Not many people like reading about personal finance. In fact for some people just the mention of those words is akin paying taxes. It's just not a topic we like to think about or talk about - and certainly not to learn about.
But we do like the result. We just want the result any other way.
Trusting the advice of a coworker, family member, or social media influencer may be easy, but there is risk too. But how could anyone who is already so busy with life have time to study all these technical terms? One person says the market is about to crash, another says the market is going up - how do you know which person to trust?
There is not an easy answer, but the best solution overall is to commit to educating yourself on personal finance.
On the surface it's really simple:
1. Spend less than you make.
2. Invest the difference in an index fund.
3. Try to make more if you can.
4. Don't get in a hurry, but just keep going.
That really is all you have to know.
But ideally we should all be learning so we can make better decisions. In the end no one else will care as much about your situation as you do. You have to own your financial future as much as possible. You don't have to get an MBA or try to memorize a bunch of financial terms. But you do need to have an overall understanding of the economy, why things are happening, and what is the impact of the headlines on your investments.
So what can you do?
First, start small. Your local library is a wonderful place to start. If you can, check out a book published by an established institution. You aren't looking for fads or hot trends, but basic personal finance education.
You may also find an online platform that you like, one that connects with your way of thinking. Be cautious here: everyone sounds authoritative online. It's best to stick to well known, established institutions or companies that have been around a long time. You should not have to pay anything.
Remember there are no short cuts, no secrets, no safe way to predictably earn huge returns with no work. But if you follow the same critical thinking that you would apply at work or in your personal life, you'll be fine.
Finally make a commitment that you can do it, you should do it, and you will do it! Learn something new every day.
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Disclaimer: The views expressed on this website reflect the personal opinions and experiences of the writer. Nothing in this article constitutes financial advice in any way. Information on this website should not be relied upon for investment or business advice. Please consult with a qualified financial professional before making any financial decisions. 3800215