How To Increase Your Financial IQ

The only thing that interferes with my learning is my education” ~Albert Einstein

As the world progress new competition of living presents itself every day. Old ways of living are becoming obsolete and new ones are emerging.

Imagine this.. You born. Join the school to get a formal education which will cost minimum 20 years of your life. Moreover, if you decide to seek higher education that adds more 4 or 5 years. Then you find a job. Now considering todays jobs situation you get a job that barely pays your rent, your bills and your personal expenditure. Then you get married. Now you and your wife works hard to buy that new house so you begin to save your salary. Finally you buy your new house but now you just got more bills, insuarance and tax to pay. Moving forward, you are blessed with 2 beautiful children. Now there is one more crucial responsibility adds into your list so you start to live your life for your children. Their health, Their education, Their toys. These things starts costing you a big lump-sum of your income. Now your children eventually complete their educaion and walks the same path of life.

Now guess what? You just wasted around 30 years of your life building your career and after that you got married. And now you and your beautiful wife joined the rat race and probably your children will walk the same path after you.

What about your dreams? Your fantasies? What about that Lamborghini Aventador you dreamt of when you were a little child? Have you kissed under the Paris lights which was once your fantasy?

This is the main reason most people stay poor or mediocre. On contrast, the people who escapes this rat race becomes rich. Because schools just provide you formal education and not financial education. If you want to be financially free increasing your financial IQ is must. Follow thru the full post to learn how to increase your financial IQ.

What is financial IQ?

In simple words, financial IQ is the ability to obtain and manage one’s wealth by understanding how money works.

Following are some ways by which you can increase your Financial IQ

1 Reading

Readers are the leaders says Barack Obama. There are tons on books available in personal finance. To name few, Millionaire Fastlane, Rich Dad Poor Dad, Think and Grow Rich and so on. Read as many books as you can in personal finance to gain crucial knowledge about how money works. Some books also provide you practical tips which you can apply in your life. (To know which books you shoud read to improve your financial IQ, click here)

2 Watch Movies/TV shows

Not just any Movies/TV shows. Watch something that provide deep hindsight about businesses, startups, entrepreneurship and money. There are many movies/shows which will provide you crucial knowlege about money rather than some fantasy romance. You can watch Movies like Wolf of wall street, The founder, social network and so on.

3 Visit websites

We are living in the “Free information” age. Information has never been so free and easily accessible than it is now. Visit business websites like BusinessinsiderForbesCNBCmakeitBloomberg Businessand so on. And of course, you can visit our website also anytime you want to gain knowledge on latest topics in Business and Lifestyle.

4 Follow social media

Social media can be disturbing or useful. It’s upto you how you take it. Follow pages on social media giants like Facebook, Instagram, Twitter etc. Pages like CNBC makeit, Forbes, Millionaire mentor, Bloomberg business and also our website’s page reverrdotcom. You can also follow some iconic people and industry leaders like Elon Musk or Bill Gates.

5 Join Forums

There are tons of forum groups available on the internet. You just have to make some clicks with your finger and there they are.

Forums like EntrepreneurFixStartup NationWarrior Forum will provide the insider level knowledge in certain industries. You can also join some popular reddit goups about entrepreneurship and startups.

6 Listen to the podcasts

Podcasts are as good as reading books. If you don’t like reading you can always listen podcasts. There are many popular podcasts available that will provide you an exclusive industry insights. Podcasts are also a greater source of increasing your Financial IQ.

Podcasts like $100 MBA show, Masters of scale, Business wars, Planet money are the best. 

7 Read Newspapers daily

Make it your habit to read the newspapers on daily basis. Any newspaper will do. If you want to stay in the know about trendy topics and about your local level industry insights, newspapers are best choice. From technology to international politics and stock updates you’ll get everything at one place.

Share this with the people whom you want to know.

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