How To Increase Your Knowledge To Master Your Finances | Podcast, Book, and YouTube Recommendations
When I was 19 I started my first job that offered a company-matched 401k. I didn't really know what a 401k was, but all of my coworkers opted into the program so I followed suit. I didn't know where this money was invested, when I could and couldn't use it, or how it accumulated year to year. Maybe I was just ignorant, but I think a lot of young people are in the same boat as I was back then.
I ended up pulling my money out of that account early. I had no idea there were penalties and tax implications. I also had no idea what that money could turn into in 40 years with compound interest. Sometimes I kick myself for being so ignorant. That “early age” money would be a great addition to my portfolio.
This is a great example of how knowledge can lead to freedom with your finances. Many people don’t spend any time learning about money, and because of that they don’t know how money works. They don’t know about investing, or budgeting, or that their dreams can actually be attainable if they have the right behavior.
When is the last time you read a book about money? When is the last time you listened to a podcast or watched a YouTube video about how money works? If you’re reading this article you’re probably a bit ahead of your peers, but the answer for most people is most likely, “It’s been a long time.”
Whether we like it or not, money is involved in so much of what we do. It dictates where we live, where we go to school, even where we get our food. Mastering your money management will affect your entire life.
Sometimes I think about knowledge as a concept. I think it’s pretty crazy that we can have someone tell us something and all of a sudden we know it! Think about that for a second. Because of language, we are able to learn. The wall between ignorance and knowledge is so thin, we just have to climb it.
If you haven't already, make a habit out of your learning. It doesn't have to be hard. Listen to a podcast on your way to work or while you work out. Read a book for 30 minutes before going to bed. Subscribe to the Millennial Economics Weekly Newsletter ;) There are so many free or inexpensive ways to increase your knowledge base, and I promise once you do you will reap the benefits.
Here are some podcasts I recommend:
The Dave Ramsey Show
How To Money
The Millennial Economics Podcast
***Any Podcast Interviewing Someone Successful That Talks About How They Achieved What They Achieved***
Here are some YouTube channels I recommend:
Cash College
Ryan Scribner
Graham Stephen
The Dave Ramsey Show
The Money Guy Show
Here are some books I recommend:
Rich Dad Poor Dad by Robert Kiyosaki
Unshakeable by Tony Robbins
The Total Money Makeover by Dave Ramsey
Extreme Ownership by Jocko Willink and Leif Babin
The 7 Habits of Highly Effective People by Stephen R. Covey
These lists are not extensive, but they will be a good start for you in your learning journey.
I hope you pursue knowledge for the rest of your life, and while it does no good to make money your world, I hope you learn to use money to make a better one for yourself and those around you.
Talk soon,