In the last post, we looked at why it’s so important to read widely in order to avoid bad financial advice. In this post, we’ll take a look a some of the specific ways you can evaluate sources to find good financial advice.
My original title for this post was ‘How can I find good financial advice?’
But when I read through the draft, I realised I’d have to save that for a follow-up. Most of what I had written focused on avoiding bad financial advice.
From ‘time is money‘ to ‘tightening our belts‘, we’ve examined quite a few money related expressions and metaphors on Enrichmentality. But does such language have any real power over how we think – and act?
Last year, I took some photos of my mother’s toy cash register for a blog post. Around the same time, a couple of our friends came to stay with their young daughter. She had a toy cash register of her own (which I also photographed). The two toys looked pretty similar (the newer version had an electronic display, and came with a paper ‘credit card’).
The role of artefacts like games in language development has long been an interest of mine. When I saw these two cash registers, I became interested in the role of toys and games in financial literacy.
Like language, money is a symbolic system we use to communicate with each other. Kids’ exposure and sensitivity to language begins early, and the same may be true of money. The majority of opinions agree financial education ‘begins with children – the younger the better’. In the last post, we looked at what an important role financial education and family background has in influencing outcomes in life.
But where do – and where should – kids learn about money?