Get Financially Savvy – and Get Social!

April is Financial Literacy Month. Here are some ideas to boost your Financial IQ.

When a retired businessman living in a senior living facility in Orlando wanted to start an investment group just to kick around ideas about his personal investing and exchange ideas with other residents, he got more than he bargained for.

It turned into a once-a-month discussion and Q&A session on everything from basics like investment terms they might hear on TV to questions about what will happen in the stock market.

No one knows when the market will go up or down,” he says, and adds that he doesn’t offer advice “except to maybe steer residents to a recent Wall Street Journal article or financial TV program that might offer insights.”

“I had no idea how little people knew about strategic financial planning and through these meetings we’ve covered the basics like what the Nasdaq is and what’s trading on it,” he says.

One resident who goes to the meeting each month, even though she has her own financial planner and has been doing her own research for years, says, “It’s a fun and informative way to keep up on what’s going on in the market.”

Investment Clubs

For those who want to learn and share ideas, consider an investment club with family, friends—or residents at your senior center.

According to an article on Go Banking Rates, “Investment clubs can be a powerful tool for learning from like-minded individuals. “They not only enhance your financial literacy but also empower you to make informed investment decisions. By pooling your resources with your family, you can collectively grow your investment portfolio and net worth, fostering a sense of confidence and control over your financial future.”

This article gives advice on finding members and setting a budget, determining goals and choosing a legal structure (LLC).

Ask the Expert

Sonja Breeding, vice president of investment advice at wealth management firm Rebalance in San Francisco, advises those who want to start investing as a hobby with friends can start with books on investing in a book club setting.

“Books like Burton Malkiel’s A Random Walk Down Wall Street or Charlie Ellis’ Rethinking Investing are excellent books for the beginner investor,” she says.

She also suggests Barron’s or Investopedia for financial news and terms, Morningstar for mutual fund ratings, newsletters like Motley Fool, and watching such programs as Wealthtrack with programs on Investment Planning.

Barbara O’Neill, Ph.D., CFP®, is a contributor for Annuity.org and author of Flipping A Switch: Your Guide to Happiness and Financial Security in Later Life. She suggests learning more about finances through libraries, senior centers and local colleges.

She adds, “Other sources include city cooperative extension offices with financial education programs, presentations at AARP meetings and organizations such as the American Association of Individual Investors (AAII.com).”

“My piece of advice for older adults in the financial education classes I teach is to learn one new thing about personal finance every day. Pick a method that matches your lifestyle and learning style. For example, I listen to financial podcasts while I walk 10,000 steps on my treadmill,” says O’Neill.

Another channel? Look for Senior Planet financial courses – there’s a whole section about them here. 

Tips on finding like-minded investors for an investment club

+Invite a financial planner to your senior center to do 101 seminars to gauge interest.

+Websites like www.investor.gov offers investing basics like diversifications and asset allocation.

+Meetup groups offer investing clubs for seniors (meetup.com)

+Betterinvesting.org for investment clubs around the country

+Check resources from AARP for Financial News and Investment Advice.

+Your local library: A recent search came up with a class called, “Financial Literacy 101 for Adults” at the Orlando Public Library with budgeting and building financial goals as topics.

+Reading books such as 12 Ways to Retire on Less: Planning an Affordable Future, by Harriet Edleson.

 

Jennifer Juergens Thomas has a lifelong interest in how people get together.  As a former AP reporter she covered feature stories and later wrote about conventions from Anaheim to New  Zealand as editor of Meetings and Conventions magazine. She was a public relations consultant for clients like the Society of Incentive and Travel Executives focusing on how and why people need to get together. An Orlando resident, she continues to contribute to Meetings Today magazine among other ventures.

 

Your use of any financial advice is at your sole discretion and risk. Seniorplanet.org and Older Adults Technology Services from AARP makes no claim or promise of any result or success.