Managing your money well means saving, spending, investing, and protecting it wisely so you can achieve your goals in life. But schools don’t teach personal finance, and handling money can be tough. Often, we have to learn by trial and error, which can lead to serious mistakes.
To get good at managing money, you need to know what you’re doing and have the skills and the right mindset. You can learn the basics of handling money from many personal finance books. But if you prefer learning with guidance and practice, an online personal finance course might suit you better.
The best courses are led by experts who guide you step by step through managing your money. Some are paid, and others free, but it’s important to find one that’s worth your time. In this guide, we’ll look at the top online personal finance courses.
But first:
Personal Finance Definition
Personal finance refers to the management of an individual’s financial resources, including income, debts, expenses, investments, and savings, to achieve financial goals and maintain financial stability.
It involves making decisions about budgeting, saving for short-term and long-term goals, investing in assets, managing debt, and protecting against financial risks. Personal finance encompasses various aspects of an individual’s financial life, from everyday money management to long-term financial planning.
Top 5 Personal Finance Courses
Here are some of our best picks of personal finance courses:
McGill Personal Finance Essentials
At McGill University, they provide a valuable opportunity for individuals from various backgrounds, regardless of nationality, to grasp fundamental concepts of personal finance. These essentials, vital for financial literacy, transcend geographical boundaries and are applicable globally.
To enroll in these classes, individuals must complete a registration process. Once enrolled, the course unfolds gradually over weeks, introducing a new video class each week. These video sessions serve as an accessible medium for learners to absorb key principles at their own pace.
Additionally, to reinforce learning and assess comprehension, quizzes are integrated into the course structure. These quizzes serve as checkpoints, allowing participants to gauge their understanding of the material covered.
While the classes are led by proficient professors, the format is such that direct interaction with instructors is not facilitated. Nonetheless, the expertise and guidance provided through the course content ensure a comprehensive learning experience.
Moreover, these classes are offered recurrently throughout the year, ensuring flexibility for individuals to engage with the material at their convenience. This approach accommodates diverse schedules and ensures accessibility for a broad audience seeking to enhance their financial knowledge and skills.
Khan Academy
There are plenty of free personal finance courses out there, but Khan Academy stands out for its top-notch online education. Even though it’s free, remember that your time is valuable. With Khan Academy’s 15 years of experience, you can trust it’s worth investing your time.
Founded in 2008 by Sal Khan, Khan Academy is a respected non-profit organization offering free online education worldwide. Sal Khan, who is one of the top personal finance experts with a finance background, personally developed and teaches much of the personal finance course.
What makes Khan Academy special is how Sal Khan teaches. He uses a virtual blackboard to explain concepts just like in a real classroom. Plus, the site tracks your progress so you can see how far you’ve come.
The course includes video lectures, readings, quizzes, and discussions. There are nine courses covering all the essentials, each broken down into manageable units with everything you need.
As a bonus, Khan has teamed up with Visa for a 20-part YouTube series on personal finance.
Ramsey Solutions
Mastering personal finances means changing behavior, which can be tough. Ramsey+ isn’t just a course; it’s a supportive community, making it on our list of best courses on personal finance.
It costs $129 annually with a 14-day free trial. Besides being a great course, it offers a big community of Dave Ramsey’s students who help each other.
Dave Ramsey is a top guru in personal finance, with best-selling books and a radio show. His Financial Peace University has helped many.
Ramsey+ expands on Financial Peace University with more resources and apps. Membership includes access to courses and valuable apps like EveryDollar and Baby Steps.
However, the real value is the support from the community. Joining Ramsey+ connects you with thousands of others on the same journey, plus a money mentor. That’s worth the membership fee.
Duke University
Duke University has a solid reputation for academic excellence, and they’ve put their expertise into developing a behavioral personal finance course. It digs into how your biases and attitudes about money affect the choices you make, which can really impact your financial future.
The great thing is that you can access this course for free on Coursera.org, a well-known online learning platform. While the course itself doesn’t cost anything, you have the option to pay for certification if you want it. It’s taught by Emma Rasiel, an economics professor at Duke, who breaks down the material into easy-to-understand online videos.
Throughout the five-hour course, you’ll learn about common money mistakes people make and how to avoid them. Rasiel helps you recognize your own biases, which can lead to bad decisions and gives you practical tips to overcome them.
EdX’s Finances for Everyone: Smart Tools for Decision-Making
This is one of the best overall personal finance courses and for a few reasons. First, it’s comprehensive, offering a ton of learning tools and resources. Plus, it’s self-paced, meaning you can go through it at your own speed. And guess what? It’s totally free!
Here’s what’s cool about it. The course follows a college structure but lets you learn at your own pace. It’s taught by Gautam Kaul, a finance professor at the University of Michigan’s Ross School of Business. You’ll spend about five to six hours a week for six weeks watching short videos and doing interactive exercises.
What’s neat is that it’s not just videos. You also get tutorial videos, kind of like those discussion groups you’d have on campus. And there’s an online forum where you can chat with other students and teaching assistants.
This course is perfect if you’re just starting out with finance stuff. It focuses on boosting your financial literacy, starting with the basics, like the time value of money. Once you’ve got that down, you’ll be better equipped to make smart money decisions.
Why Is It Important to Study Personal Finance?
Studying personal finance is crucial. It helps you master money management skills and achieve financial goals. With personal finance knowledge, you can make informed decisions about budgeting, saving, investing, and protecting your finances.
Understanding personal finance also enables you to navigate financial challenges confidently. This leads to greater financial security, independence, and wealth building.
Key Takeaway
Mastering personal finance is essential for achieving your life goals, and online courses offer accessible avenues for acquiring the necessary knowledge and skills. Despite the lack of formal education on personal finance in traditional schooling, these courses provide valuable resources for individuals to navigate their financial journeys effectively.
Whether you opt for free options like McGill University’s Personal Finance Essentials or Khan Academy’s comprehensive offerings or invest in paid programs like Ramsey Solutions’ Ramsey+ or Duke University’s behavioral finance course. Each option presents unique benefits tailored to different learning styles and preferences.
These courses can help you gain a deeper understanding of budgeting, saving, investing, and protecting your finances, ultimately empowering you to make informed decisions and achieve financial stability.
Regardless of which course you choose, the journey toward financial literacy and security begins with taking the initiative to learn and grow. So, explore the options, find the right fit for you, and embark on your path toward financial well-being.
