Level up your financial knowledge!

Are You Financially Ready for the Future?

Author

Shailja
October 04, 2024

In partnership with

In today's fast-paced world, mastering the art of handling finance is more important than ever, especially for young people navigating personal finance for the first time. Financial literacy equips individuals with the tools and knowledge to make informed decisions about their money, allowing them to build a secure future. Welcome to ThriftyOwl.Club, where we explore financial mindsets and hacks, helping you enhance your financial acumen one hoot at a time.

Hi everyone,

I'm excited to share a curated list of financial literacy resources that can help young people like you improve their financial knowledge and make informed decisions about their money.

We'll cover a variety of topics, including:

  • Handling finance: Budgeting, saving, and investing.

  • Financial mindset: Understanding your relationship with money and developing healthy financial habits.

  • Personal finance: Managing your finances in a way that supports your overall goals and well-being.

I hope you find these resources helpful!

Books for Building Financial Knowledge

Books have always been a fantastic source of in-depth learning, and when it comes to personal finance, they provide foundational knowledge that’s timeless.

1. "Rich Dad Poor Dad" by Robert Kiyosaki- This classic book compares two different approaches to money: the mindset of a "rich dad" and a "poor dad." It emphasizes financial mindset shifts that can change how you view wealth, assets, and liabilities. While it’s an international bestseller, the concepts can be easily applied to the Indian context, encouraging young people to start building assets early in life.

Why You Should Read It:

The book teaches you the importance of financial education, building assets, and avoiding bad debt, which are all essential when handling personal finances.

2. "Let’s Talk Money" by Monika Halan-This book is a must-read for anyone trying to understand personal finance in the Indian context. It explains everything from savings and insurance to mutual funds and tax-saving options, making it extremely relevant for young Indians.

Why You Should Read It:

It demystifies complex financial jargon and helps you make smart financial decisions tailored to the Indian economy.

3. "The Psychology of Money" by Morgan Housel- This book dives into the emotional side of money, helping you understand the mindset and behaviour behind financial decisions. It covers how emotions, especially fear and greed, often influence personal finance decisions more than logic.

Why You Should Read It:

Housel offers a fresh take on how you can handle your finances better by controlling emotions and building a long-term wealth mindset.

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Websites to Improve Financial Literacy

In today's evolving digital landscape, several websites offer free or affordable financial education. These platforms help you make sense of the intricacies of finance.

1. Moneycontrol (www.moneycontrol.com)- Moneycontrol is one of India’s top resources for everything related to finance, from stock market updates to personal finance tips. It’s perfect for young people who want to stay informed about market trends, mutual funds, and investment opportunities.

Why You Should Visit It:

Moneycontrol provides easy access to the latest financial news, investment tips, and expert opinions, which can help you make well-informed decisions.

2. Investopedia (www.investopedia.com)- Though global in its scope, Investopedia offers a wealth of knowledge relevant to young Indians. From explaining basic financial terms to complex investment strategies, it’s a treasure trove for anyone looking to build a strong foundation in personal finance.

Why You Should Visit It:

The website’s "Term of the Day" and easy-to-understand articles make learning about finance accessible and less intimidating.

3. ClearTax (www.cleartax.in)- ClearTax simplifies tax filing in India but also provides resources on investing and personal finance. As young Indians enter the workforce, understanding taxes becomes crucial, and ClearTax is one of the best tools for this.

Why You Should Visit It:

ClearTax offers an easy-to-use platform for tax filing, investment calculators, and tips on tax-saving investments, especially suited to the Indian financial system

Apps for Financial Literacy and Management

Mobile apps have made it easier than ever to manage finances, invest, and track spending. Here are a few apps designed for young Indians looking to improve their financial literacy.

1. Zerodha Kite- Zerodha’s Kite app is one of the most popular platforms for stock trading in India. It simplifies the process of buying and selling stocks and offers educational resources for beginners.

Why You Should Use It:

It’s an intuitive platform that makes stock market trading accessible to newcomers. The app’s “Varsity” section provides a comprehensive learning module about stock markets, futures, options, and more.

2. ET Money- ET Money is an all-in-one personal finance app that helps you track your expenses, invest in mutual funds, and even plan your retirement. It’s designed with Indian users in mind and simplifies the entire process of managing money.

Why You Should Use It:

The app offers personalized recommendations for mutual fund investments based on your financial goals, risk tolerance, and time horizon.

3. BharatPe- For young people who are self-employed or running small businesses, BharatPe is an essential tool. It simplifies digital payments and offers insights into your daily cash flow.

Why You Should Use It:

It’s particularly useful for those in the gig economy or anyone looking to manage their business finances better.