“Your recent discussions on the three money principles have made me realise how much I need to learn about financial success. Where can I go to get simple information that can guide me in being better with my finances?”

The old adage, ‘every cloud has a silver lining’, has really been proven true in these challenging economic times. The global financial meltdown has put the spotlight on the ways we have been mismanaging money, and has reinforced the need for everyone to become financially literate.

Unfortunately, personal financial training is not available through the school system, so most people have to find ways to educate themselves. Here are a few ways that the average person can learn more about money:

Public seminars

There has been a marked increase in the number of workshops designed to help persons make appropriate financial decisions. Practically every financial institution in Jamaica has seen the wisdom in providing the public with money tips. Most of these events are free of cost, so keep looking in the newspapers for upcoming events, and make good use of them.

Books and CDs

Reading books is a great way to learn practical techniques to achieve your money goals. If reading is a challenge for you, then listen to the books on audio CDs. Here are a few of my recommended picks to help you create a library of financial education resources:

Budgeting – The 9 Steps to Financial Freedom, by Suze Orman
Saving – The Richest Man in Babylon, by George S Clason
Debt Management – The Total Money Makeover by Dave Ramsay
Goal Setting – Think & Grow Rich, by Napoleon Hill
Investing – Cash Flow Quadrant, by Robert Kiyosaki
Small Business – The E-Myth Revisited, by Michael Gerber
Passive income – The 4-hour Workweek, by Timothy Ferriss
Money Psychology- Secrets of the Millionaire Mind, by T. Harv Eker

Many of these titles are available in local bookstores, or you can purchase them online at Amazon.com.

Internet websites

There is a wealth of information about money waiting for you online. All your financial questions can be answered by simply searching for responses on Google.com. Some of my favourite websites include: Crown Financial Ministries (www.crown.org) with a useful money map feature; Money Savvy Generation (www.msgen.com) to teach children about money; blog.financiallysmartonline.com for local personal finance advice; Investopedia.com which covers all investing topics; Entrepreneur.com for priceless business advice; and YourMoneyEzine.com for up-to-date local financial and business news.

TV and radio shows

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Over the years, I have learned a lot about money by tuning in to America’s money guru, Suze Orman, on the cable station CNBC on Saturday evenings. Local financial institutions have also been making good use of the airwaves to educate the public, so make an effort to keep track of their radio and TV programmes.

Games

The average person may find it difficult to grasp technical details when trying to learn about some financial management topics. Robert Kiyosaki’s Rich Dad Company, as part of its mission to elevate the financial well-being of humanity, has designed the CASHFLOW 101 educational board game to teach accounting, finance, and investing in a fun, experiential way.

Austen Douglas-Panther has brought the Rich Dad CASHFLOW Club to Jamaica, by acquiring the franchise to use the Rich Dad teaching tools. Panther explained that in 2001, she read Kiyosaki’s book Rich Dad Poor Dad and loved his philosophy on money. “It was such a life-changing event,” Panther confided, “that I decided to share the Rich Dad lifestyle with others.”

Recognising that many people have money struggles because of a lack of financial education, she introduced the CASHFLOW 101 game in March 2009 to help solve this problem. Panther said that her aim is to teach people lessons about money, and to have them continue the learning process by buying their own games and playing CASHFLOW with friends and family.

To learn more about the CASHFLOW game, email AustenP@richdadsfranchise.com.

Money Groups

Regular Oprah fans may have heard of the term ‘money group’. A money group copies the concept of a book club, but instead of just meeting to read, friends get together to talk about financial matters. The idea is to use the collective sharing of ideas to teach each other about money.

Money groups are popping up all over Jamaica. In fact, Panther’s efforts have already begun to reap rewards, as one money group was formed by CASHFLOW alum Marlene Higgins. Higgins, who has a background in finance, admitted that although many of her friends may work in financial institutions, they didn’t always make smart money decisions.

“I bought a CASHFLOW game and invited friends over to play,” Higgins explained. “I realised that the environment was perfect to use other material – books, DVDs, CDs – along with my own experience, to teach my friends about money.” Higgins has even coined the name Wealth Matters for her money group and continues to share ideas online at wealthmatters.wordpress.com.

Whatever method you choose, make it a priority to learn all you can about money!