, read, and digest.
I'd follow as much financial blogs, content, news as I can and connect with others who seem to know their stuff.
Financial literacy is both practical and theory. Start with the theory, and then apply it in your everyday life. You'll only learn once it looks like you're making some progress with your finances.
Maybe you can tap on your personal network (friends/relatives) or online communities to find people who have successfully tackled such issue. Talk to them about your issues and dig into exactly how they solved theirs.
There are so many information online where you can get. Can start reading and digesting them slowly.
Not the only child - I also didn't have financial literacy when I started. But actually, even if your parents could shed you some knowledge, it's important for you to "strike out" on your own and grow your knowledge. There are many avenues for you to start from - forums (I started from HWZ), Seedly, youtube etc, and even investing courses out there to accelerate (but take note, some courses actually teaches you things you can find online yourself).
Most important, stay hungry and curious. Don't stop learning, read more investing books, reach out and ask more questions - chances are your fire will continue burning strongly :) We are all here to help!
I think folks like myself, born in the 80s especially, we might not have parents who are financial literate and that's perfectly fine. Given that we are now in the world of information (overload), it just take some effort to read, listen, and absorb for us to gradually gain knowledge.
Knowledge is wealth, and from a financial perspective, we need to sort out our base fundamentals just like Maslow's hierachy, in which we get our insurance sorted out, try to top up CPF with cash if circumstances allow, and make correct key decisions such as affordable housing, don't over leverage etc. These are key to future successes.
Seedly is certainly a good way for us to be exposed to new financial knowledge, other than that, you can check out thefinance.sg where it's a consolidation of finance blogs.
And to begin with, it's important to understand whether you're inclined more with instant or delayed gratification (the latter will result in astounding results in my opinion).
All the best!
The library and internet will be my source of learning.
Frankly the internet is a treasure trove of information and hence i feel it is important. Use it search key words read articles learn from it. Put it into practice that's how you master financial literacy
Google is really your best friend.
I found a financial forum (google for money mind hwz) with lots of serious folks.
google also found Seedly for me.
Google found IWDA ETF for me too.
Once you join these forums orcommunity like Seedly, learn more from the experience people there so you can walk the path that they have walked before. See what you can absorb that suits your life and character.
Google A LOT. don't just depend on friends anf family advice ;)
It's easy to pick up the theories of financial literacy as there are blogs and online communities everywhere (seedly is one good example). There are guides on where one should start based on the stage of your life.
The hard part would be applying these to your daily life. So remember to start with one pillar at a time. Since the new year is coming it will be good to sit down and plan your personal finance goals for the year.
Am not the only child, but do not have parents as role models for financial literacy.
I would start on reading up and educating myself as much as possible (and forums like Seedly are doing a great job of educating people with easy to understand articles).
Interestingly, I am a single child and my parents are of old age with little to no knowledge of financial literacy.
But luckily, our family's financial consultant is a family friend of many years. He helped my dad to develop a comprehensive financial portfolio that have reaped plenty of benefits as I grow up. Over the past year I started to grew more curiosity into what he have help me and my family with and I am impressed with what his have gotten my dad into and I can say I am thoroughly covered.
Fast forward to today, I began my journey as a financial consultant, hoping to impart the same knowledge and philosophy my family's consultant has given me. And hopefully use it as a platform to build life long friendships for those who put trust into me.
Apart from my family's consultant, the vast resources available on the internet, or even in the library in terms of books and CDs, are no doubt wonderful materials to get into financial literacy!
I found channels like Graham Stephan's very helpful for understanding the value of money and setting personal financial goals :-) Be mindful that everyone has different goals so you don't have to listen to everything he says though, but I find his advice very prudent and straight to the point compared to some other Youtubers. If you're working, you can also look to other adults 5-10 years ahead of you and try to understand what they've done to get to where they are right now. Seedly is also a great place to get to know like-minded people and ask questions. All the best !!!
Google, read and learn.
A few years back, I chanced upon a student investor who blogs about his thoughts and actions on his finances. It was one of the best blog out there for me and he will also include what he learnt from other financial writers and put up the link which allowed me to further explore and expand my knowledge in this field. Sadly, he stopped updating his blog.
Well, now there is Seedly. So many users and pros offering their advices. You can just ask and you shall be answered.
Join communities and forums and read the articles to expand your knowledge. There are many avenues for you to start from - forums (I started from HWZ), Seedly, youtube.
Seedly is a good financial platformfor beginners to be exposed to new financial knowledge,
I might as well be the only child the ways things are. My parents are definitely not role models for financial literacy but you can learn from them too- what not to do! I learnt my reading blogs such as sgbb moneysmart etc to understand better!
Be independent and start learning on your own!
With the boom of technology, information is readily available online. Accordingly, consider reading materials from various sources to boost your understanding.
Personally, I feel that understanding our cashflow is the most important step in financial planning. Through this process, we will understand our earning ability and spending habit. Here is a guide to help you: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/
Next, we need to know how to manage our money. To do this, we will create a budget that is capable of helping us to plan for the future. The best way to do this is via automation and this is how I do mine: https://www.blog.pzl.sg/how-to-create-a-monthly-budget/
Since we are the biggest asset that we own, therefore we should always start by understanding ourselves. If you are open, consider to like 👍🏻 my Facebook Page and subscribe to my blog's newsletter - I share quality content on financial planning and estate planning in Singapore on these channels.
Here is everything about me and what I do best.
You can still get advise from various personal finance websites!
Also, role model do not need to be a physical person. You can learn from books as well!
1) read the advice on Seedly and some other financial blogs.
2) parents are not the only source of knowledge. What about friends? Mentors?
3) watch some episodes of "Till Debt do us part" and "Money Moron" on youtube. Gail can be blunt, but she gives good points. Only thing is those shows are in a Canada context, so those tax saving plans you hear, you have to take as cpf top-ups and SRS in Singapore context.
4) learn to budget. We are in the new age, most banking apps offer some functionality for you to learn about your spending and habits. Take advantage of these. I am fond of OCBC money insights and saving goals, so I have a ton to say about those.
No one will care more about your financial position than yourself (including parents and spouses), so it is really up to you to brush up on it. The others are probably more interested in taking money away from you into their pockets.
There are many platforms and avenues, such as internet websites, discussion forums like this, books and courses.
There are still timeless wisdom we can learn from the older generations, even if they are not millionaires. don't spend beyond our means. have cash buffer. don't cheat others to make a living. if it is too good to be true, it usually is. there is no free lunch in this world.
don't simply trust those insurance agents and financial courses who are selling you dreams. if you did not pay those course sellers thousands for a useless course, you already have saved a few thousand.
Well parants who are not financial literate are also role models by via "negative demonstration"
You just simply have to brush up your financial literacy asap. We have the Internet these days which it much convenient and faster to speed up the learning curve