How to Learn Money Management
Have you ever wondered why some of the most common skills that almost all of us need daily in our lives were not taught in school? Skills like taxation, parenting, budgeting, etc., are not even part of the curriculum. A person with a master's in technology would know less about personal finance than a 16-year-old who has read a few books on the subject (given that the MTech person has not taken any course beyond their curriculum).
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One such skill that is important for every one of us to have is Money Management.
There is not a single day in our life when we do not interact with money in some way or the other. So when money is such an integral part of our life, how is it that managing it well is not even a common topic of discussion.
If you understand the importance of learning this skill and want to master the art of managing your finances well, here are some excellent and simple ways to begin.
Books
Regardless of what stage you are in your life, you will always have a book to read that can teach you something and help you grow. Like any other topic, there are plenty of books on money management that are absolute gems and can help you understand the subject and its importance in the most exciting manner possible. You can begin with books that cover the issue and overview all the different aspects that the case entails. Then you can start finding books specifically on topics from those subjects and get a deeper and more actionable understanding. Even if you read just a few books on the subject, I am sure that you will have enough insights to at least begin to improve the way you currently manage your money.
Some recommendations to start with:
- Rich Dad Poor Dad
- The Psychology of Money
- Money - Mastering the Game
- The Richest Man in Babylon
- The Millionaire Fastlane
Also read: 10 Best Personal Finance Books For Financial Success
Courses
The growing space of the EdTech industry has been a boon for many. With platforms like Coursera, Udemy, Edureka that offer free courses on various subjects, education has become accessible like never before.
Whether you wish to learn about money management, investing, fundamental analysis, technical analysis, algo trading, or anything, you will find a free course on one website or another even though there might also be many courses that might charge a small fee but could be much better in quality of content.
The most significant advantage of learning through a course instead of reading about particular topics is that it goes in a series and first talks about the prerequisites of other concepts. This helps you cover all the issues as well as gives you confidence as you follow along.
Read more: 10 Smart Financial Planning Rules for First-Time Earners
Blogs
A lot of great companies and personal finance evangelists have been doing some great work. There are blog sites and company websites where you can find detailed blogs and articles covering many exciting topics related to personal finance and money management. What you can do is, you can first build an understanding of all the different topics and then look up each of these other topics and read the blogs on them. You can even search through the website and pick out topics that seem interesting and valuable to you.
Wizely has its financial knowledge platform, WizeUp. Here we are trying to build a library of blogs that will hopefully cover everything you would wish to know about budgeting, saving, expense tracking, investing, money management, etc. Do check out the blogs and let us know if you enjoyed reading them.
These resources should cover every topic that you should know about to keep your finances under control and grow your wealth at a decent pace. There are many more options than you can go for, like watching good Youtube videos or listening to worthy podcasts, but on such platforms, you must be sure that you are learning from the right person.
It is better not to know something that you know is correct, which is not right. Especially in money management, if you believe something authentic that isn't, then the financial implications could be devastating.
(Check out 'Learn & Grow with Wizely' 'to read and learn all about personal finance and financial planning.)