Let’s face it, Fashionistas: Personal finance can get a little bit boring.
It’s so much more fun to simply watch the money come in and then see it dissipate as you spend it on the things you need and want. As you await the next payday you may briefly wonder if a time will ever come when you get all this finance stuff figured out. When will you have enough money in the bank to where you aren’t living paycheck to paycheck? When will you have enough money in a retirement fund to where you feel great about your financial future? When will you be able to nod knowingly when people discuss things like NASDAQ, FOREX, or annuities?
Knowledge is power. You’re never too old to learn something new, so if you haven’t the foggiest idea how to balance your checkbook then now is the time to figure it out. It doesn’t matter if you’re 18 or 80; the answers to all your financial questions are out there. It’s amazing what you can learn when you put your mind to it, and before you know it you might be sparking up a conversation with your friends about the benefits of compound interest. Of course, you will do so while wearing fierce shoes that you found at an amazing discount.
Learn to Manage Your Money
Where should you look when you’re ready for a financial education? Websites for financial institutions are great because they are usually filled with glossaries and Q&A pages that take complicated financial concepts and simplify them for people without financial degrees. Why would a financial institution want to take the time to create such comprehensive educational materials available for viewing? There are a couple of reasons:
1. The more you know about money, the better the chances are that you will manage it well.
2. The more comfortable you get with your financial knowledge, the more likely you are to start dabbling in various financial products that you wouldn’t have dared touched before.
You can also make an appointment to speak with a representative at your bank or credit union who will sit you down and teach you everything you need to know about basic money management. This service is usually offered free of charge to customers.
Once you feel ready to move beyond the basics, start perusing the personal finance shelves at your local bookstore. Ignore any books that claim to make people rich quick, and instead go for the books that claim to teach people all about investing, money management, and all the stuff that would have made you snore before you started getting intrigued with personal finance. Before you know it, you’ll be making zillions of dollars in the Stock Market…or at least you’ll be able to pay off your debt and build up a nice nest egg.