MAKING CENTS: Where do you get your financial education?

If you read this column regularly, you know that I have a low tolerance for financial procrastinators. Those who know that they need a will, more life insurance or to re-allocate their retirement plan frequently think that re-arranging their sock drawer is more important than getting to the important financial issues that may devastate their plans or survivors. Their creative avoidance of these significant personal responsibilities is often grounded in the same fears – the fear of not knowing what to do or who to trust.

There is no shortage of financial information available for free to those who are seeking knowledge. We have the libraries, the Internet and information published by financial companies and journalists. That too is a part of the problem; there is simply too much information available. So let’s break this knowledge down into categories that correlate to your own education experience.

Elementary financial education is where we all need to start. These are the basics from understanding checking accounts, credit cards and debit cards through a basic spending and savings plan. Earlier this week I attended an all-day meeting of the Massachusetts Financial Educational Collaborative. This not-for-profit agency was established to see that all residents of Massachusetts have access to quality financial education. There is no shortage of information available for free. Look at the masssaves.org web site, and see for yourself.

Intermediate-level knowledge or the high school equivalent is where you’ve mastered the basics and are ready to move into the specifics of portfolio management, evaluating risk management strategies or looking to do pro-active income tax or estate planning. This is where it starts to get impacted or slanted by opinions of the creators. To get the answer that may best fit you, you’ll have to examine all points of view and maybe supplement that with some textbook-like publications.

The university level may be where you are comparing specific strategies, and attempting to assess the possible outcomes of each choice. For this, you will need technology and advanced training such as CFP® or some other professional designation for your own benefit or hire a professional to be your personal professor.

John P. Napolitano is CEO of U.S. Wealth Managementin Braintree, Mass., and 2012 president of the Financial Planning Association of Massachusetts. He may be reached at jnap@uswealthcompanies.com or on Facebook as JohnPNapolitano and US Wealth

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