Money Skills to learn that will help you on your money journey
Your money journey is a unique and interesting one. A journey that will take you from earning nothing to earning something and one day, to retire. However, how do you navigate such a journey?
You need to be confident in your own abilities to manage and delegate to professionals that are needed. You will need to learn skills to help you along the way. Here are four money skills that will help you along the way:
4 skills to help you on your money journey
Learn to read fund fact sheets
Fund fact sheets are the information statements provided by the asset managers of their funds. These are freely available on their websites and are updated periodically as per regulations. Now even if you are not managing your own investments, it is beneficial to learn how to read these statements so you can understand where your money is and have more in-depth conversations about your goals and plan with your advisor.
Learn to read a Bank Statement
A bank statement can look complicated. I sometimes think banks do this on purpose. But being able to read and understand these statements will help you in tracking your money and thus managing it. This is one of the great money skills to master.
Read!
Reading is a great way to learn new skills from others. Whether from a blog or from books. Read often to allow yourself to learn and grow. Two books I recommend are Ramit Sethi’s “I will teach you to be rich” and Robert Kiyosaki’s “Rich Dad, Poor Dad”. Both of these books offer different ideas and perspectives on money.
Make yourself earn things
We all know that we appreciate the things we earn. So do that to yourself. If you meet your savings goal, buy yourself a slab of Lindt chocolate or something you enjoy. If you want to buy a car set yourself a savings goal to reach before you can consider it. This will help you appreciate things more and avoid irrational purchases.
All our moeny journey’s will be different. But by learning some of these skills, you will make your life easier and be able to make more descions.
Stay Safe and keep growing