Learning About Money

Learning About Money

Earlier this month we talked about why it’s important to create a budget. We also discussed how to create a budget.

But creating a budget has got you thinking: How can I get rid of my debt? What’s the best way to save? Should I be investing my money?

We’ll get to all of that, but first, let’s focus on learning about money.

Read about money

Before you make any major decisions regarding your money, learn everything you can about finances in general. Learn the language of money by reading as much as you can about it.

Familiarity with current issues and topics regarding money (local, state, even worldwide) is a must. You should be comfortable talking about money, especially with family, and eventually you’ll be confident when it’s time to make a major financial decision.

Follow the experts

While a newspaper is always a good go-to, nowadays, you can follow experts on LinkedIn and Twitter, read the blogs of financial industry leaders, watch money management tutorials on YouTube, and read content shared by Forbes, The Economist, and the like—it’s free and at your fingertips. Reading just 15 minutes a day can keep you in the know.

Just what you need—another daily task.

But your money—like your physical health and mental health—is a priority. No one can argue that. And really, aren’t they all connected?

Quiz yourself

Let’s see what you know about money, starting with this quiz.

Assuming you’ve set your financial goals for 2018 and have created a shiny new budget—both of which should be revisited and adjusted not once a year but 2 or 3 times a year—it’s time to educate yourself.

Take the first step

The first step is simple because it’s specific and actionable. Try doing a quick Google search on the topic of your choice. For example, search “how much should I contribute to my 401k?” or “the best way to eliminate debt.”

The first step is a small one, but it’s a positive step forward in managing your money. You’ll feel like you’re really accomplishing something, which will motivate you to do more.

Your tax refund

If you’re one of the millions of American taxpayers expecting a tax refund, think about this: Your tax refund is an opportunity. The money to which you’re entitled could be the start of something great—an IRA, an emergency fund, how you pay off your debt. So, make sure you’re getting the maximum refund possible. The TaxSlayer team is here, ready to help.

Here’s to your first step toward financial empowerment.