SHE LOST $200,000.00! HOW TO PROTECT YOUR WEALTH, BOOST YOUR FINANCIAL LITERACY, AND HAVE FUN ALONG THE WAY!
Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
A Guide to Growing Wealth, Boosting Financial Literacy, and Having Some Fun!
WHY TODAY’S TOPIC
An acquittance of my wife recently made several financial errors costing her over $200,000.00.
I identified three root causes:
- She did business with an unethical company.
- She has little financial literacy.
- She did not call her friends, with better financial competency, for advice.
Let’s Get Started Improving Your Financial Literacy
Games that help you learn about budgeting, saving, investing, and more:
- “Personal Capital’s Retirement Planner” – A free online game that simulates the experience of saving for retirement and managing a portfolio of investments.
- “The Game of Life” – A classic board game that simulates life events, such as getting a job, buying a house, and starting a family.
- “Monopoly” – A popular board game that teaches players about money management, negotiation, and investing in real estate.
- “Payback” – An online game that simulates the experience of paying off debt and building wealth.
- “Mint.com’s Budget Challenge” – An online game that challenges players to make a budget and stick to it to achieve their financial goals.
- “Investopedia Simulator” – A virtual trading platform that allows players to test their investment strategies and learn about different types of securities.
- “The Finance Game” – A free online game that teaches players about budgeting, saving, and investing in a fun and interactive way.
- “Stock Market Game” – A free online game that simulates the experience of buying and selling stocks in a virtual stock market.
Maximize Your Financial Potential: A Guide to Wealth Building and Financial Literacy By Reading and Television
Books To Build Your Financial Literacy
Here are some of the best well-written and engaging finance books that will improve your financial literacy:
BOOKS I READ AND RECOMMEND – {TRY YOUR LOCAL LIBRARY}
- “Rich Dad Poor Dad” by Robert Kiyosaki is a motivational book that teaches the difference between financial and traditional education.
- “The Millionaire Next Door” by Thomas J. Stanley and William D. Danko: A study of the habits and characteristics of wealthy individuals in the United States.
- “The Snowball: Warren Buffett and the Business of Life” by Alice Schroeder: Here is the book recounting the life and times of one of the most respected men in the world, Warren Buffett.
- “Beating the Street” by Peter Lynch: Legendary money manager Peter Lynch explains his strategies for investing and offers advice on how to pick stocks and mutual funds to assemble a successful investment portfolio.
- “One Up on Wallstreet” by Peter Lynch: America’s most successful money manager tells how average investors can beat the pros by using what they know. According to Lynch, investment opportunities are everywhere. We encounter products and services from the supermarket to the workplace all day. By paying attention to the best ones, we can find companies in which to invest before professional analysts discover them.
OTHER RECOMMENDED BOOKS {TRY YOUR LOCAL LIBRARY}
- “The Total Money Makeover“ by Dave Ramsey – A step-by-step guide to budgeting, paying off debt, and building wealth.
- “The Simple Path to Wealth” by JL Collins – A comprehensive guide to financial independence, including advice on investing, saving, and living below your means.
- “Your Money or Your Life” by Vicki Robin and Joe Dominguez – A comprehensive program for managing your finances and achieving financial independence.
- “The Bogleheads’ Guide to Investing” by Taylor Larimore, Mel Lindauer, and Michael LeBoeuf – A beginner-friendly guide to investing, including advice on portfolio building and market analysis.
- “The Intelligent Investor” by Benjamin Graham – A classic book on value investing that has influenced generations of investors. {I read this book and recommend}
- “The Psychology of Money” by Morgan Housel – An examination of the emotional and psychological factors that influence our financial decision-making.
Money Matters: How to Grow Wealth, Boost Financial Literacy, and Have Fun All at the Same Time
Watch Money-Related Movies and TV Shows
Fun TV shows that focus on personal finance and money management:
- “Making Money with Charles Payne” The show provides viewers with up-to-date information on the stock market and helps people make informed investment decisions. Charles Payne, a seasoned financial analyst, shares his expert insights and analysis on the latest market trends and economic news. The show is designed to educate and empower viewers and to help them take control of their financial future. Bloomberg Business Channel
- “Suze Orman’s The Money Class” (TV Show) – A personal finance program hosted by financial expert Suze Orman.
- “Mad Money with Jim Cramer” – Jim Cramer offers stock market advice and provides insight into the inner workings of the financial world.
ONE MORE THING
Incorporating fun activities into your financial literacy journey can help you stay engaged and motivated. By making the learning process enjoyable, you’ll be more likely to stick with it and see positive results.
- YouTube Financial Post
- Financial Blogs, Instagram Post, etc.
- Financial Simulations – Allow you to experience the ups and downs of managing a portfolio, running a business, or investing in real estate.
- Attend Budgeting Workshop – Participating in a budgeting workshop can be a fun and interactive way to learn about money. Many workshops offer hands-on activities and games to help you understand budgeting and saving.
- Create a Budgeting Challenge – Challenge yourself or a group of friends to see who can save the most money in a given period. This can be a fun and competitive way to learn about budgeting and saving.
CONCLUSION – Financial Success Made Easy: A Guide to Growing Wealth and Enhancing Financial Literacy Through Enjoyable Activities
Incorporating fun activities into your financial literacy journey can help you stay engaged and motivated. By making the learning process enjoyable, you’ll be more likely to stick with it and see positive results.
Today’s blog and others found below will teach you about stocks, ETFs, savings accounts, and even some investment strategies that sound like a superhero named them. With the above resources, you will speak Wall Street’s language.
And if crunching numbers and reading financial reports makes you sweat, the above resources will assist you in mastering this competency!
GAINING FINANCIAL LITERACY IS NOT ROCKET SCIENCE!
The paths to financial freedom are UNLIMITED. CHOOSE YOUR OWN!
LET’S MAKE SOME MONEY – CRYPTOCURRENCY, ANYONE?
WHAT SUBJECTS DO YOU WANT TO READ NEXT? WHAT QUESTIONS CAN I ANSWER? UNTIL NEXT TIME!
YOUR GREATNESS IS NOT WHAT YOU HAVE; IT’S WHAT YOU GIVE! – SOME CHARITIES I SUPPORT
St Jude Hospital: https://www.stjude.org/
Wounded Warrior Project: https://www.woundedwarriorproject.org
Folds of Honor: https://foldsofhonor.org
Wilson’s No-Kill Animal Shelter: https://wcnkas.org
TRUST ME – YOU WILL LIKE THE BELOW BLOGS!
NEW SERIES – CRITICAL THINKING – BY DR. JAMES LEEMANN
USING CRITICAL THINKING IN PURSUIT OF POST-HIGH SCHOOL EDUCATION – CRITICAL THINKING SERIES – PART 2
CRITICAL THINKING – TOP TEN IN-DEMAND SKILLS FOR MANY EMPLOYERS! – CRITICAL THINKING PART 3: WHAT ARE THE UNIVERSAL STANDARDS OF THINKING?
CRITICAL THINKING SERIES PART 4: – A SELF ASSESSMENT OF YOUR LEVEL OF THINKING AND LEARNING
THINKING IS DRIVEN BY QUESTIONS, NOT ANSWERS – PART 5 CRITICAL THINKING SERIES: WHAT QUESTIONS DO THE BEST CRITICAL THINKERS ASK?
WHAT {DO YOU, AS A} CRITICAL THINKER, DO TO LEARN? – PART 6A – CRITICAL THINKING SERIES
WHAT DO YOU AS A CRITICAL THINKER DO TO LEARN – PART 6B – CRITICAL THINKING SERIES
WHAT HABITS DO CRITICAL THINKERS USE WHEN READING AND WRITING? PART 7A – CRITICAL THINKING SERIES
PART 7B: SUBSTANTIVE WRITING: WHAT HABITS DO CRITICAL THINKERS USE WHEN READING AND WRITING? – CRITICAL THINKING SERIES
WHAT DOES IT MEAN TO BE A FAIR-MINDED CRITICAL THINKER? – PART 8: CRITICAL THINKING SERIES
WHAT DOES IT TAKE TO DEAL WITH YOUR IRRATIONAL MIND? – CRITICAL THINKING SERIES – PART NINE (9)
The Oracle of Omaha’s Investment Strategy Explained
Bill Gates Says This Is the Most Important Thing He’s Learned from Warren Buffett. (Hint: It Has Nothing to Do with Money) Two billionaires are linked by one common denominator.
WARREN BUFFETT’S NET WORTH IS DRIVEN BY THESE IRONCLAD TEN RULES
Warren Buffett Says This 1 Simple Habit Separates Successful People From Everyone Else http://flip.it/_AzPx9
WARREN BUFFETT UTILIZED COMPOUND INTEREST TO BECOME THE 3RD RICHEST MAN ON THE PLANET!
WARREN BUFFETT UTILIZED COMPOUND INTEREST TO BECOME THE 3RD RICHEST MAN ON THE PLANET!
WANT TO LEARN HOW TO BECOME WEALTHY – READ “THE MILLIONAIRE NEXT DOOR”
THE ONE BOOK YOU SHOULD READ…….
COMPOUND INTEREST IS THE EASIEST WAY TO DOUBLE OR TRIPLE YOUR MONEY
COMPOUND INTEREST IS THE EASIEST WAY TO DOUBLE OR TRIPLE YOUR MONEY
INVESTING IN STOCKS IS COLOR BLIND – WHAT IS STOPPING YOU?
INVESTING IN STOCKS IS COLOR BLIND – WHAT IS STOPPING YOU?
FINANCIAL LITERACY IS JUST NOT THAT COMPLICATED – TRUST ME!
https://wealthbuildingpowers.com/2019/04/01/financial-literacy-is-just-not-that-complicated-trust-me/
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an NC. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
