Does Your Financial Education Got You Stripped Bare?

Does your financial education giving you an abundance of wealth or has it left you without a shirt on your back?  In a time when the economy is in a real slump and your finances are at their worst you may be asking yourself what should I do now?

Two words, Educate Yourself!

If you are suffering from financial mistakes wether it be foreclosure, bankruptcy, or even missing a couple of credit card bills there is really only two reason you got into that situation. 

1. You don’t know anything about personal finance or
2. You are surviving on false personal finance education.

So in this post I’m going to go through where I get my personal finance education from and where I don’t.  I will point out a few of my own mistakes.  You may have some personal mistakes you’ve made over the years as well because of a poor financial education so if would like to share them please do so in the comments section.

Where Most People Get There Financial Education From?

Besides going to school or college where do you learn personal finance from?  Before I got into financial services I didn’t know anything about money.  I saved all my retirement money in a Cd at the bank,  before I bought my first house I didn’t know anything about mortgages, and I didn’t know anything about investments. 

You could say I didn’t have much of a financial education.  So where did I get my financial education from?  I got my financial education from two places like most people do.

1. From My Peers.  I got advice from people at work, my friends, and or course my parents.  I got everything from sour tips to a forced depressionary thinking.  However we tend to take this advice seriously because it comes from people we know and trust so if must be true, right?
2. The News.  The thing about the media is that although they do tell the truth they always seem to give you the negative side of the story.  Again we tend to take this advice seriously because of where it came from.  You can read more about it in this article.

Though for most people this is there only real form of education.  It was mine up until just over five years ago.  If this is were you get your education from and your personal financial situation is in shambles this may be why.

How To Identify Good Sources Of Information

Just getting your financial education from the right places can make all the difference from either going deep into debt or having cash to burn.  In order to decide where the right places to learn more about personal finance you need look at the source first and ask yourself these questions.

• Who or Where are you getting this information from? 
• Is this person a creditable source? 
• What does this person know about personal finance?

If the source is your Uncle Eddie who just went through foreclosure and told you that the bank was the best place to save all your money would you take him seriously? 

I hope not.

Where I Get My Financial Education From?

So if getting your financial education from Uncle Eddie isn’t a good place what is?  Well here a few of my favorite places.

• Good Books.  Books have a wealth of information you can learn.  In fact the great thing about books are that you can learn from other peoples mistakes and avoid them all together.
• Financial Advisor.  Your financial advisor has a ton of knowledge on the subject.  So when you have a financial question don’t hesitate to ask.  If you don’t have a financial advisor read this article.
• Blogs And The Internet.  I’ve learned a lot of stuff from different places around the net.  From blogs to financial websites to forums.  However be careful where you are getting your information from.  Make sure you research your sources.  Here are a few blogs I recommend and don’t forget to sign up for my RSS as well for great infromation.

Where Do You Get Your Financial Education From?

If there is one thing I can pass along about gaining a better financial education  is to learn one new thing about  your personal finances everyday.  It may not sound like much but over time it can really add up. 

Finally, where do you get your financial education from?  Is it your Uncle Eddie or is it some place else?  Leave me a comment and let me know.