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how can students be more informed and educated on financial literacy?

many students of today are facing financial obstacles considering that they have bad credit,which comes from mistakes of credit card use,student loans,and financially illiterate.#personal-finance

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Joshua’s Answer

Financial literacy is a very important topic to me. I have saved enough money to retire in my 30's. Instead of outright retiring, I have become a financial coach trying to help people become financially literate. There are many podcasts and blogs to help you learn. I will list some below. In a nutshell, you should live within your means. This means spend significantly less than you earn. This will allow you to save and invest. Savings are usually short term and in a bank earning very low interest. Investments are the big words you typically hear on tv like 401k, mutual funds, index funds, stocks, bonds, etc.

Earning money can come in multiple forms. Work for someone else as an employee. Own your own business(es) to earn income. Invest and earn passive income. Own real estate. etc.

Spending is an area that people should have more control over, but end up increasing as income increases. If you can prevent what I call "lifestyle creep" as you earn more income, then you should be able to save and invest more money over time.

Compounding**** The reason to invest your money is to earn compound interest over long periods of time. If your money compounds over decades, it is virtually impossible not to become a millionaire. This should be measured by net worth, not by income and not by how much you spend. Net worth is how much you own minus how much you owe.

BOOKS:
Your Money or Your Life
The Simple Path to Wealth
The Millionaire Next Door
Rich Dad Poor Dad
The Richest Man in Babylon

RESOURCES:
choosefifoundation.org
WSJ.com
Trim.com or Billfixers.com
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
budgetbytes.com
studentloanplanner.com

PODCASTS:
ChooseFI.com (incredible podcast)
Optimal Finance Daily
Marriage Kids and Money
All The Hacks
Motley Fool Answers
Any WSJ podcasts

Best wishes in your journey we call life!

-Josh
(Financial Coach at Ratoon Financial)
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Christopher’s Answer

My best advice is to read, read, read. Google search your questions and get lost on websites such as Investopedia. I am sure you can find quick free classes online as well. Feel free to deep dive into topics, but my advice is to explore topics until they start getting complex then switch to the next topic. This will keep it fresh and interesting. Once you have a stronger overall understanding, feel free to go back into the more complex topics. Learn the benefits a Roth IRA and 401 (k) may provide. Develop an understanding of the true cost of borrowing money, search "compounding interest." If you take the time to do this now, while you are young, it will literally make a world of difference!
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Michael’s Answer

My brother wanted to learn to invest and plan for his future. We started watching CNBC and Bloomberg TV shows and I explained what I could and we used our iPad to research the rest. He is doing well know both in knowledge and in lige
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Daniel’s Answer

Gamify the process! A great game to try is the Cashflow game in the richdadpoordad website.

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marie’s Answer

Hi Ivictor!

I find listening to podcasts ideal when learning about any topic because it allows me to easily track my place/progress and to accomplish other tasks while learning!

marie recommends the following next steps:

https://financer.com/us/blog/best-finance-podcasts/
https://money.usnews.com/money/personal-finance/saving-and-budgeting/articles/best-personal-finance-podcasts-to-listen-to
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Alejandro’s Answer

Hello LVicotr,

There's a wealth of knowledge at your fingertips when it comes to financial education, including understanding credit scores, personal budgeting, investing, and more.

Here are some resources I personally find invaluable:
- The Wall Street Journal is a great source of financial news.
- Wire House market news from UBS, Morgan Stanley, and Goldman Sachs is another excellent resource. They typically provide daily market updates.
- UBS also offers a unique website for "The Rising Generation". It's open to everyone and can be accessed here: https://ubs.everfi-next.net/student/dashboard/financialeducation/the-code-a-z. The site covers a wide range of topics from budgeting to personal finance, investing, and even guidance on purchasing a home or car. I strongly recommend this website as a starting point for your financial education journey.

Remember, every step you take towards understanding finances is a step towards a secure future. Best of luck on your journey!
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