Financial Literacy

[AmandaPanda]

I am looking for podcast recommendations to get me started on more practical pursuits, specifically regarding money.

 I really need to start nailing down the practical aspects of maintaining my lifestyle.

 

I come from poverty and don’t have the instincts of those that were born into money and affluence or the unempathetic, inauthentic, and power hungry attitude those without the upbringing seem to need to get ahead in this capitalist hellscape that is the USA at the moment.

 

I know I can’t learn it all from one source, but I think podcasts will be a great start.

 

Thanks 

[Devin]

I don't know any specific ones but focus on the basics, what saving can do, certificates of deposit, bonds, interest rates, credit cards, car loans, renting, mortgages, grants, aid, free resources, federal and state student aid,... 

You do have the benefit of knowing how little you can live on though, that can help with saving. After that, focus on free education, mortgage, then after that; investing and tax deferred savings.

Edited January 12 by Devin

[SaWaSaurus]

Start tracking your spending if you aren't already. Assuming you keep your money in the bank, your online banking app should have tools for this. Otherwise there are tools outside your banking app that can assist you with keeping track and organizing your spending. Look at areas you can save. Some examples...

• Learn to cook for yourself. This includes learn to shop for food, which is majorly underestimated when it comes to savings. Figure out which stores have your desired balance of price, quality, and selection. This is going to be dependent on what's available in your area.
• Use a credit card, but avoid debt at all costs. We live in a debtor economy - most people can't afford their monthly expenses so we use credit (borrowing money, typically from a bank). With credit cards, you're loaned however much you want to spend per month within the limits of your card. At the end of that month, you pay off your credit card bill. If you can't pay it off, you can pay it back later, but with interest. It should be obvious then - always pay off your credit card bills if you can afford to. Owning a credit card has other benefits too - rewards programs like flyer miles, and credit score. Your credit score is your profile as a debtor. If you are often late on payments, are a victim of identity theft, or have filed for bankruptcy, this can harm your credit score. A bad credit score can make it difficult to secure loans for major purchases like homes and cars. It can also make it harder to find an apartment. Debt is sometimes necessary for big purchases, but otherwise avoid it.
• Research your purchases, don't make frivolous purchases. Our culture is one of mass consumption. People buy way too much shit they don't need with money they don't have. Ask yourself how much, realistically, am I going to benefit from buying this thing. How much will I actually need or use it? Buying things can be fun but it's a cheap thrill. Break this habit if you have it.
• Shop around for insurance and other large purchases. Personal antidote - last year I re-shopped my insurance and found I qualified for a low-mileage car insurance program offered in my state. That cut my insurance from ~$1200/year to ~$550/year, quite a difference.

Plan for the future. Aim for stability first, but once you're stable you should ask yourself what kind of life you want to live financially, and how does that dovetail with the kind of life you want to live inter-personally and spiritually. If you're at a stable point in life but want to earn more then you need a plan. Typically that's going to look like some sort of learned skill/degree that gets you into a field with higher pay. You could also find a company that has potential for vertical movement up the corporate ladder. Good luck.

[Jacko]

Leo has a video called ‘How to manage your money using a budget’ - I found it pretty helpful

[Boris97921234]

follow tony robbins.

[Thought Art]

https://youtube.com/@CalebHammer?si=njrGv85pswWGD6NY

[Nilsi]

You're putting the cart before the horse.

1. Figure out how to make money in the first place
2. Pay someone for financial consulting 
3. Profit

Steps 2 and 3 aren't even necessary, if you make enough money. Once you cross a certain threshold of income, your spending habits will be almost negligible on your overall wealth (unless you are really into luxury, in which case you will be fucked anyways lol).  

If you don't have a reliable and high enough income of money, no amount of saving and financial literacy will save you from slavery. That's just the brutal reality of economics. Anyone telling you different is either deluded, or trying to sell you some financial product/service.

By design most people will not be able to pull themselves out of financial slavery, but focusing on increasing your monthly income is the only way to even have a chance (you will intuitively understand this, if you've ever played a game of Monopoly).

In fact, I urge you to invest in and play a few rounds of the game -- this will teach you everything you need to now right now about finances: https://apps.apple.com/us/app/monopoly/id1477966166

Edited January 12 by Nilsi

[MarkKol]

1 hour ago, Nilsi said:

You're putting the cart before the horse.

1. Figure out how to make money in the first place
2. Pay someone for financial consulting 
3. Profit

Steps 2 and 3 aren't even necessary, if you make enough money. Once you cross a certain threshold of income, your spending habits will be almost negligible on your overall wealth (unless you are really into luxury, in which case you will be fucked anyways lol).  

If you don't have a reliable and high enough income of money, no amount of saving and financial literacy will save you from slavery. That's just the brutal reality of economics. Anyone telling you different is either deluded, or trying to sell you some financial product/service.

By design most people will not be able to pull themselves out of financial slavery, but focusing on increasing your monthly income is the only way to even have a chance (you will intuitively understand this, if you've ever played a game of Monopoly).

In fact, I urge you to invest in and play a few rounds of the game -- this will teach you everything you need to now right now about finances: https://apps.apple.com/us/app/monopoly/id1477966166

☝️👏👏👏

[Thought Art]

@AmandaPanda Simply search Podcasts on personal finance and try a few. 
 

Developing your financial psychology is very important. 
 

[Abe27]

I really like a more academic approach to money, since there is so much "get rich quick" stuff out there.

Benjamin felix and the rational reminder podcast is spesifically about Financial Literacy, investing, managing money, and also some softer episodes about the psychological effects of money.

For a perhaps more day to day view, dave ramsay is often recommended. His advice is often fine, nothing speciel.

Personal finance to a high degree mimics the same challenges that weight loss or gain has. It is about indput and expendature, if it's about income/calories in, or expendature/calories used. You have to make it such that the personal situation works for you. As you feel most comfortable, to find this you can always take up pre tested models of ideas, or get inspiration from people who have more insight than you about the craft. 

Hope you find it helpfull.

[Yimpa]

16 minutes ago, Thought Art said:

Developing your financial psychology is very important. 

Nice! I’m starting a financial literacy course in person soon. Super excited to get my financial shit together, finally.

Edited January 12 by Yimpa

[Phil King]

For complete beginner advice, go with Dave Ramsey. Then read "Money: Master the Game" by Tony Robbins

[soos_mite_ah]

I have been following this channel for years and I think you'll like it

The Finanacial Diet talks about money in a way that is relavent to cultural trends and the current economy. They also have more of a socialist leaning and I find their critique on the way things are right now  and how to respond much more empathetic, nuanced, and well rounded than the ultra liberatarian approach sToP sPENdiNG mOnEY oN avoCADo toAST type financial gurus that are out there. 

I feel like they did a lot in terms of helping me get to having healtheir spending habits as well as a better mindset around money that helps me critically evaluate things before jumping on them. 

[Ash55]

https://www.youtube.com/@Abundantiaco

sorelle  has an amazing channel that talks about money
edit: i mean by money is Finance and economy
a book called the richest man in Babylon is extremely good when it comes to finance and money
think and grow rich is a good book on success, i can recommend like 10 books or 50 if you are into books and you can have audiobooks they are better than podcasts but

here is some podcast that i really like they talk about success


edit: you need to hear many successful people not just one podcast, and reading books or listening to audiobook will get you much more values than podcasts i tried both

success can be obtain the conscious way but  its much harder requires much more work, you need much more reading and research, but its doable, how ever not every resource you will learn from gonna be super conscious so you have to bascilly hit it from many perspective

and the hell scape of the US is a billion time better than syria where i came from lol its unfathomably bad

also edit: success is much more important than money what you really need to focus on is not just Finance, you need to build better relationship with money and your own country because your country believe it or not offers you the full capacity to make insane amount of money, and building a character and discipline (Jocko Willink pod cast focuses a lot on that) and you need to build specialized skills over like 5-10 years so you need mastery research how to build a mastery in your career

all aspects of life is interconnected so that is why i recommend multiple things that is very important if you wanna achieve financial freedom

Stephen focuses on finance a lot with his channels btw too
https://www.youtube.com/@TheIcedCoffeeHour
 

 

well this is an interview but yeah
 

teal swan has a really cool takes on productivity money and success i listened to many interview with her
 

didn't find the exact podcast of bucky but she talks a lot about success she is similar to me had to live in many of her sibling in one room

ash throp also inspired me a lot about success, this is not the one that talks a lot about success and career but its cool

this also an amazing interview about how frank had success with dune

 

Edited January 13 by Ash55

[SeaMonster]

On 1/11/2024 at 5:05 PM, AmandaPanda said:

I come from poverty and don’t have the instincts of those that were born into money and affluence or the unempathetic, inauthentic, and power hungry attitude those without the upbringing seem to need to get ahead in this capitalist hellscape that is the USA at the moment.

What exactly is your actual problem with how you handle money?  Do you spend too freely, do you lend people money, do you not make enough money?  Do you feel that in order to earn serious money you'd have to do things you wouldn't enjoy? 

Just coming from poverty doesn't tell me anything.  Different people coming from poverty handle things differently.  Some are miserly no matter how rich they get, and some bling out when start earning serious money.  It's going to depend on your particular personality and issues around money.

Ultimately, it's about your personal psychology more than anything.

[koops]

On 12/1/2024 at 3:29 PM, Nilsi said:

You're putting the cart before the horse.

1. Figure out how to make money in the first place
2. Pay someone for financial consulting 
3. Profit

Steps 2 and 3 aren't even necessary, if you make enough money. Once you cross a certain threshold of income, your spending habits will be almost negligible on your overall wealth (unless you are really into luxury, in which case you will be fucked anyways lol).  

If you don't have a reliable and high enough income of money, no amount of saving and financial literacy will save you from slavery. That's just the brutal reality of economics. Anyone telling you different is either deluded, or trying to sell you some financial product/service.

By design most people will not be able to pull themselves out of financial slavery, but focusing on increasing your monthly income is the only way to even have a chance (you will intuitively understand this, if you've ever played a game of Monopoly).

In fact, I urge you to invest in and play a few rounds of the game -- this will teach you everything you need to now right now about finances: https://apps.apple.com/us/app/monopoly/id1477966166

This.
Income is king.

You can have all the saving and investing strategies you want, but if you have low income, nothing matters.

On the other hand, if you have a high income, you don't need a lot of saving and investing strategies, just some long term vision and not being stupid.

Money is more a game of offense, not defense

[Thought Art]

Every dollar has a purpose 

[AmandaPanda]

@SeaMonster

On 1/13/2024 at 5:09 AM, SeaMonster said:

What exactly is your actual problem with how you handle money?  Do you spend too freely, do you lend people money, do you not make enough money?  Do you feel that in order to earn serious money you'd have to do things you wouldn't enjoy? 

Just coming from poverty doesn't tell me anything.  Different people coming from poverty handle things differently.  Some are miserly no matter how rich they get, and some bling out when start earning serious money.  It's going to depend on your particular personality and issues around money.

Ultimately, it's about your personal psychology more than anything.

See, this is where I’m at. I’ve worked a lot on my psychology and my relationship to wealth. Even did some manifestation and it came true even to an exact amount.

 

So now I feel very mature and continue in the path of enlightenment which in and of itself provides relief from mindless spending. But now I have a small sum of money I’m looking to invest in education and a place to live while I get my degree or certificate. And when I say small I’m talking less than 100,000.

 

I am working towards being addiction free but in the past my tendency was towards that so I suppose my fear of failure is a sneaky way I could sabotage my own growth in this area.

Im not interested in luxury and never have been but nature and the ability to travel and be secure in my life is important.

 

In any case although I responded only to this all of your advice and commentary has given me a lot to process in the coming months as I attempt to make my way from a complete wage slave to still one but enjoying life a little more.

 

This forum is so valuable because I have no real community outside of people that are lovely but have no interest in real spiritual growth or personal development and enlightenment experiences.

 

👁️ appreciate you.