Personal Finance Basics: Why Basic Advice Doesn’t Work

by Amanda Abella  - June 17, 2019

personal finance basics


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Welcome to Money Mondays! A new series on the channel where we’re tackling personal finance basics! We cover the first step in budgeting your money – determining why money matters.

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Most people follow basic personal finance advice and they still struggle. According to statistics, most Americans can’t even cover a $400 unexpected expense. That could be anything – dental work, a pet going to the vet, new tires, having to go to the eye doctor, etc.

In this video (and every Monday moving forward) I cover two really important personal finance basics you need to know before you can start budgeting.

#1: Why do you want money?

The reason most people struggle with money is because they don’t know why the want it in the first place. Most people haven’t gotten clear on what they want out of their own lives. Because of this, they also don’t know what they want from their money.

Most personal finance basics cover – debt, saving money, and investing – but rarely ever consider someone’s personal circumstances and life goals. Because of this, I believe we’re doing a disservice to people.

#2: Money doesn’t have to be scary.

The financial industry makes money more complicated than it actually is. That’s so that you feel obligated to use their products and services.

The truth is that personal finance basics are really just common sense and some psychology. If it was as simple as following instructions, we wouldn’t be in the position we’re in. That’s why it’s important to study the link between behavioral psychology and money.

Personal Finance Basics Related Videos:

Why I almost quit social media + channel updates:

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Basic Personal Finance Playlist:

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Disclaimer: This is meant for education purposes. Please consult professionals before doing anything with your money.

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