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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Learning Finance with the Help of Technology

Personal_Finance / Financial Education Jan 04, 2020 - 05:38 PM GMT

By: Sumeet_Manhas


Learning about finances covers more than just the basics of saving and budgeting. If we really want to be successful, we should look at making our money work for us. In this society, we’ve been taught to “work hard and try to save something.” It seems like a hope-for-the-best scenario doesn’t it? Well, it can be better than that. Learning finance using technology makes things simple for those who don’t understand it or who view it as being too complicated for them. The following are just a few of the ways technology has placed financial education at our fingertips.

Finance Apps

It seems like there’s a web app for everything these days, so why should finance be any different? Apps are an easy way to learn about finance that makes it simple and, in some cases, even fun. There are apps for kids, teens and college-age kids as well as adults. It all depends on when you want to start.

The way finance apps work

The first thing you should know is that some are free, some have free plans and others you pay for. Typically, the ones you pay for are more in-depth and interactive. There are apps that allow you to play a game with fake money, manage a portfolio of fake investments, or track real world investments over time to determine if they’re worth investing in.

Some apps assess your spending habits as well and make recommendations for ways you can save. Then, you can develop a savings plan and manage it. Apps that make you think are encouraged. There’s an app that will allow you to invest fake money in rescuing, feeding and re-homing animals. So, there’s some responsibility there too, and it’s framed in a way that’s appealing to children and teens.

Apps are the wave of the future for most things, but they’re still limited. Learning by interacting with real professionals as well as successful peers is what’s helpful for taking your financial literacy to the next level. That takes us to our next source of learning finance using technology.

Video Learning and Finance Podcasts

Once you’re ready to continue your financial education, you can find videos on teaching platforms or YouTube and even on private finance websites taught by experts. In this case it depends greatly on how you learn. Do you learn better by going at your own pace, taking notes and then emailing for questions? Or, do you prefer a live video experience with classes that are scheduled so you can ask questions in real time? If your answer was yes to either question, then video learning is for you.

Video learning can teach you anything from budgeting to investing on a variety of levels. Educational videos made by Fisher Investments for example can help get your money to work for you regardless of your level of knowledge.

With video learning you can join a class of people and talk to the student in forums. Financial experts can provide real-world advice and show you visually what different aspects of investment look like. You can also watch videos from your peers. For example, those that were where you are now but have made their money work for them can show you how they did it.

Financial Pod Casting

Pod casting is riding neck and neck to the financial finish line with videos. In fact, there are video series that are also downloadable as MP3s. With podcasts you can listen to a highly informative show while driving to work or school and doing various chores at home. It’s a convenience when you can’t focus enough to watch a video. Combining several different types of financial learning resources is a good move.

Tips for learning finance with technology

When it comes down to it, learning on the appropriate level and eventually seeking the help of a professional is the logical way to go. If you’re not sure exactly how you want to deal with your finances, then the questions below may help you.

What’s your why? Why do you want to learn about finances at this time? Once you know then you can proceed to the right resource for you. Get very clear on what you do and do not know about personal finance and investing.

Find out what your future plans are. Do you want to buy a home or travel full time? What will you do about retirement? Judging from your age, marital status and knowledge level, you can begin with general video or podcasts and then explore investments.

It helps to have these questions answered before you start listening or watching hours of information. You run the risk of overwhelming yourself and doing nothing.

Using technology to teach finance in schools:

If you’re a student you may be able to find digital resources for learning finance in your school or college. It’s a very popular thing to have money and investment management these days in the classroom as early as possible.

Whatever the reason you decide to learn about finance and investments, it’s probably the single most important skill you’ll ever learn.

By Sumeet Manhas

© 2019 Copyright Sumeet Manhas - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

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