This is the first in a series that will occupy the “Money Hacks” slot at Get Rich Slowly during April, which is National Financial Literacy Month.
While browsing YouTube a couple weeks ago, I stumbled upon some short videos about saving and investing. They were low-key and low-tech, and I might have dismissed them except that the information they contained was solid and easy-to-understand.
Intrigued, I contacted Michael Fischer, the man who created the videos. We spent half an hour chatting on the phone, and discovered that we have similar objectives — our aim is to increase financial literacy. Michael even published a book on the subject. He writes:
This subject is not about greed, short-cuts, opinions or speculation — it is about being informed, and about being rewarded for participating in our financial system in order to provide a better life for ourselves and others.
Not understanding saving and investing means not being able to evaluate investment options, it means missed opportunities, and ultimately often very serious financial problems. Problems that can arise because of a lack of financial literacy include:
- Making bad investment choices
- Not understanding investment choices
- Not saving because of a lack of confidence
- Not making use of government saving incentives that allow taxes to be saved
- Not enough money at retirement
- Too much debt
- Not understanding what is happening in the economy and the financial world around us
On the other hand, by understanding and acting through proper saving and investing principles, financial freedom is a very real and possible outcome for many of us.
Here, then, are the first two videos in the series. The first is an introduction to the subject. In the second, Michael shares a bit of his background and describes why he decided to write Saving and Investing and to make these videos.
Introduction to Saving and Investing (2:19)
Michael’s Background (3:24)
This may seem tedious, but I encourage you to stick with it. These videos are short. Fischer does a good job of presenting things clearly. If you watch the entire series day-by-day, you will increase your financial literacy. Starting tomorrow, I will provide additional commentary and offer links to supplementary information for each video.
Michael Fischer spent nine years at Goldman Sachs, advising some of the largest private banks, mutual fund companies and hedge funds in the world on investment choices. Look for more episodes of Saving and Investing at Get Rich Slowly every weekday during the month of April. For more information, visit Michael’s site, Saving and Investing, or purchase his book.