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How to fill in financial blind spots
Bev O’Shea NerdWallet
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Self-assessments, as well as personal finance books and websites, can help shine a light on what you don’t know.Getty Images
Knowing enough about money to cover your bills is a start, but it’s not enough financial literacy to provide long-term security. Most of us eventually wonder what else we should be doing and whether what we don’t know could hurt us.
“When you have a blind spot, you don’t realize until something blindsides you,” says Mark DiGiovanni, a certified financial planner.
Self-assessments, like this quiz adapted from the Financial Health Network, as well as personal finance books and websites can help shine a light on what you don’t know.
Identify the gaps
Self-assessments as well as personal finance books and websites can help shine a light on what you don’t know.
Financial counsellor Bret Anderson of Colorado has spent much of his career helping incarcerated veterans get back on their feet and has also advised high-wealth clients. He says five things frequently predict who will manage money successfully.
Two habits – saving and investing – are crucial, he says. Good money managers also know how credit works, have a plan to build wealth and pay off debt, and know what passive income is and how to create it.
If anything on that list is unfamiliar to you, that suggests a starting point for research. “There are plenty of resources just a Google search away,” says Heather Winston, assistant director of advice and financial planning at Principal Financial Group.
This article was provided to The Associated Press by the personal finance website NerdWallet.
Knowing enough about money to cover your bills is a start, but it’s not enough financial literacy to provide long-term security. Most of us eventually wonder what else we should be doing and whether what we don’t know could hurt us.
“When you have a blind spot, you don’t realize until something blindsides you,” says Mark DiGiovanni, a certified financial planner in Grayson, Georgia .
IDENTIFYING THE GAPS
Self-assessments, like this quiz adapted from the Financial Health Network, as well as personal finance books and websites can help shine a light on what you don’t know.