Financial Literacy is the First Step

[Michael M.]

I haven't been on BP for very long so please take my forthcoming observations for what they're worth. I have been playing an accelerated version of catch-up on the blog posts and podcasts over the last few months. One thing that I'm continuously reminded of as I review the content of the site is the amazing diversity of investors active on the forum. It is pretty cool to see so many professionals with 20+ years of experience discussing creative financing, house-hacking, wholesaling, BRRRR, Fix and Flip or any number of other real estate investment strategies with complete newbies. I'm amazed at how many resources there are on this site and how open everyone is to sharing their experiences and best practices.

So in that same spirit I would like to give some words of advise myself. Now with that said, please know that I'm an amateur real estate investor at best. My investment portfolio (real estate and otherwise) has, however, benefited greatly from one simple concept. Personal Financial Literacy. 

I have seen several post about this and the idea has been brought up in many of the podcasts so I realize that I'm preaching to the choir for the most part. However, I also see many newcomers with little knowledge or experience focusing on the details of a specific investment strategy and rather than understanding the bigger picture of the investment. With the market continuing to tightening in many markets throughout the country (e.g. my chosen home of Denver!) I worry that those who are too eager to get in the game ignore the overall context. Now, I'm not saying there aren't deals to be had in every market - because there are, I'm simply trying to remind those who need reminding that its a marathon - not a sprint. 

Instead of making an already long post even longer by griping about how these immensely important concepts aren't taught in schools I will simply offer some valuable resources to those who are interested. So, for those who would like an intro course into the world of financial literacy check out the link below to the Khan Academy courses. For those who already have a solid foundation of the topic, watch the videos anyway. More importantly share them with your sons, daughters, cousins, neighbors kids or anyone else you can think of. 

I'm in no way associated with Khan Academy nor do I think these classes are the best resources for this topic. They are just good free introduction courses that make complex concepts accessible. 

 Be Well

http://www.practicalmoneyskills.com/resources/vide...