We all know what an IQ is – our intelligence quotient. Our IQ is a number that reflects our intelligence, ranging from a deficit to genius levels. Similar to an IQ, our EQ – or emotional quotient – measures our range of emotional genius. Your money IQ measures your knowledge about money, how it works, and how it is managed.
Your IQ, EQ, and money IQ don’t have to be static. They can move from barely there to off the charts. Assessing what you know about money can make a way to learn more or fill in any blanks that keep you from being the genius you were meant to be.
How do you rate your money IQ? Where do you begin? Ask yourself these questions to get started:
Q- On a scale of 1-10, how much do you know about money?
Q- Do you understand the general principles about compound interest, investments, and other ways to make your money work for you?
Q- As time has gone by, has your wealth increased, stayed the same, or decreased?
Answering these questions can give you a general idea whether your money IQ has room for improvement. The great news is you can begin to improve your money IQ anytime. Here are some great ways to learn more about money and how it works for you.
- Use a money management app
- Follow a money management influencer on social media
- Read books on wealth and biographies on wealthy people
- Sign up for a wealth-creating workshop
- Take a community class on finance
- Watch videos on YouTube
- Listen to podcasts
In today’s world, learning and expanding your IQ is easier than ever. There are many ways to take in new information and increase your knowledge base. Find the right delivery system for the way you prefer to learn. Don’t be intimidated by what you don’t know. Learning anything new can seem overwhelming until you get to know the concepts and the lingo. Before you know it, your money IQ will be a genius level, and your wealth will be obvious.
