To keep on top of our finances there are some skills that are really important to know.

Some may seem basic enough but you’d be surprised by how daunting they can be to some people.

Use this list as a checklist and when you’re confident you can tick them all off, you’ll be a master of your own financial security.

35 Financial Skills Everyone Needs to Know

1) Opening a checking, bill and savings account.

2) Depositing into bill and savings account on each paycheque.

3) Manage your bank account online and with Apps.

4) Learn and establish a Certificate of Deposit Ladder.

5) Setting payment for your bills up online.

6) Link your bank accounts using ABA Routing.

7) Request, review and understand your free annual credit report.

8) Be able to contest errors or inaccuracies on your credit history.

9) Learn about the best rates and structures for loans (car loan, mortgage).

10) Learn the best times to exchange currency.

11) Create a household budget and stick to it.

12) Create an emergency fund (To keep you going for 6 months with no income).

13) Learn how to use coupons.

14) Sell unwanted items on Ebay, Craigslist or similar.

15) Shop around for insurance (House, car, contents etc.)

16) Negotiate better plans with service providers (TV, Broadband etc)

17) Get a Passport.

18) Learn the art of Haggling.

19) Learn to prepare your own taxes.

20) Understand marginal tax brackets

21) Learn how to E-File.

22) Understand how to handle an IRS audit.

23) Pay estimated quarterly returns.

24) Learn how to amend a tax return.

25) Learn what legal structures are in place for sheltering your income.

26) Open a Roth IRA.

27) Open a brokerage account.

28) Rollover your 401(k) to a Rollover IRA.

29) Learn how to read a stock chart.

30) Learn how to read a mutual fund prospectus.

31) Start buying stocks, bonds, ETFs or mutual funds.

32) Learn about buying Treasury bonds at a bank.

33) Learn how to read and understand a company’s financial report.

34) Prepare your last will and testament.

35) Learn how to assume power of attorney.

Related Posts

Leave a Reply

Your email address will not be published.