"Finlit", the new buzz word

This weekend there was a great article published in the National Post about Financial Literacy. If you haven't read it may I suggest you do?  I love what author, Jonathan Chevreau,  had to say about the new legislation and reading between the lines.

The new proposal was written by a bunch of men (and maybe one woman) who basically are in charge of companies that profit from your lack of understanding about their products.  Not one of these men have ever sat in an office and conversed with the average wage earner on a day to day basis at least not in a very long time.  Mr. Flaherty has accepted their proposal and in fact praises it.

In my opinion this report is like putting the fox in charge of the hen house.  And how do the banks get their message to you?  Well here's one banks idea of a good deal.  They contacted me and "offered" me a deal where they would send me their information and I would write and blog about how wonderful they were.  And what were they going to do for me?  This is beyond generous.  They were going to make sure I got a lead on their news releases and statistics on their studies before they became main stream!  Oh and did I tell you they were also going to make someone available to answer my questions.  A real spin Doctor. I'm sure.

Oh yes, everyone is on the "Finlit" bandwagon.  If you're looking to improve your own personal financial literacy level, below are a few tips to get you started:

1. Establish your goals.
When it comes to financial literacy, where do you want to improve? Do you want to start investing? Saving? Learning more about certain financial topics that currently intimidate you?
2. Immerse yourself in the online community.
There are a plethora of blogs and Twitter accounts out there designed to offer tips and tricks for individuals who are looking to improve their financial literacy. Bank Nerd, Rob Carrick of the Globe and Mail  and Gail Vaz-Oxlade's Making Money Make Sense are three good places to start.
3. Start reading the business section.
And more specifically stories that relate to personal finance. Many newspaper articles and columns will address complicated financial topics in a simplified manner. They'll also talk about new government programs and rebates as they arise.
4. Talk to people.
If you have a friend who is an investing wiz, talk to him or her! They'll probably be able to point you in the direction of interesting books, trusted professionals or other resources that can help you along your journey.

All of this will do more for your "FinLit" than any government proposal adopted from the very corporations that make tons of money off your lack of understanding.