Working with a financial advisor for professional direction on how to manage your money is a smart decision. There are subtle nuances involved with investing and complex projection models involved in financial planning that most Americans lack the skill to understand or analyze themselves. However, there are hundreds of resources available to help you improve your individual financial literacy, and this can have a profound impact on your relationship with your financial advisor. What if you could better understand the thought process behind the recommendations he or she proposes?
Advisors are skilled in helping you articulate your life goals and encouraging you to think five, ten, or twenty years down the road. They can run those complex analyses of what your costs of living might be in retirement, and work backwards from there to prepare you for those expenses.
Then there are the many little every day decisions. What’s the best way to save for a big purchase? How do interest rates work? What kind of credit card should you get? What’s the difference between stocks and bonds and the right mix to have in different accounts? How much savings should you have in an emergency fund? How can you plan and keep a budget?
For self-improvement or simply studying up for your next meeting with your financial advisor, learning more about financial matters will pay off (no pun intended!) If you’ve got time to kill on a commute or just want to know what to ask the next time you’re with your advisor, check out these personal financial planning resources we have collected.
We all need personal development. Perhaps the most convenient vehicle is the podcast, with accessibility from anywhere. Press play while out on a run or riding in the back of an Uber. These are a few of our favorites.
This podcast, hosted by Bloomberg Opinion columnist Barry Ritholtz, is a masterclass in investing and behavioral finance. Barry brings on phenomenal guests including economists and portfolio managers, some of whom have shaped the theories and best practices that all investment managers follow today. This podcast can get very high level and covers advanced financial topics, but is one of the best resources I have found.
Do you hear things about “the markets” and wish you knew a little bit more about what was going on with our economy? That’s just what this podcast is for. From housing to Brexit and the general economy’s health, this podcast breaks it all down for you. Think of this as a 1500-foot perspective that can help you understand why your advisor recommends what they do. Enlightening, fun, and great insights.
This podcast is all about boosting financial literacy. What conversations do you need to have about money? Stacking Benjamins is an award winning podcast that will help you increase your personal finance knowledge and uses “the science of play to make finance more approachable, interesting, and fun.” It’s a magazine-style podcast, broken up into easily digestible segments you’ll enjoy.
Hosted by Farnoosh Torabi, we love this podcast’s real life take. Sometimes it’s great to simply hear that you’re not alone, right? She hosts top business minds and authors as guests on her show, and even takes money questions from listeners like you. This should be a staple listen on your quest for financial independence and freedom.
Personal Finance Websites/Blogs
Got questions about basic budgeting, investing, loans, and credit cards? Simple Dollar has loads of practical advice from what day-to-day items might save you money to meal planning for efficiency and saving on things like car insurance. “The Simple Dollar began as a community for people to learn and share real-life personal finance strategies…providing well-researched, useful content that empowers our readers to make smart financial decisions.”
If you’re a high-income earner, then you might be looking for more specific articles to relate to your situation. Physician on Fire is just that – and we love this retired-physician’s honest take. He says, “I want to help my fellow physicians and others to understand what it means to be financially independent, how to achieve that goal, and why it will benefit you. Some, like me, will contemplate an early retirement. Others will use their FI status to practice in a way that suits them.” Categories cover frugality, investing, financial independence, retiring early, and issues specific to physicians.
It can be boring reading articles from only one person’s perspective. The Money Mix offers curated content (they choose the best four articles on the web for each day) on a variety of different topics – these are easy reads on what to do about your career, early retirement, national debt, and more. Hey, we said it was a variety! General categories include retirement, investing, personal finance, and a designated space for business owners to gain insights.
This website provides content specifically geared towards women (if you couldn’t tell from the title!) they address concerns about everything from careers to divorce and children, and offer content for all levels of women investors from the beginner to the more advanced financially literate. With reviews, interviews, and a list of even more resources, we can’t leave this one out of our list of favorites.
With any blogs you read on the web, pay attention to affiliate links and someone who may be earning a commission to promote another service. We hope by sharing these resources that you are inspired to have more productive conversations with your advisor – and a deeper level of understanding and appreciation for the value of their advice!
And don’t forget that we publish content right here on our own site. Be sure to check back frequently to read new articles we write and post, in addition to checking out these resources!
Looking for a way to manage your own budget easily? Talk to us about eMoney software. It’s an easy way to get a snapshot of your entire financial profile with 24/7 access. ALL our clients get this advantage – so start a conversation with the team at California Wealth Transitions today!