How To Increase Your Financial I.Q.
No one’s a financial prodigy at birth. Being financially literate is not a talent but a skill that’s supposed to be honed at an early age. But you don’t have to worry, being financially savvy can come with maturity. It’s just an advantage for those who already had have an understanding of money management at a young age. It’s never too late for everyone, that’s for sure.
If you are too worn out living a lifestyle where you have to tightly budget everything, then we bet it has something to do with your financial I.Q. You just don’t know how to manage your finances and that’s a problem! An epidemic for most. Now, in order to be successful, you should first get to be a financial Einstein. And here are really good tips that just do the trick!
1) Read books.
Books, magazines, online articles, financial blogs, everything is already served in front of you. Take advantage and read what you can. Reading helps expand your financial knowledge. While you find books of fiction, novels of romance and adventures a good read, you can definitely pick a lot of practical tips, inspiring stories and motivational wisdom from reading good financial books such as Robert Kiyosaki’s “Rich Dad, Poor Dad,” or Bo Sanchez’ “8 Secrets of the Truly Rich” as a start.
2) Enroll on money management seminars or short courses.
Learning to be financially savvy can go beyond from just reading books. Yes! If you are really keen to step up your money game, the why not enroll yourself on available seminars or short courses for such. Seminars are the avenue of notable financial key speakers as well. So, muster up that inspiration and go make him your mentor.
3) Take your experience through investing.
The only way to learn financially is by experience. And what’s a better way to do that other than investing! Take all what you learn from books and seminars into practice. Don’t feel apprehensive, always know that every master was once a beginner. Plus, in time, you will learn how important it is to invest than just spend. If you want to a budget for an investment you have in mind, you can get quick and easy cash loans through an online pawn shop called PawnHero.
4) Appreciate your milestones and failures as well.
It’s not always a smooth journey, appreciate the times you flunk. It would be a sweet feeling to know your first investment turned out great, but when recession will hit you, don’t take it hard on yourself. Make every mistake a lesson to grow and to be wiser. Smart is a whole different aspect as to wise. Being money smart means you know what the books tell you, but being money wise means you know what experience taught you.
5) Ask financially successful colleagues.
“No man is an island.” The key to success be it financially, is not you alone. Your colleagues and peers can help you get to where you want. Simply ask and learn. Take your financial journey as your uncharted destination, you have never been there and what you need to do to get to your destination is to ask experienced people to lead you to the right direction.
6) Learn how to be independent.
You may never know the value of money unless you earn it for yourself. Take the high road to be independent. Nothing comes out if you continue to depend. With independence on managing your finances, you will increase your financial literacy.
7) Network with potential business partners.
“Tell me who your friends are, and I will tell you who you are.” In other words, you are who you often mingle with. Now, only by associating yourselves by people who already made it would help propel you grow financially, because. Mingle with like-minded individuals who knows how to handle and make money grow.
8) Never settle.
Okay it is not enough. Being mediocre is not enough. Always aim for the best. If you feel comfortable now, then it’s time to challenge yourself. Just like the stock market, the trends change. So, keep improving your skills, keep gaining more experiences, and keep up with the pace of a fast-changing financial environment. Never settle and keep learning.
9) Know when to share.
When you come to a point to share what you know and what you have, then do so. Don’t keep the knowledge to yourself. Pass on what you know to the younger generation or those who are eager to learn what you once been trying to understand It is by sharing that you will learn.
10) Find your strengths, increase it and stick to it.
As a final word, know your strengths! It is the source of your passion. Highly likely, that’s where you’ll get the most of your income. Find what you are really good at. Now, with a formidable financial I.Q., you can then make money eventually work for you. (Fingers crossed)
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