Everyday is a Good Day
Financial literacy comes in many forms at many ages. Being financially literate is not a “one and done.” And it is not all about the stock market. It is about life. Your life and how you manage the details to build the best life possible.
Understand you first. Why? Because I do not want you to “do money” my way. I want you to do it your way. First understand your values, align your priorities. Reflect on what is important to you. Then, take appropriate action based on your needs, wants and goals. MoneyPeace will follow.
“Just the facts” as detective Joe Friday is remembered saying on Dragnet. In this case, know the facts around money. There are basic rules of investing, saving and spending to make a more stable financial life. And as I learned by over thirty years in this career, there is always more to learn. The laws change, new products emerge, and the financial world has many iterations and cycles. Your knowledge needs to keep evolving too.
For this month, become more financially literate. Explore one of these suggestions:
1. Caring for Parents' Money?
Or need to learn more about your money and how to be better prepared for aging and in case illness strikes? Check out My Mother’s Money by Beth Pinsker. She is a financial journalist who had a crash course in managing her Mom’s money. She shares what she learned, what she wishes she knew and valuable financial perspectives. Even if you are not in that position, you will learn a thing or two about why your own estate planning and understanding Medicare at retirement is crucial to quality of life.
2. Listen to a Money Podcast.
I was on Wes Moss’ podcast and we talked about a range of topics. Check it out here
3. Monitor your “Automatic” payments.
List who has your financial info: What apps or places you purchase from regularly have saved your private information? Think bank accounts, credit cards, debit cards. This is not only an elevated risk for you spending easily but also for more opportunities for fraudsters to interrupt your smooth financial life. This may take a bit of time now but will save you hours and hours later if your credit card is stolen or you become a victim of identity theft.
4. Delve into your emotions around money.
Create ease and education. I just learned and signed up for the Impause app. The first seven days are free. I am not always a fan of learning on the run but this is a new app with a wealth of information. And you can learn more about yourself in minutes a day. Impause is where you can learn the emotional underpinnings of your spending. The process is day to day, while acquiring information on the emotions that you face when spending. By teaching you terms and approaches, this app guides you to have new perspective on your behavior and will be informative enough to support your new behavior.
Plus, the short quizzes at the end of each day’s exercises are fun.
Overall, a good reminder we are not alone with our money fears, issues, and emotions. And like any good app, entering your personal banking and financial information is not a requirement of use.
5. Find a Financial Planner to help you navigate the twists and turns of life.
There are many fine solid financial professionals out there. There are rules for credentials but not for influencers, influencers are easy to find. Licensed Certified Financial Planners, Registered Investment Advisors and Financial Therapists may not be so apparent on social media. However, you can check their credentials on-line and verify their professional history. They are doing their work and not always showing up on Tik Tok or YouTube. Ask your friends and family who they use, how they pay them, and what services they provide. Take the time to do the research for a better understanding of your money.
6. Watch a Video to Ponder Retirement.
This Oscar nominated short film is a different and fun perspective on retirement. The work is by a team of international filmmakers and supported by Radio Television Ireland (RTE). This Irish connection, of course, caught my attention.
Have a Financially Full and Educated Month!
If you want to hear me in person, check out my upcoming speaking events.