How to Be More Financially Literate - as part of the expert series by GeoBeats.
If you want to be more financially fit just commit yourself to being more focused on your finances for the next year. So, for example, you might want to take small steps and I really recommend you just take small steps. And subscribe to a Wall Street Journal subscribe to a magazine like Money or Kiplingers.
You google financial topics if you see one of these magazines or newspapers and find out more about it. Subscribe to an RSS feed for a financial blog online. Just small steps to try to become more educated on little tiny bits of financial topics will help. And you don't have to feel like you are overwhelmed by the process, you don't have to know it all once. Even if you were to learn one thing a month that is really going to help you.
Because, you know, most women were never educated about finances. They were not educated by their family, they did not learn a lot about it through the school system. So they are very fearful of the unknown, they just don''t know much about investments or financial topics. So anything that you can do to make yourself more aware, more educated is going to help you.
So another tip would be to pick one thing to focus on each month. So let's say for the first month you are just going to say 'I want to know more about the investments in my retirement plan at work', or 'the investments in my account at a broker mutual fund company'. Talk to your planning administrator, find out more about those funds.
Get a subscription to morningstar.com and research some of those funds. Just see you will learn more about what you have invested and you will know what funds and what asset costs you have invested in. That might be the first thing that you want to do.
Maybe next month you get your insurance billing and you say 'Gosh I never really spent much time thinking about this and reading my policy'. Pull your policy out and take the hour to review it and write down some questions. Call up your insurance agent, ask the questions.
You know you are not going to learn unless you ask questions and I always tell women 'There is no wrong question." There is no question that you need to be embarrassed about and that is why, you know, your insurance person is there.
So you might want to, like I said, next month look at your insurance policy and then ask some questions about that. The whole point is you are just being much more focused, much more aware, and not taking for granted all the little financial things in your life.