Tips to Deal with Debt without Shame

Tips to Deal with Debt without Shame _ Ajay NagpalDebt is all too easy to accumulate and difficult to eliminate. The strain of debt can be financially and emotionally paralyzing. Obligations hinder progress toward financial security and often cause stress which leads to an overwhelming sense of hopelessness.

Whether debt results from adverse situations or unwise choices, many people feel guilt or shame about their situation. Guilt is remorse over behaviors, such as feeling sorry about overspending on junk food. Guilt can be helpful if utilized to avoid repeating missteps that lead to debt. Shame, however, is a negative feeling about oneself. It is self-blame, leading one to feel worthless, stupid, or hopeless. Shame makes it challenging to feel capable of positive change and often fuels the cycle of self-sabotaging habits that need to be discarded.

In rebuilding a financial foundation, assess the current situation and understand that debt is an issue worth addressing. Next, accept responsibility for the debt even if the circumstances that created the debt were uncontrollable. Realize that debt is quite common: neighbors, celebrities, and governments are facing money troubles all over. Formulate a plan to become debt-free as soon as possible. Here are a few ideas:

1. Take charge — stop charging.
Make a budget and set financial goals that include debt elimination with a financial planner or app. Make every financial decision in light of those goals: does that expenditure help toward financial stability? Is it for a legitimate need or a whim? Begin paying for purchases with cash or a debit card instead of a credit card. Pay off consumer debt now.

2. Simplify — scale down.
This step requires humility: it may be necessary to downsize cars and houses or sell extra clothes and “toys.” In doing so, the reduced stress of simple living will override any embarrassment from scaling back. For encouragement, reflect on acquaintances who have embraced a frugal lifestyle, or think of famous literary characters such as Molly Weasley, Jack Reacher, Silas Marner or Katniss Everdeen as models to emulate.

3. Choose wise friends — support each other.
Achieving financial stability and freedom calls for determined focus. Having close associates who will support this goal will make the process easier. Wise friends will not take advantage of each other or persuade each other to make additional money choices in conflict with set goals. Their understanding, advice, and experience will make the path smoother as they share their financial victories.

4 Resources For Financial Educators

financial educationLikely, there are dozens upon dozens of organization and tools designed to help young people access essential knowledge about finances and securing budgetary success.

The problem, however, is identifying these resources, and knowing how you might put them to work.

Read on to find the names of four organizations/tools you can use to equip better young people who someday hope to be financially savvy:

National Endowment For Financial Education: The NEFE is a private nonprofit dedicated to empowering young people and families, helping to secure a legacy of financial success that will carry them into their futures. They do this by conducting research and commissioning consumer surveys. They utilize unique and practical training tools, putting them to use in the workplace and the classwork. Also, the provide adult and youth financial education tools and resources, fostering a better understanding of saving and spending.

MoneyTeach: MoneyTeach is an invaluable tool and curricula resource connection, matching financial educators with the valuable, instructional resources that they need. Visitors to the site can find quality instructional resources; suggested workshops and course guides; and they can engage with the educator community, collaborating with colleagues. The account is free, borrows lesson planning tips and activities from leading peers who ongoingly teach financial planning and financial smarts.

Smart About Money: Smart About Money is an online course that users can complete at their own pace. Educators can hone their skills by creating courses that focus on money basics, family planning, economic emergencies, transportation, spending, saving, investing, retirement, taxes, borrowing, and other topics. SAM is a customizable and free tool, providing timely tips and money management ideas.

Jump$tart Clearinghouse: Jump$tart is a leading financial education resource center, created with the purpose of helping students. They list featured information relating to financial literacy and provide practical money skills for life.

If you know the names of some other websites tasked with helping young people secure financial freedom, please share!

Youth & Financial Education in 2018: Tips For Integrating Financial Literacy Into The Lives of Students

Youth & Financial Education in 2018_ Tips For Integrating Financial Literacy Into The Lives of Students | Ajay NagpalFinancial literacy is a vital area for students to concentrate on. Many students struggle with planning their finances for the future. However, many teachers feel like they do not have the tools to teach their students appropriately in this area.

One of the most significant issues with the modern school system is that teachers spend too much time worrying about standardized test scores. Instead, the teachers could spend time teaching children essential aspects of financial planning for the future.

Debt

Debt is a notable issue in our society today. Many people feel that high levels of debt trapped them. As a result, it is difficult for young people to purchase a new home or invest in a business. With the cost of college increasing rapidly, the average student leaves college with a high level of student loan debt. This is a subject that could easily be taught in school. In fact, there are several financial courses dedicated to this particular subject.

Budgeting

Another essential aspect of having financial success is budgeting. Many individuals struggle to budget appropriately. Budgeting is essentially just staying organized and disciplined with financial planning.

There are a ton of online programs to use to help with the budgeting process. There are some people who have trouble budgeting in the beginning. It usually takes several months to truly have success in this area.

Investing

Investing is the best way to build wealth over an extended period. Numerous people do not understand how to invest for the future. Investing is not complicated, but it can seem complicated for people who are never exposed to it. Teaching some investing basics to students is a great way to improve their financial literacy. Over a long period, this can make a huge difference in the lives of students.

Take Time to Teach

Schools need to focus on teaching critical principles to students. Financial literacy is one of the best ways to help students in the future. Many students are graduating from school without any exposure to financial literacy. Financial literacy courses will make the lives of students more comfortable in the future. Personal finance is not a complicated subject, but it can be difficult for students to understand without proper teaching.

 

Spectacular Financial Literacy Courses Available for FREE

Spectacular-Financial-Literacy-Courses-Available-for-FREE-compressorEducation centered around financial literacy and personal finance is just be a few keystrokes away.

Did you know that you could take FREE online classes, which could offer you a beginner’s and intermediate understanding of finances, whether that’s wealth management, financial, accounting, mutual funds, compound interest, debt, or savings, or wealth management? It seems that the options are endless.

There are countless resources on the web, offering users the valuable information they seek. While searching the vast internet, you sometimes happen upon a course that empowers you through the info shared during the program.  While many of these resources aren’t necessarily on par with fully developed college courses, some classes are very adept at providing keen insight on how to use financial literacy as an effort to foster a lifetime of economic well-being.

There can be a fee for graded work. However, all materials are available at no cost. For full financial literacy, it’s essential to examine behavior economics, competency about daily spending, and an understanding of stock movement. The variety of courses featured online can provide a clear, functional career path that can construct a healthier and more stable financial reality for many.

So you might be asking, ‘Where do you go to find these incredible, free classes, which could change my financial trajectory?” MOOCs.

If you venture over to Massive Open Online Courses (MOOCs) or  Coursera, you’d quickly learn that there are multiple courses that speak to a need for addressing finances. For instance, “Personal & Family Financial Planning,” “Organizational Behavior: How To Manage People,” “English for Media Literacy,” and “Finance for Non-Financial Professions” demonstrate the variety. The courses placed on MOOC are aimed at unlimited participation and open access via the web, which means that it’s designed to be utilized by anyone.

Read on to review a quick overview of some of the most acclaimed courses featured on the MOOCs’ website:


Behavioral Finance—Duke University

coursera.org/learn/duke-behavioral-finance

Understanding how decision-making errors impact your financial choices.

Review: “Generally it’s a fantastic online course, which gives me so much insight into an area I have previously unaware of. Behavioral Finance is meaningful because it takes human behavior factors into account of finance models, especially psychology factor. It offers me new insight into a study of interdisciplinary subjects. Class outlines and videos are well-organized and challenging. However, I think the test questions are sometimes a little bit difficult, and test2 and test3 should have answers and analysis like test1. It will always be better to review the knowledge you learned after making some mistakes and being eager to know the causes. I love the course!”


Financial Accounting: Foundations—University of Illinois, Champaign

coursera.org/learn/financial-accounting-basics

Discover accounting basics, which effectively teaches you to manage your finances as you would a business.

“The Course is very practical. I really appreciate the practice quizzes since they allow me time to have a greater understanding of each lectured session. A very good course that I would recommend to anyone who desires to improve or refresh their knowledge of the principles that were explained in all the modules.”


The Art of Negotiation—University of California, Irvine

coursera.org/learn/art-of-negotiation

Learn important negotiation strategy, which could lead to more significant earning and greater wealth.

Review: “Very informative and useful course.“


Financial Literacy—Macquarie University

open2study.com/courses/financial-literacy

Gain a fundamental understanding of the basics: managing debt, savings, avoiding investment scams, and more.

Review: “This class is great for a very basic introduction to Financial Literacy. It gives you the framework from which to build a financial plan for your life including learning how to save, how to create a budget, and how to invest. It is not a very in-depth course, which is the only downfall to it, and it only takes probably an hour an a half for each week of work. But Professor Mordaunt is concise and at times entertaining.”


Securing Investment Returns in the Long Run—University of Geneva

coursera.org/learn/investment-returns-long-run

Identifying the difference between active and passive investing, and provide insights on ROI.

Review: “This course deals mainly with the topic of evaluating the performance of investments and uses the outcomes to discuss the benefits of active and passive funds. Measures are introduced to evaluate the risk-adjusted returns of investments. In addition, evaluation tools for the performance of active managers are presented. The videos are of great quality. The quizzes could be more challenging.”

If you’re interested in learning more? Please visit Coursera and Open2Study.com.