Money education is a lifetime process. Nobody is born knowing how to manage money, and it takes time and works to improve yourself and your finances.
Unfortunately, expanding your knowledge can feel like an impossible task at times.
When the market fluctuates and things appear unsteady, it’s difficult to understand current events while sticking to your financial strategy. Knowing your preferred learning method will aid you in creatively comprehending new ideas and concepts that would otherwise be difficult to grasp.
The wealthy & REGULAR podcast this week discusses our favorite ways to learn about money. Listen in and read on to learn more about your unique learning style and how it can help you better your financial situation.
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Learner Characteristics
Learning is a very personal experience, and while everyone learns differently, the Institute of Learning Styles Research divides learning into the following categories:
Print learners enjoy taking notes, remembering what they’ve read readily, and learning best when something is written down.
Visual learners like to retain what they’ve learned by seeing or recalling an image in their mind’s eye after watching a movie, presentation, or graphics. Aural learners enjoy listening to lectures or audiobooks because hearing someone talk allows them to recall and recreate material.
Kinesthetic learners like to learn by doing and may struggle to retain information if forced to remain idle. By being a hands-on learner or wanting to fidget or doodle while listening or soaking in information, haptic learners include touch into their learning.
Interactive learners utilize verbalization to remember information and use others as a sounding board to solve problems or condense ideas.
Odors or tastes are associated with knowledge by olfactory learners, who believe that smells “contribute to learning.
Many people don’t just learn in one way—you might be primarily an aural or visual learner, but you might find that taking notes on the information helps you remember it better, adding a kinesthetic or haptic component to what you hear or see.
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Both Reading and Watching are Recommended.
Many of the most effective teachers utilize stories and illustrations to illustrate their points. We connect with other people’s stories far more than we do with words or figures on a page, especially when we hear stories from individuals we know.
If you’re a visual or print learner, you’ll retain the most knowledge if you:
Take notes on what you’ve read. Take notes as you read books, magazines, or blog postings to learn about new topics or tactics to try in your own life.
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Watch videos on YouTube or LinkedIn.
Find films from licensed financial advisors or others with financial accreditation that employ graphics to help you develop a mental picture of the idea you’re attempting to understand if visual learning is your preferred method.
Money and Study Styles
Once you’ve figured out how you study, you might find that there are opportunities to expand your knowledge on a range of topics wherever you go. Here are some ideas for how you might apply this knowledge to learn more about money.
Listen and Talk About It.
Because one type of student has to hear a topic to grasp it, while the other needs to discuss what they’ve heard to integrate and comprehend ideas, aural and interactive learners may be able to help one other take in and remember information.
If you’re a visual or interactive learner, you might want to:
Talk about what you’ve learned. Listen to a podcast or an audiobook with a friend or partner, then talk about the themes to solidify your understanding. It may be simpler to absorb and integrate concepts if you say them out loud.
Decide on the Check-In Date.
Make a regular phone or Zoom date to check in on each other’s financial progress and discuss the goals and milestones you’re working toward.
Seek Advice From an Expert.
Make an appointment with your financial advisor or accountant to discuss your concerns.
Ask them to discuss what you’ve learned and any finer points that need clarification on a subject that interests you, such as lowering your tax burden or converting money from a regular IRA to a Roth IRA.
It’s all About Trial and Error.
If you’re a haptic or kinesthetic learner, doing things will be the most effective way for you to get financial information in new ways. As you explore, you may discover that things take a little longer, but it will be time well spent if you find a system that works.
Experiment with Different Approaches.
Experiment with various budgeting programs or techniques to see which one works best for you.
You might discover that a simple approach, such as the envelope budgeting method, or an online system, such as Mint or You Need A Budget (YNAB), works best for you.
Most applications feature a free version or a free trial period, allowing you to select one that works best for you without having to spend a lot of money right away.
Make the Best Decision for Yourself.
When it comes to gathering information to enhance your money, knowing how you learn is critical. If you’re a kinesthetic learner who struggles to retain information from books or podcasts, you may be wasting time and energy attempting to absorb the material you won’t remember.
You can optimize the knowledge you take in and have a better understanding of the topics and concepts that will aid you on your route to financial security if you locate the learning style (or styles) that work for you.
Multitask.
While you’re cleaning your car or doing the dishes, listen to an audiobook about money. Keeping your hands occupied while your brain absorbs knowledge may help it stick and assist you in working through difficult concepts.