What you don’t know will haunt you.
Debt is a very real thing experienced by an innumerable amount of individuals around the world. The crushing weight of debt creates a constant struggle throughout the daily life of any individual under the immense strain. One unexpected lapse in income could send the individual spiraling down to a hole in which it’s very unlikely they’ll climb back out.
Skirting the Edge of Financial Instability
The doom and gloom starting this article is not to frighten those seeking escape from the debt prison; it’s to convey that it’s easy to become “blind” to the pitfalls that lie ahead when financial literacy and education are nonexistent.
You will be surprised at just how little you know about finances unless you’re pushed to the edge; a comfortable ‘lull’ washes over you when things are good but it’s those moments of stress that will bring out the best traits that will go full charge into tackling debt.
On the flip side, can catch yourself at an earlier time and you can preemptively begin actions to improve your understanding of money and avoid the edge of financial instability.
Wherever you stand – an expansion in your understanding of personal finance could never be a wrong course of action.
Giving Your Education an Electro-Shock
If you want to give you noggin’ a shock to the system than there’s no better way to do it than through the use of the Web. Everything you can imagine is out there waiting to be found.
One such tool you can take full advantage of is the financial tool over at MyMoneyCheckup.
The tool was created, originally, for research but expanded as a free service to help individuals understand their budgets.
The tool specifically goes like this:
1. You sign up (it’s free and also in Spanish, if you need)
2. You work your way through the main questionnaire which comprises of Q& about your budgeting, borrowing, savings, housing, and retirement.
3. You’re then given a report in a visual manner which shows green (good), yellow (okay), and red (bad) in each of these areas.
The whole service is part of the National Foundation for Credit Counseling which has been at it since 1951 offering their services to individuals seeking credit counseling.
It’s the report that will give you a real shock to the system.
What it’ll show you is a range of areas where you’re slacking and could use improvement. Tailored with each section is a good amount of free resources for understanding each of the areas and the best course of action to get out of the ‘red’.
You should most definitely give the tool a try since it only takes about 5 – 10 minutes; it’ll jump-start your re-education in finances.
Graduating with a “Degree” in Personal Finance
Out of all of it, after you’ve come to realization and understanding of your financial situation and literacy, you should be well upon your way to getting everything sorted out. The MyMoneyCheckup tool is an excellent resource to get your start and then it’s on your shoulders to make things happen.
You can get out of debt, believe that. You simply needed the right tools and resources to give you a solid shock (and boot) to the system.
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The post A Shock to Financial Education: Revealing the Unknown behind Your Debt appeared first on Getting Money Wise.
