The month of April is National Financial Literacy Month. The words "financial" or "finances" might make a few of you cringe, but having some working knowledge is beneficial. When working with a investment services firm, such as Dixon Financial Group, and having basic knowledge, you will be more likely to better understand the discussed topics and make informed decisions.
Below are a few helpful suggestions.
5 Tips to improve financial literacy and understanding
- Start with the basics: Before diving into complex financial topics, make sure you have a good understanding of the basics, such as budgeting, saving, and credit. Resources such as Investopedia and NerdWallet offer a wealth of information on personal finance topics for beginners.
- Read personal finance books: Many excellent books on personal finance and investing can help you better understand financial concepts. Some popular titles include "The Intelligent Investor" by Benjamin Graham, "Rich Dad Poor Dad" by Robert Kiyosaki, and "The Total Money Makeover" by Dave Ramsey.
- Attend financial education seminars or webinars: Many financial institutions and organizations offer free seminars or webinars covering various personal finance topics. These can be a great way to learn from experienced professionals and ask questions about specific economic issues you may be facing. *Dixon Financial Group offers webinars during the year; ask for an invite by emailing firstname.lastname@example.org.
- Use financial apps and tools: There are many financial apps and tools available that can help you manage your money and improve your financial literacy. Some popular options include Mint for budgeting and tracking expenses and Credit Karma for monitoring your credit score.
- Seek advice from a financial advisor: If you're struggling to understand complex financial topics or need help creating a comprehensive financial plan, consider seeking advice from a financial advisor. Look for a CERTIFIED FINANCIAL PLANNER™ professional who can help you navigate the world of personal finance and provide tailored advice based on your individual needs and goals. *David Dixon, CFP® and Jacob Bierstedt, CFP®, ChFC® are both CERTIFIED FINANCIAL PLANNER™ professionals and LPL Financial Advisors.
Having a basic knowledge of finances is good for everyone. You do not need to know everything; that is why we are here. Investment and retirement planning, tax planning, estate planning, social security questions, 401(k) plans, investing, and life insurance are all areas we excel, which gives us the ability to guide you toward a plan of action that will take you to retirement and beyond.
In honor of National Financial Literacy Month, make sure to share this information with family and friends; you will be doing them a favor.
David Dixon, CFP®
Jacob Bierstedt, CFP®, ChFC®