Many people have already debunked the misconception that being good with finances requires a Harvard education or its equivalent. But that doesn’t mean you can be financially smart without investing in any type of education. The good thing about increasing your financial IQ is that it doesn’t cost much money-wise—you just need to be willing to give it generous attention.
Here are a few ways you can do that:
1. Understand your “money personality”.
Ask yourself, ‘When was the first time I remember money being talked about in my family? Was money a source of tension in my household growing up? How do I relate to money today – what are three things that come into my mind when the word “money” is mentioned, and what things are vital to my financial peace of mind? How do I define financial success?’
The answers to these can help you understand your money personality and psychology (why you make the financial choices you do, whether you’re a saver or a spender, etc.), and increase your self-awareness and insight. This is a great way to start your journey towards better financial intelligence.
2. Read, watch, learn.
There is a wealth of resources on financial education around—books, magazines, websites, and blogs where you can read up on the basics and intricacies of dealing with finances. Aside from reading, watching online videos from known figures in the business world and attending seminars, conferences and workshops are also a great help. Aside from giving knowledge, there are also materials from which you can gain plenty of inspiration, such as In the Sphere of Silence and Two Minutes from the Abyss by QNET Founder Dato’ Sri Dr Vijay Eswaran.
3. Ask the experts.
As part of the network marketing community, you’re in especially good company when it comes to understanding financial matters. Talk to your mentors in the industry to get some advice based on their tried-and-tested practices and wealth of experience—but don’t stop there. Go and ask financial experts such as bankers, financial planners, and educators as well! Gaining new knowledge from these experts will help boost your knowledge and confidence.
4. Put your knowledge to the test.
Once you’ve learned the basics, try applying them in your real life. Every time you learn something new, think of how you can put it into practice, so you can see which tips work best for your situation. Remember that experience is a teacher like no other, so put your new smarts into action.
5. Share your wisdom.
Once you’ve developed a more well-rounded understanding of finances, spread the joys of being financially smarter in the spirit of Raising Yourself To Help Mankind. Be a mentor to your downlines and other people in your network, and encourage them to increase their financial IQ. The more financially smart people in the world, the better!