Learn a New Language: The Language of Money

Learning the language of money means developing a deeper understanding of financial literacy. It's about learning how money works, honing your money skills,, and how to make informed choices about complex topics like investing or debt payoff. Learning the language of money can help you make better financial decisions. 

You can learn the language of money by listening to podcasts, working with financial professionals, or doing online research. 

Whether it’s understanding how a debt relief program works, learning how to invest, or getting a grip on the various types of retirement plans, there can be a lot to learn.  

Who Should Learn the Language of Money?

No matter what your financial situation looks like, you can benefit from learning the language of money. However, this skill is particularly important if:

• You’re in debt. Debt limits your options because you have creditors to pay. It increases the cost of your purchases due to interest and makes it harder to live within your means because of your monthly payments. Learning the language of money can help you get rid of debt.

• You don’t have a budget. A budget helps ensure you have enough money for the things you need and the things that are important to you. If you don’t have a budget or have trouble sticking to one, learning the language of money can help you change that so you'll have a roadmap for your spending

• You need an emergency fund. An emergency fund can do wonders for your peace of mind and help save you financially when the going gets tough.

• You want guidance for how to invest. Investing can be confusing, especially if you’ve never done it before. Get to know the ins and outs of investing so you’ll be better equipped to make smart decisions that allow you to fund your future. 

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How to Learn the Language of Money

It doesn’t cost a fortune to learn to speak the language of money. In fact, you can become financially literate without spending a dime. Here are some of the best free or inexpensive ways to learn the language of money.

• Use the internet. Search on Google for a money-related topic that you’re unsure about or would like more information on. Check the search results to find articles created by trusted sources to learn more about the topic.

• Take classes. Sign up for online financial courses on topics such as retirement planning, budgeting, or saving for college. You can also check out your local community college to see what’s available.

• Listen to podcasts and radio shows. There's no shortage of podcasts and radio shows dedicated to money. These shows typically feature everyday people who want answers to their money questions. Chances are you can relate to some of them and learn from what they are or aren't doing. Check these out:

The Dave Ramsey Show

The Suze Orman Show

I Will Teach You To Be Rich

So Money

Afford Anything

Planet Money

How to Money

• Work with finance professionals. Financial planners, tax accountants, and estate planners are a few of the many financial experts who could answer your questions. A financial consultant that focuses on middle-class clients could be more affordable than you think.

• Talk to members of the older generation.  You may have a parent, grandparent, or older friend who has gone through an event like an economic downturn or war, or who simply has a different take on how to manage money. Don’t be afraid to ask them to share their thoughts and insights so you can use their experience to your advantage.

If you want to take your money knowledge to the next level, these resources are a great way to learn the basics of the language of money.

Get Started Learning the Language of Money Today

If you don't know the language of money, making any financial decisions can become much more confusing. You could also make the wrong decisions. For example, when you're paying off debt, there's a big difference in terms of total debt paid and impact on credit score when you consider debt settlement vs. debt consolidation, even though they may sound similar.

Start using the resources available to you today to learn the financial facts you need to make informed choices. The decisions you make about saving, investing, and debt payoff will shape your future, so educate yourself today and you won't regret it.