No matter what age you are, knowing how to manage money is a vital life skill. The market is brimming with tools and resources that can teach you everything you need to know about managing money, investing, and planning for the future.
Financial resources include articles, YouTube videos and podcasts, software, calculators and educational resources. There are even financial literacy lessons for children and teens. The type of financial resource you choose to use depends on your personal situation. Take a look at how to find the right personal finance resources and why it matters.
Leverage the financial resources you do have
Most financial institutions offer customers free tools to help guide their financial futures. Some banks and credit union-s have more financial advice to offer than others, but at minimum, you should be able to get help with budgeting and financial planning. Take advantage of your workplace retirement plan and have an in-depth conversation with your 401(k) provider to make sure you’re leveraging the most from your plan.
Some employers offer financial planners for employees, and in that case, it’s worth asking about one. But if nobody at work can help you, shop around for a financial planner to help you get back on track. A certified financial planner can help you get in touch with your financial goals to ensure you’re taking advantage of your workplace retirement plan and using every tool at your disposal to get on the road to financial security.
Talk to your financial planner about whether or not an IRA or Roth IRA might be a good fit for your retirement goals. Roth IRAs are newer, but they offer greater tax benefits for the future than traditional IRAs. Understand how an annuity can help you meet your financial needs, and why hiring a financial planner can be a good choice. There are plenty of online brokers who offer educational resources that will teach you the fundamentals of investing. If you are shopping for a broker or already have one, ask about their investment learning materials.
Personal finance has evolved into a sophisticated science with a wide range of tools and information at your disposal. Don’t feel bad if you don’t know exactly where' to start. Start with the basics and find a tool that resonates with you and use that to help guide you on your financial journey.
Take advantage of an app or website
Investing for the first time can be daunting if you’re not sure where' to start. It’s a good idea to work with an automated, online Robo-advisor that can manage your investments. The costs of Robo-advisor services vary, but you can find some free financial advisors. You can also find online companies that offer financial planning services for a flat fee or percentage of your account balance. Such services help manage your investment portfolio and give you access to financial advisors who can help you achieve your financial goals. Taking advantage of online financial planning resources is less expensive than working with a financial advisor in person.
A lot of people mistakenly think that you have to be wealthy to make investments, save, or borrow money. No matter what financial stage of life you are in, it’s never too late to learn about saving, credit cards, insurance, taxes, banking, or investing.
This personal finance site gives clarity on what to expect when delving into the work of online investing. They walk you through everything such as interest rates, valuation, acquisitions, IPOs, market share, stock price, how to follow the NYSE, and what to expect on the first day of trading. The team members at Wealth Rocket are financial experts with a wealth of knowledge and experience that will benefit new investors.
Keep your eyes open
A lot of people mistakenly think that you have to be wealthy to make investments, save, or borrow money. No matter what financial stage of life you are in, it’s never too late to learn about saving, credit cards, insurance, taxes, banking, or investing. Not all financial resources come with a price tag and you can find plenty of free sources for financial advice based on your financial situation or life stage.
Credit counseling agencies often offer free services ranging from bankruptcy to student loan debt and budget review. Debt management is a great approach to take when you have multiple debts — it can help you lower payments, reduce interest rates, and even work on collection issues which have been preventing you from moving forward. With lower interest rates, debt management can help you save a lot of money and get back on your feet. You may also be able to have collection issues resolved, helping you keep your credit in good standing. Some organizations offer free tax advice and help for senior citizens, those with low incomes, or tax problems.
Financially vulnerable people, such as wounded veterans, domestic violence survivors, and cancer patients, can receive pro bono financial planning help from the Foundation for Financial Planning. You can also find plenty of free personal finance books at the local library as well as authoritative articles online.
Known as the “path of least resistance,” passive income offers the most direct route to wealth. These are the activities you’ll want to do to maintain the momentum you’ve built toward becoming financially independent. In this way, you’ll truly build a secure foundation for lasting abundance. But note: You’ll need the right cash-flowing assets to get your money to work for you.
Some people have a natural gift for numbers and finances while others need some guidance and advice. No matter what your financial situation or goals are, there are countless personal finance resources available on the market. Of course, not everyone has the same learning style, so the best resources for one person might not work for someone else. Whether you leverage free information from books, articles, blogs, and podcasts or opt to pay for financial services, the right tools and services will facilitate your financial future.
