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How Does Financial Education Pay Off?

While many people spend decades (and a lot of money) getting an education, one area of learning that is oftentimes overlooked is expanding knowledge about financial concepts and how to manage money – both before and after retirement. But there are many ways that financial education can pay off.In fact, following even just one or two primary financial rules like staying out of debt, spending less than you earn, budgeting for your expenses, and/or investing in less risky assets can help to move you forward monetarily, and possibly to attain financial security sooner rather than later.The Benefits of Expanding Your Financial EducationExpanding your education on financial topics can pay off in many ways and not all of these benefits are directly related to money. For example, research has shown that those who are financially secure may also be happier and healthier.This is due in large part to reduced stress regarding the payment of living expenses, as well as the ability to focus on other areas of life, such as spending time with loved ones and participating in enjoyable activities.So, contrary to popular belief, financial security doesnt just refer to saving and investing or working to grow your portfolio. Rather, there many other parameters, too, that are essential for a successful financial future. These may include: Staying out of debt. Building an emergency fund. Planning ahead for inflation. Creating and sticking to – a budget. Not leaving loved ones with large financial obligations upon your passing. Not giving in to impulse purchases. Knowing when to file for Social Security retirement benefits. Having a plan in place for healthcare and possible long-term care costs. Protecting retirement income in any type of stock market environment. Ensuring that income continues for the remainder of your lifetime (as well as the lifetime of your spouse or partner, if applicable). Reviewing your financial plan regularly, and then implementing any changes that may be necessary.It is important to note, though, that even if a particular financial tool or strategy works well for someone else, it doesnt necessarily mean that it will be right for you. Therefore, it is essential to understand your specific financial goals and objectives first and then determine which investments and/or monetary tools can help you to get there.Do You Have Financial Investments or an Actual Financial Plan?Although many people have money set aside in savings and/or investments, it is important to ask yourself whether you have an unrelated array of investments or an actual financial plan that is geared towards helping you to reach your short- and longer-term objectives.Increasing your financial education can help with narrowing down these goals, along with determining which financial vehicles should (and should not) be used for accomplishing them. So, where should you start if youre wanting to expand your financial education?There are a number of good resources available to you. These include: The U.S. Financial Literacy and Education Commission (https://home.treasury/gov/system/files/136/US-National-Strategy-Financial-Literacy-2020.pdf) The United States Financial Literacy and Education Commission offers information regarding the role of financial education, as well as details on federal activities that are designed for promoting financial literacy. The Financial Industry Regulatory Authority (https://finra.org) The Financial Industry Regulatory Authority, or FINRA, provides information on equities and other related investment vehicles. This entity also offers information on licensed financial professionals, which can be helpful before you commit to working with an advisor. MyMoney (https://mymoney.gov) The MyMoney website is a great resource for kids to learn about money matters. It includes a myriad of articles and other content, as well as fun facts that make it easy for children to understand the concepts. Social Security Administration (SSA) (ssa.gov) The Social Security Administrations website has a wide range of information, including details on its retirement income, disability, ad survivors benefits. If you are eligible for Social Security retirement income benefits, you may also use the benefits calculator on the website to obtain an approximate dollar figure on your future income from this source.Interested in Expanding Your Financial Education?Are you interested in learning more about how money works, and how it can help you with attaining financial security? If so, we can help. We specialize in working with investors and retirees who want to increase their knowledge about financial-related issues and planning.

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