High school and college seniors are graduating from school. One course usually not taught in school is how to manage money. As these new graduates move forward with their lives, managing money can and often involves the school of hard knocks.
Beyond simple savings and checking accounts, how to properly use credit cards; how to invest wisely in stocks, bonds, mutual funds, and more; how to shop and obtain proper insurance policies like auto, rent, home and life; how to buy a home and shop for a mortgage; and so much more, are challenging. Con artists, greedy lenders, on-line phishing, scams, and other bad actor tactics often prey on those with limited financial knowledge.
Do you take out student loans or work double shifts to pay your own way? And think about where you want to be at 70? Do you want or need to save for kids college, or leave assets to family? While working hard, moving forward and enjoying life with plenty of money, consider you will age, and plan for that.
Yet there are easy and even fun ways to learn about how to manage money. Here are some recommendations by financial experts with higher education backgrounds and credentials.
If you find podcasts worthwhile, there is a wealth of options (pun intended). “Stacking Benjamins” is one key choice. Certified financial planner Josh Bannerman and former financial advisor Joe Saul-Sehy offer podcasts on a variety of topics with the help of regular contributors and a diversity of subject matter expert guests. Another podcast option is the Nerdwallet’s Smart Money Podcast including how to manage student debt.
If you are visual learner, be careful about what is widely offered on platforms like YouTube and Tik-Tok. Many of these creators often lack financial education credentials and pretend to make vast sums of money. But all is not lost. For instance on Instagram, a fun presenter is financial educator Berna Anat whose stated goal is to make ‘financial literacy more funny, more accessible and more Brown for young people everywhere.” You can find ‘Hey Berna’ on Instagram. Another choice on-line and also found on Instagram is “Clever Girl Finance”, presented by certified financial education instructor Bola Sukunbi and Certified Financial Planner (CFP) Brittney Castro.
If you prefer financial assistance from books, here are several recommended reads.
- Three books by financial journalist Erin Lowry – “Broke Millennial”, “Broke Millennial Takes On Investing”, and “Broke Millennial Talks Money.”
- “Stacked: Your Super-Serious Guide to Modern Money Management” by Stacking Benjamins host Saul-Sehy and co-author Emily Guy Birken.
- “Bad With Money: The Imperfect Art of Getting Your Financial Act Together” by comedian Gaby Dunn.
Not only will these financial resources and others help new graduates as they move forward with their lives, but can also benefit anyone young or old. Having more financial literacy can support everyone and help deter those who wish to take financial advantage of people.