Resources to boost your FQ (Financial Quotient)
As much importance is given to IQ (Intelligence Quotient), the same amount of importance is held by FQ (Financial Quotient). What if someone told you that you can save enough money without being needlessly frugal? Most of the population doesn’t know how to handle their money, so here Terminal Stack brings to you some prominent resources to improve your Financial Intelligence.
What is a Financial Quotient?
Financial Quotient (FQ) also known as Financial Intelligence is the ability of a person to manage what they earn. A good FQ helps you to determine your income, calculate your expenses and track your progress. In short, you get to know how to make a Budget.
FQ is upright if:
- A person is confident while making small and large financial decisions.
- A person understands how money works.
- A person knows how to invest and grow one’s wealth.
Why is it necessary to build and improve your FQ?
A large section of the population is entangled in a never-ending rat race. They all have a mindset in their head that says,
More hard work means more money
But it’s an incomplete truth. One should be able to save, invest, grow, and plan what one earns. Handling money is as important as earning them. Lack of financial literacy is a global problem. Let’s see the financial literacy rate of some countries around the world:
- India: 24%
- Russia: 38%
- Brazil: 35%
- South Africa: 42%
and so on…….
Hence, financial literacy is the need of the hour. It must be included in the school curriculum so that it will help to understand economics, loans, interests, investments, budgeting, etc. in a better way.
Here are some of the best resources to boost your FQ.
- Rich Dad Poor Dad, by Robert T. Kiyosaki
“Workers work hard enough to not be fired, and owners pay just enough so that workers won’t quit.”Robert T. Kiyosaki
This book is about Robert Kiyosaki and his two dads, one his real father and another is the father of his best friend, Mike. And how they shaped his knowledge about finance. This book compares the views of both dads from the author’s perspective.
- Let’s talk money, by Monika Halan
“Never spend your money before you have earned it.”Monika Halan
This book introduces you to the importance of financial planning with some good suggestions on what to pursue and what to avoid. It is a simple and easy source to know all about the available investment options. And also covers a wide range of topics with examples.
- The Intelligent Investor, by Benjamin Graham
“The intelligent investor is a realist who sells to optimists and buys from pessimists.”Benjamin Graham
It focuses on value investing; it is an investment strategy that targets undervalued stocks of companies. This book teaches you to identify and invest in those companies that have the potential to grow and perform well in long run.
- The Total Money Makeover, by Dave Ramsey
“We buy things we don’t need with money we don’t have to impress people we don’t like.”Dave Ramsey
This book is for everyone who desires to live a debt-free life. It proves that the financial principles the world system teaches us are contrary to living a debt-free life. It is the book of elementary financial literacy that imparts common sense wisdom that each one should have.
- The Psychology of Money, by Morgan Housel
“Spending money to show people how much money you have is the fastest way to have less money.”Morgan Housel
It teaches the key lessons on optimism and pessimism. It shares several stories about money and business management. Also exposes myths and fake assumptions in the business world. Plus, it is one of the best sellers on Amazon.
- Graham Stephan:
Graham Stephan is a 30-year-old real estate agent and investor who became a millionaire at the age of 26. He shares his successes, failures, and experiences in the real estate industry and business world. It is one of the most popular channels for gaining financial knowledge.
- Let’s talk money with Joseph Hogue, CFA.
Joseph Hogue is a financial expert and investment analyst. This channel talks about the stock market, passive income, and best investments ideas. That is, all about money.
Ankur Warikoo is an entrepreneur, an angel investor a mentor, and an active public speaker. In his channel, he talks about entrepreneurship, how to grow in life, and personal finance. He tries to simplify the knowledge of personal finance and delivers the best to the audience.
- CA Rachana Padhke Ranade:
CA Rachana aims to improve financial literacy in India and to enable people to learn about stock markets. This channel’s main objective is to build financial discipline by simplifying stock market education and financial concepts.
- Coney by FinnovationZ:
This Channel brings to you 500+ free series of videos on the stock market for beginners and intermediate investors. Also provide videos on trading, scam, value investing, taxation, budget, case studies, IPO analysis, technical analysis, fundamental analysis, mutual funds, stock analysis, and many more.
Finance News Channels
Business News Channels are very important and provide a handy tool that maintains interests in the business world. Plus, being up-to-date with current news affairs helps you to increase FQ and also build your investment interest.
Here are some of the Business channels that provide Financial education to all:
- CNN- IBN
- Times Now
- CNBC TV 18
- NDTV Profit
- Euro News
- Fox news.com
- BBC Worlds News
- ET Now
- Bloomberg Television
- Business News Network
Here are some amazing magazines related to finance:
- Outlook Money
- Bloomberg Business week
- Money Today
- Outlook Business
- The Global Hues
- Business Today
- Forbes India
- Fortune India Magazine
- Money Life
- The Economist
- World of Money
Best Financial literacy app overall. An app taught by youth to share their financial education.
- Rooster Money
Best allowance app. It includes a piggy bank, reward chart, and saving trackers. It is an app that teaches money handling.
It is an engaging education app that teaches you to invest and trade.
- FamZoo family finance
It provides prepaid cards and financial education for kids. Plus, it is all in one award-winning app.
It is the best financial literacy app for bite-sized lessons.
ChooseFI podcast brings to you the latest episodes from one of the top business and finance podcasts in the world. It aims to help everyone to reach financial independence. Here, Jonathan and Brad explore the tactics that the FI community uses to reclaim decades of their lives.
- Millennial Investing by the Investors
Millennial Investing by The Investor’s Podcast Network is hosted by Robert Leonard and Clay Finck. They cover not only investing basics and investment and financial advice, but also business topics such as entrepreneurship, side hustles, personal development, and more to help educate and inspire the millennial generation.
- DIY Money
With over 20 years of experience, Quint Tatro and Daniel Czulno have a passion for helping folks who desire to go it alone in the world of personal finance and investing. It covers everything about money starting from budgeting saving investing 2 stock bonds and debt.
- The Ramsey Show
It offers up straight talk from Dave Ramsey and his team of co-hosts. Million fellow listeners from different parts of the world join in. And get a solution over how to get out of debt and build for the future. Listen to one of Apple’s most popular podcasts.
- The College Investor
Robert Farrington, the founder of The College Investor and a Millennial Money Expert, shares how to get out of student loan debt so that you can start investing and building wealth for the future. Instead of cutting expenses and living a frugal life, he advocates side hustling and entrepreneurship to earn extra money to achieve your financial goals.
So, here we are with all resources in our hands and a roadmap to improve our Financial Intelligence Quotient.
Financial IQ #1: Making more money.
Financial IQ #2: Protecting your money.
Financial IQ #3: Budgeting your money.
Financial IQ #4: Leveraging your money.
Financial IQ #5: Improving your financial information.
Are you ready to make your money work for you? All the Best : )
Thanks for reading.