August 4, 2011 § Leave a comment
4.) Learn the lingo – There are some common financial terms that you should know and that I know you can learn, even if you don’t really care that much about all of the details of finance. Since my husband loves car stuff, I’ve heard terms like carburetor, manifold and the like spoken of enough that I’ve learned a little about those items without doing a lot to learn it. Just hearing the words spoken of by someone I love have gotten the terms in my head. I’m not a mechanic, (I mean really?) and I don’t pretend to be one simply because I understand the basic terms, but I sort of understand what’s being shared with me when we talk and I can help think through problems when we talk.
I’m sure you’ve also observed how quickly kids learn words and terminology . Words that you may not want them to learn they may quickly remember simply by being exposed to new terms. I think this makes the point that you can become familiar with the financial terms that are fundamental so that you can be the boss of your money world.
Over time, and adding just a bit of knowledge to your foundation, you’ll know who’s pulling you leg and who’s doing things in a way that seems right and good for you. The kinds of basic lingo, or terms to know, for instance, is being able to explain what a mutual fund is and how it differs from a CD.
However you learn, whether reading about it, talking to someone or getting a kid’s picture book, please do this.