Guest Blogger Gabriella Bedford
In this special guest blog, Sammy Rabbit is proud to showcase British financial campaigner Gabriella Bedford!
This is Gabriella's second blog for Sammy Rabbit's 'Be the Change' financial literacy initiative. Her first blog was titled: Are We Educating Our Youth Into Debt?
Debt is a double-edged sword!
The old adage that the only certainties in life are death and taxation should probably also include some form of debt as borrowing money is almost inevitable – whether you’re an individual, a business, or even a government. As such, learning the ins and outs of debt are one of the most important parts of your personal finance education.
Debt is often compared to fire—when used wisely, it can be a powerful tool, but one small misstep can leave you severely burned. Mismanagement of debt often leads to severe consequences, including financial ruin, strained relationships, and broken families. Recent research reveals that 1 in 5 couples wishing to separate remain trapped together due to financial concerns.
In my view, the starting point of any young person's financial education should be embarking on a journey to learn about credit, loans and debt. Understanding the fundamentals can provide the foundation needed to make informed decisions and avoid the pitfalls of borrowing.
Take the first step
Empowering yourself with knowledge doesn’t have to be overwhelming. By dedicating just 5–15 minutes a day to your financial education, you can gain the confidence and skills needed to make smart financial decisions which could be through watching videos, reading articles or following finance creators on social media. Remember, consistency is key — invest in your education, and the payoff will be life-changing.
Step 1: Watch videos and read!
I recommend starting your learning journey by exploring some beginner-friendly videos and reading introductory articles (three would suffice) on each of the following topics: loans, debt, and credit. To help you get started, here is one resource of each type for each topic. From there, you can "search" for additional resources on your own. Comparing and contrasting information from multiple sources is a great way to deepen your understanding and ensure you're getting a well-rounded perspective. That said, be cautious of content designed solely to promote specific products or spread misinformation.
Videos
What is Debt | Source: Money Academy
Loan Basics | Source: Clarifi.org
How does a Credit Card Work | Motley Fool Money
Q&A on Debt with Martin Lewis | Source: This Morning Interview and How to Teach Your Kids About Debt | Source: Martin Lewis - MoneySavingExpert.com
Articles
Debt: What is it .... | Source: Investopedia
What is a Loan? | Source: Nerd Wallet
What is Credit ... | Source: PNC My Finance Academy
Debt Problems & How to Get Help | Source: Marin Lewis - MoneySavingExpert.com
Final Thoughts for Now
Let's continue to communicate and advance awareness and knowledge about personal finance!
We'd love to hear how your finance self-learning journey is progressing and what resources you’ve found most helpful.
If you have any questions or would like more suggestions, feel free to reach out to
us.
Stay tuned for Part 2 of our series: "Understanding Good vs. Bad Debt!
Discover more about our featured Guest Blogger
To learn more about Gabriella, connect with her on LinkedIn: Gabriella Bedford.
Attention Young Leaders
We welcome and invite you to participate in Sammy's 'Be the Change' financial literacy initiative for college and high school students.
(1) Join peers advancing awareness on the importance of early age, youth, and family financial education by having your journey into financial literacy featured as a Sammy Rabbit Guest Blogger.
Arin Wani: Teen Leader Was Encouraged to Aim High!
Jacklin Wang: Becoming Financially Literate Since Age 9
Index of Student Blogs (Click and scroll down)
(2) Then volunteer as a Sammy Rabbit Ambassador or Intern championing financial literacy in your community and around the globe! Learn more in these blogs or by CONTACTING Team Sammy today! We welcome your questions and suggestions on Sammy Rabbit and his mission to get kids, families & communities financially literate.
