Financial literacy: Here's how you can add to your existing knowledge

You cannot become a financial guru by reading a single book or participating a 10-day conference. Like anything else in life, learning about finance takes time, determination and money. With everyone looking to plan their finances and accumulate wealth which will help them in leading a comfortable life, here are some tips which you can use to add to your knowledge.

Here’s a look at them:

Financial planning

Keep a record of your current net worth, assets, liabilities, future goals. Figure out what kind of habits, information, techniques you need to reach those particular goals. This will also help you in creating a budget.

Investment Planning

Every big investor in market has a short-term and a long-term plan. Start segregating your money in short term expenses you have to incur like (rent, electricity etc.) and long-term expenses you would have to bear in distant future like (retirement plans etc) and set-up your investment goals in accordance. Usually, people reserve low -risk investment for their short-term goals and moderate to high -risk investment for their long-term to spread out their risks.

Start or join an investment club

It is like a group of 10-15 likeminded people who want to learn about everything finance through investment. Gradually, you start learning from their experience and teach them what you know. This helps boost your financial literacy growth and instil a sense of community in you.

Read business newspapers and magazines

Start reading national, international and local financial newspapers and magazines. Learn to read between the lines too as financial institutes use many underhanded tactics to sell their products and services.

Take professional advice

There is no replacement for experience a professional would help improve your financial literacy by giving you right advice. They can also help you understand your financial needs and chart out a way forward to help you realize your goals.

Put Internet to good use

Use social media platforms like LinkedIn and Twitter to follow what top financial experts have to say and gain from their perspectives. There is vast amount of information available on financial planning and budgeting which you can use that to your advantage.

Keep updating yourself

Constantly revisit your financial goals and plans to stay abreast with the current market situation. Learn from your mistakes as well as that of people around you.