When it comes to personal finances, the benefits of education can lead to considerable economic success later in life. According to a 2024 “Investing in Tomorrow” study by Tyton Partners and Next Gen Personal Finance, taking a one-semester high school course in personal finance can result in a lifetime benefit of approximately $100,000.
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“Personal finance literacy is the cornerstone of a resilient and empowered society,” said Tim Ranzetta, Co-Founder of Next Gen. “When students take a course in personal finance, it not only sets them up for their financial future but results in so many positive behavioral outcomes as well.”
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The Future of Financial Literacy
Financial literacy legislation is trending among U.S. states. As CNBC reported last year, dozens of states have authorized mandatory completion of a personal finance course before graduating high school, and “there are another 43 personal finance education bills pending in 17 states.”
Learning how to prevent revolving credit card balances and using higher credit scores to obtain favorable borrowing rates for important costs like home mortgages, auto loans and insurance account for the value being placed on this early financial education movement.
Whether it’s creating a responsible budget or recognizing what investment opportunities are right for you, early learning is essential to grow a knowledge base that you’ll use throughout your life. But what about the many Americans who never had the opportunity to study personal finance in high school and have never sought out an adult education program on the subject?
What Are the Best Personal Finance Courses You Can Take?
Don’t feel embarrassed about not completing a degree or being less than aware of your personal finances. Many people didn’t learn about personal finances in high school. However, it’s never too late to further your education and use it to better your earnings throughout your life. Missed chances are only missed if you avoid taking steps to learn.
Don’t discount checking in with your local financial institution sites for free, informative resources. But if you want to take a deeper dive, online learning platforms have a seemingly unlimited amount of free education classes to explore.
Here are four CNBC Select-recommended courses that will get your personal finance knowledge up to snuff.
Personal Finance 101: Everything You Need to Know
Udemy offers thousands of course on its platform for next to nothing or free. It’s general Personal Finance 101 tutorial is free (unless you want a certificate of completion and instructor access) and offers, “Everything you need to know about personal finance in the U.S, presented through concise, engaging, animated videos,” per the site.
Introduction to Life Insurance and Retirement Savings
CNBC suggests taking Alison’s “Introduction to Managing Your Personal Finance Debts” course, but the “Introduction to Life Insurance and Retirement Savings” class might be a smarter use of your time as an adult. This Continuing Professional Development (CPD) accredited course is free and takes around 1.5-3 hours to complete online. In it, you’ll learn the basics and importance of protecting your family with life insurance and planning for your retirement planning. Along the way, you’ll learn about different term and whole life insurance policies and traditional and Roth IRAs and 401(k) retirement savings plans.
Master Your Money — Personal Finance, Investing, and Productivity for Beginners
Although Skillshare is a subscription-funded learning platform, a free trial will give you access to thousands of course choices. CNBC Select recommended “My Financial Mountain: Understanding Your Path to a Solid Financial Foundation,” but it doesn’t seem to be offered anymore. However, there are many similar comprehensive courses to check out, like “Master Your Money — Personal Finance, Investing, and Productivity for Beginners.”
Create a Budget with Google Sheets
Last, but not least, Coursera’s “Create a Budget with Google Sheets” guided project will take learners on a detailed budget-creation mission, using Google Sheets to build a basic, but fully-functional and formatted, personal or profession budget. Coursera has tons of financial tutorials available on subjects like personal finance fundamentals, understanding markets and investment management.
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Sources:
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Tyton & Next Gen study, “Tyton Partners’ ‘Investing in Tomorrow’ Research Reveals a $100,000 Per Student Impact of High School Financial Education“
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CNBC, “Taking one personal finance class in high school has a lifetime benefit of roughly $100,000“
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CNBC Select, “These four free personal finance courses can set you up for financial success in three hours or less“
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Udemy, “Free Personal Finance Tutorial – Personal Finance 101: Everything You Need to Know“
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Alison, “Life Insurance and Retirement Saving“
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Skillshare, “Master Your Money– Personal Finance, Investing, and Productivity for Beginners“
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Coursera, “Create a Budget with Google Sheets“
This article originally appeared on GOBankingRates.com: One Personal Finance Class Can Add $100K To Your Wallet — Here’s How
