Financial Literacy: A #TomorrowTalk Recap
We were so thrilled by the turnout for our first ever #TomorrowTalk. In honor of Financial Literacy month, we encouraged Tomorrow community members to share their tips and advice on improving their financial literacy. Host Brynne from Femme Frugality did an incredible job at inspiring discussion — we thank her for her input and dedication to our efforts!
Below we share some of our favorite findings from our participants — to see all of the discussion, click here! #TomorrowTalk happens on the third Thursday of every month — we can't wait to see you May 24!
#TomorrowTalk stats: 26 participants, 34,500 reach
Q1. What is financial literacy?
A1: Knowing how to manage your money in daily life to meet your needs today and tomorrow. #TomorrowTalk— Amy~LifeZemplified (@LifeZemplified) April 27, 2018
A1: I think financial literacy is not only knowing the basics of saving/budgeting/etc but also KNOWING how important it is and therefore making changes in your finances. In my paycheck-to-paycheck days in theory I knew I should be saving, but I still wasn't doing it #tomorrowtalk— Erin | Reaching for FI (@reachingforfi) April 27, 2018
A1: Financial literacy is having the knowledge to make smart financial moves to pursue your goals while also protecting yourself from financial predators #tomorrowtalk— Chelsea Brennan (@MamaFishSaves) April 27, 2018
A1: Great question! I think it's being informed about the basics of finance - saving, budgeting, investing, etc. #tomorrowtalk— Melissa (@sunburntsaver) April 27, 2018
Q2. Why is financial literacy important?
A2. So many people are working way too hard for their money b/c w/o financial literacy they don't know how to make their money work for them. #TomorrowTalk— Chris Mamula (@caniretire_yet) April 27, 2018
A2: You will just be spinning your wheels if you do not know how to make the most of your money #TomorrowTalk— MyJourneyAlongtheWay (@MyJourneyLori) April 27, 2018
Q3: What steps have you taken to improve your financial understanding in the past year?
A3: I maintain a strong relationship with my financial planner with whom I used to work for. I learned so much from his small family owned firm. Every quarter when we meet I learned something new.— Raul Rovira ❄️ (@RaulARovira) April 27, 2018
I also read books📚 and articles on the subject.#TomorrowTalk
Q3: too many to list but in the last 24 months we have gone from 120k in debt from IVF to a positive 6 figure net worth.. we are a nurse and a firefighter. All about living intentionally #tomorrowtalk— LivingLifeLovingUs (@LivnLifeLovnUs) April 27, 2018
A3. I've been trying to interact with smart PF people online (Twitter, FB groups, etc) and IRL (Started a mastermind). We're avg of 5 people we spend the most time with, so wise to get with smarter people! #TomorrowTalk https://t.co/o7YG8OAbEk— Chris Mamula (@caniretire_yet) April 27, 2018
Q4. What are 3 common barriers people face when becoming more financially literate?
A4: I think the top one is complacency - they don't feel the need to learn or do anything different #tomorrowtalk— Harmony Smith (@CMK_Harmony) April 27, 2018
A4: Not knowing what they don't know, the fact that no one really talks openly about finances, and shame/embarrassment of past mistakes.— Erin | Reaching for FI (@reachingforfi) April 27, 2018
Then there are also the systemic barriers even for people who are financially literate, but that's a whole different topic! #TomorrowTalk
Q4: Lack of a good role model, no trust in advisors, and procrastination. #TomorrowTalk— Joshua C. Heckathorn (@JoshHeckathorn) April 27, 2018
Q5. What are 3 quick wins that people can complete to increase their financial understanding?
1) Make a connection with someone who is financially savvy (start building that personal network!)— Brent Sutherland (@Ntellivest) April 27, 2018
2) Sign up for an automated budgeting service
3) Listen/subscribe to a finance podcast (start building that virtual network!)#TomorrowTalk
A5:— Done by Forty (@Done_by_Forty) April 27, 2018
Quick wins are tough, since it really depends on where you are when you start, but...
1. Try to pay off one debt.
2. Try a cash budget. Like, cash in a bunch of jars/cans, with a legal pad tracking it. It works.
3. Save up $1k for emergencies. It feels GREAT.#tomorrowtalk
A5 1. Make a budget and learn where your money is going.— GenTwenty.com (@gen_twenty) April 27, 2018
2. Pick up a FinLit book, listen to a podcast, or read a blog.
3. Write out your financial goals for the next 1, 3, and 5 years.#TomorrowTalk https://t.co/f9WH0WMxsD
A5:— Femme Frugality (@femmefrugality) April 27, 2018
1. Don't worry about solving all the problems at once. Hone in on one issue you're currently gabbing and tackle it.
2. Believe in yourself and skeptically understand there are ways to a better financial life. Be open to it.
3. Make learning a habit. #TomorrowTalk pic.twitter.com/pXQimQTnZY
Q6. What blogs, podcasts, or courses do you turn to for financial education?
A6:— Raul Rovira ❄️ (@RaulARovira) April 27, 2018
- ⚜Personal Management Merit Badge. It was in Boy Scouts that got me started.
- 📚Book recommendations from my financial planner.
- 🔍Investopedia is one place I go to check myself. #TomorrowTalk
A6: I follow so many amazing personal finance folks on Twitter who are always sharing great advice and ideas! #TomorrowTalk— Stephanie (@StephTheBlogger) April 27, 2018
A6: there are way too many amazing bloggers to name. My suggestion would be check out the @rockstarfinance directory and filter it down to your specific interests/needs #TomorrowTalk https://t.co/Z7l4mKOM3h— Sarah (@SmileandConquer) April 27, 2018
Q7. For lower or middle-class families, what tools are especially beneficial to financial literacy?
A7: Low-income: Believe that there are govt programs out there to help, particularly in the realm of higher ed, but also welfare etc. And tons of nonprofits. Cling to hope.— Femme Frugality (@femmefrugality) April 27, 2018
Middle-income: A lot of the personal finance blogs out there are geared towards you. #TomorrowTalk pic.twitter.com/WWZ5KtCVYg
A7: it's a lot harder b/c the playing field isn't even, and for the people who need help the most the info isn't always readily available for them. But tracking spending and knowing what's coming in vs coming out every month is also an important step #TomorrowTalk— Erin | Reaching for FI (@reachingforfi) April 27, 2018