Personal Finance and How to Teach It

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Personal Finance and How to Teach It

Research shows that most Americans have problems with their finances, from dissatisfaction with their salaries to an inability to manage money, save, and invest. It leads to living paycheck to paycheck and being unable to meet even their most basic needs and those of their family.
Because of it, there is a critical problem with teaching personal finance in society since, unfortunately, it is not taught in school.

What is Personal Finance?

As you understand it, personal finance refers to all your income and other financial instruments that have economic value and can be considered assets. We discuss cash and non-cash items, investments, stocks, or equity stakes in legal entities.

The fundamental concepts for personal finance are income and expenses. Understanding these categories is directly relevant to managing and accounting for individual funds.

Almost everyone will have no problem listing their sources of earnings and monthly amount in a paystub. Still, only a few people can make a complete list of their monthly expenses.
It shows an inability to save money and increase revenue.

In addition, too few people understand the value of investments and invest wisely, making a profit.

The mass of this phenomenon can cause an increase in poverty because a low financial literacy directly affects the stability and security of the state’s economic system.
Suppose you are one of those who managed to learn how to handle your finances successfully. In that case, your natural task is to share your knowledge with others.

What is the Importance of Financial Literacy?

Financial literacy will allow you to not depend on external circumstances, other people, on the systems of government. An educated person can choose his path in life which will be the most attractive to him. Even having lost everything and fallen to the very bottom, such a person can rise and build everything anew without problems.

Low financial literacy and lack of understanding of personal finance processes can guide you not only to your bankruptcy but also to improper retirement planning, vulnerability to financial fraud, excessive and unsustainable debt, and social problems, including, for example, depression and other personal problems.

Who is an Influencer? And How do You Become One?

So how can you make an impact on other people’s financial literacy? To do so, you must be known as a successful and financially educated person who can share your knowledge. Such people with a vast and loyal audience are called influencers. Today, with the development of digital technology, the easiest way to create such an audience is through a blog on a social network or a YouTube channel.

Driving and ambitious people realize that by sharing their knowledge of finance with others, they can make good money.

You can monetize your YouTube channel. You also can sell digital products you create (as an e-book or as an entire video course) through the social network. There is an opportunity to conduct financial coaching, online conferences, and webinars.

The availability of social networks and information on them allows young people to identify influential financial experts close to their hearts and receive news quickly and in the necessary volume.

How do You Teach Others to Use and Manage Their Finances?

So, suppose you feel you have the power and knowledge to influence the overall level of financial literacy of a significant portion of society. In that case, you have every chance of becoming an influencer.

What does it take?

Identify Your Audience

Teaching finance is not as easy a task as it may seem at first glance. And one of the problems you need to solve at the very beginning is to find your audience. After all, what is the value of your lessons if you have no one to teach? Think about who you want to help and who will be most likely to seek your help. For example, suppose you are an established man in his 40s preparing for retirement. Your audience also consists of people around your age who are also interested in their financial security in retirement.

However, the most involved social media users for financial information are young people in their 20s interested in savings and investing. Think about what valuable experiences you can offer them by remembering the struggles you faced at their age and how you overcame them.

In addition to building an audience on social media, seek them out via email. It is one of the best online marketing methods available to you.

Spread the word about yourself, your products, and your services, and automate sending, receiving, and responding to emails. Use only the best autoresponder to guarantee the long-term growth of your project.

Turn to professionals to make your emails effective and increase sales of your products further.

Create a Reputation

No one will participate in a webinar or buy an email product from someone with questionable expertise. Build your credibility, authority, and trust in the eyes of your audience and create a strong brand. Do not forget about constant investment in your financial education to improve your professionalism and become an expert.

Don’t be afraid to make yourself known. Give commentary on current events in the nation’s financial sector at the earliest opportunity. Argue and take responsibility for your words.

Fill Your Audience with Content

Your online presence should be constant and ongoing. The content with which you fill your social network account or YouTube channel should be informative, voluminous, and answer all the questions people are interested in. Of course, it will take time, effort, and investment. But your actions will more than pay off as soon as you can benefit others and get paid for it.

Use your time to write social media posts, create videos for your channel, write small free products, create online courses, or even hold face-to-face meetings with subscribers.

Always be online and fill the information space with yourself. It is the only way you will get universal recognition for your expertise.

The amount of gain you can generate depends on the size of your audience and the price and value of the products you offer for sale. But don’t even doubt you will get your income by increasing the population’s financial literacy because this issue is too pressing. Who are we talking about? You already know it.

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