At times, money management seems like the best kept secret in the world, and long term investing can feel like a tool closed off for the fiercest wolves of Wall Street.
One of the many skills Winterline teaches during the 9-month and 12-week Global Skills Program is financial literacy. Financial literacy can be summed up as the ability to understand the way finances work in the world as well as understanding the short-term and long-term implications of each financial choice.
Winterline believes these are important skills to develop, especially before college – a time when student loans and debt accumulation are major concerns for many. It’s never too early to start getting familiar with financial literacy and the internet is a great place to start! As an intern at Winterline, I spent a number of days researching financial literacy resources for our International Business & Entrepreneurship Program. While scouring these different sites, I was able to pick up on major trends in financial literacy resources as well as find the ones that appeared to be most effective. Here are a few great financial education resources that stood out as most valuable during my search. Enjoy!
Financial Avenue Blog
Financial Avenue was made specifically for college students and teenagers. The language is stripped down in a way that makes each article and video easy to digest in a short amount of time. Financial Avenue also includes a blog that produces articles on everything from tax filing options to demystifying the credit score.
If you have questions about the FAFSA, student loans and how to begin building your credit, this website works. They even have a page of resources dedicated to loan repayment which includes a repayment calculator that factors in interest levels.
CNN Money Essentials
For those who are just beginning to address the concept of long term financial decisions, this resource is the one for you.
The CNN Money Essentials website is split into seven different categories that are meant to span a lifetime of spending: Getting a Job, Buying a Car, Starting to Invest, Buying a Home, Starting a Family, and Retirement Planning. Each category is then split into several articles that explore all aspects of the topic from taxes, to explanations of the stock market, to investment options and more.
By reviewing all the topics or just choosing to focus on a few, you can get a basic introduction to the world of finance and the pros and cons of each financial decision. The website doesn’t address student loans directly but it does discuss what credit and loans are in a more holistic manner.
The Mint App & Life Blog
Do you ever find yourself wondering about a specific financial question? Maybe you’re curious what the difference between a debit and a credit card is or you just want a few tips on how to save up for that cool new camera.
The Mint Life Blog came about soon after the Mint app was made available to smartphone users. Mint is a budgeting app that tracks your spending patterns and gives financial advice based on the way you spend money on food, entertainment, living expenses, etc. This app is a great tool for those who want to start analyzing their spending but are not quite sure where to start.
The Mint Life Blog publishes weekly articles that address every financial question you could possibly think of. In addition, you can send in your unanswered questions to be discussed online by financial specialists. It’s a great resource for learning quick small facts but does not offer the same format as some of the other platforms.
Wells Fargo Financial Education
Wells Fargo created an online financial education platform like CNN Money Essentials in which financial topics are split into categories and each category includes several articles that delve deeper into the subject. Wells Fargo beats CNN’s option when it comes to educational financing information. Their money habits advice takes into consideration the limits of work during college and the expectations of the job hunt post-graduation. If you want to teach your child how to make a budget, save for college, and understand loan services, this is the website for you.
In Boston this summer?
Now perhaps your concern is that your teen is not going to enjoy looking through all these websites, or at best won’t follow through. Although the information is all there, these platforms are not the most entertaining.
Winterline is premiering a brand new program, How Money Works, this summer in Cambridge, MA. The week-long, non-residential intensive focuses on developing these financial literacy muscles in a fun and modern way.
Using a hyper-modern curriculum, combining app-based learning, graphic novels, and multiple site visits, the program aligns with our hands-on, experiential approach to learning that takes the hypothetical out of financial literacy and applies these ideas to real world scenarios.