8 Educational Resources to Boost Financial Literacy as a Business Owner

We live in an increasingly interconnected world where digital banking has become the norm. However, as technology moves forward, financial literacy becomes a predominant issue for many business owners looking to turn a profit. According to published reports, about 55% of adults are financially literate across US, Canada, France, Germany, and UK, with 66% feeling burdened by retirement planning.

Data by Forbes indicates that about 40% of people turn to friends and family for financial questions, with over 50% feeling anxious about the topic. Having access to actionable educational online resources like books, podcasts, publications, and courses, as well as learning constantly have become a must for business owners and any individual suspect of their financial literacy in 2021. Let’s take a look at some of them, as well as how they can assist you in managing your business’ finances properly going forward.

1. The Simple Path to Wealth – J L Collins

Managing your business effectively takes proper planning, which is why The Simple Path to Wealth is a great book to start with for financial literacy. The author took a “how to” approach to writing his book and offers a plethora of advice on how to turn a profit.

This book covers the topics of debt, stock market, investment, taxation as well as financial independence for business owners. The book also covers corporate scams so that you can avoid losing precious resources to projects or offers which sounds too good to be true. If you are looking for a good overview of financial and security risk management for your business, The Simple Path to Wealth will undoubtedly help.

1. So Money Podcast – Farnoosh Torabi

Hosted by an award-winning business strategist and bestselling author Farnoosh Torabi, So Money Podcast will teach you everything you need to know about financial literacy. The host has made it her mission to inform listeners of the latest tips and strategies on how to manage personal and business finances.

This podcast covers topics such as eCommerce, financial goals, investment, as well as reviews of financial management apps which you can download and try out. You can listen to the podcast while driving o resting at home as it won’t take up as much attention as reading a book would.

1. Finance & Economics Courses – Khan Academy

If you are looking for a more comprehensive overview of business management, economics and financial literacy, Khan Academy is a great choice for multiple reasons. This is a free learning resource that you can use as much or as little as your schedule allows.

Khan Academy covers a very wide range of financial management topics, ranging from macro and microeconomics to taxation, accounting and banking. Following that, you can delve into supply and demand, production management and other more in-depth financial topics. The platform will help manage your business’ finances better both in prosperous and uncertain times, so make sure to take a look at its courses.

1. The Millionaire Next Door – Thomas J Stanley

Going back to printed publications, The Millionaire Next Door is a great choice for business owners with big ambitions in regards to long-term corporate expansion. The author successfully identified seven traits shared among successful business owners and millionaires, breaking them down into practical tips which you can apply.

This book is less focused on technicalities of financial literacy and cost management and more on personal coaching for business owners. Regardless, with additional resources, it can prove very useful given its subject matter and real-world examples of people who became millionaires through smart finance management.

1. The Money Manual – Tonya B Rapley

Managing a business can often be overwhelming, especially if you are a small business or startup owner with a lot on your shoulders. The Money Manual is written with the intent to help entrepreneurs in need of financial literacy manage their businesses more skillfully.

Author Tonya B Rapley did a great job breaking down complex financial terminology into digestible chapters with actionable takeaways and tips for practical application. The book extends from business management and into personal finance management with the goals of improving your livelihood as a whole. Rapley and her upbeat writing will ensure that you come out of her book more financially literate and encouraged to take control of your business.

1. Freakonomics Radio – Stephen J Dubner

As its name might suggest, Freakonomics Radio is a podcast managed by journalist and author Stephen J Dubner. The podcast covers a plethora of topics related to business management and how you can manage sales and negotiation more efficiently.

It draws parallels between financial literacy topics and human behaviors, giving you an inside look at how people think when facing tough financial decisions. Every topic features takeaways and conclusions which you can try out in your own business. The idea behind Freakonomics Radio is to make it easier for business owners to solve difficult financial problems through a practical, podcast-based support system.

1. Business Management Courses – Study.com

Once you’re ready for a comprehensive look at how to manage your business, from basic principles to advanced finance management, you should check Study.com out. The platform is another great example of a free online resource that you can use as a literal guidebook on how to run your business.

Topics covered on Study.com range from aforementioned Business 101 and HR management to laws of economics, investment, taxation and business loans. The platform features gamification and is very intuitive to use, offering options for both novice and expert business owners to hone their financial literacy further.

1. The One-Page Financial Plan – Carl Richards

As a business owner, you want to streamline and simplify your financial management as much as possible and focus on running your business instead. The One-Page Financial Plan by Carl Richards is a book written with simplicity and application in mind.

As its name suggests, the book focuses on helping readers simplify their financial management operations down to a single sheet of paper. While it may seem impossible at first, Carl Richards successfully applies his own experience as a journalist and illustrator for the New York Times. Through his book, you will be able to cut down on your expenses, save more and be able to invest resources into meaningful business decisions.

Developing your Financial Literacy as a Business Owner (Conclusion)

Depending on how large your company is, you may not have the luxury of making poor business decisions without the risk of going under. Judging by recent reports, 39% of people don’t save anything due to expenses, while the savings accounts of 36% lie empty because of insufficient income. Be proactive and learn about financial management sooner rather than later to avoid turbulent waters and grow your business in a smart way. Check out and combine the educational resources for business owners we’ve discussed and your financial expertise will reflect those efforts.

Bio: Angela Baker is a Writer, Editor and a Proofreader with years of experience working with Get Good Grade academic writing service. Her career portfolio covers a range of industries, from business development, advertisement and IT all the way to finance management. Angela’s writing expertise can be seen in HireWriters review where she also contributes with her editorial and content writing efforts. In spare time, Angela aims to learn more about writing and how to become a copywriting expert for the benefit of readers worldwide.

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