Starting Out On Your Own, Managing Your Finances
Helping Young Adults Build a Financial Vocabulary
Date:06 December, 2020
Taking on the responsibility of your bills and investments for the first time in life is a huge step. Not everyone is ready to manage this step, but with some time and research you can feel confident enough to make sound decisions. The sooner you learn how to make financial decisions on your own, the sooner you can put that knowledge to work and reach your goals.
The best place to start is by learning financial terms and their meaning. This way, you can understand the choices presented to you and speak intelligently with professionals trying to guide you. Here are a few places you can go to get started.
Source the Internet
Many large and reputable financial institutions (such as Texas Gulf Bank), as well as brokerage firms, mutual fund companies, and insurance agencies have extensive online resources that explain the financial situations you might face. Just be sure that the websites you rely on are legitimate and have your best interests in mind.
Read Personal Finance News Regularly
Many syndicated columnists address complicated issues, boil them down and suggest what they think might be the best approaches to tackle them. While you may not want to spend the money to subscribe regularly, look for finance magazines to buy occasionally or read one in a waiting room. You may find an article or two that is both interesting and relevant. You can also look for books on finance and use them as a reference tool.
Talk to Knowledgeable People
Your family and friends may have some financial experience and in dealing with issues that you might come across in the future. Reaching out for their advice could be a valuable resource for guidance. On the other hand, if you speak with a salesperson, be cautious about taking their advice. They might just be trying to convince you to buy something. If the conversation is about a critical issue or one that involves large sums of money, consider talking with an accountant or attorney before making any important decisions. Remember, while you can turn to your friends or your family for some help and guidance, you must ultimately assume responsibility for making and living with your own financial decisions.
Consider Personal Finance Software
Using software and apps can make paying bills and keeping records quick and easy. By spending less time on those tasks, you can devote more time to learning more about how to handle major financial issues. These programs also have information and resource sections you may find interesting. In addition, these programs can also keep you organized for tax time, so you’re not searching shoeboxes for random receipts on April 14.
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