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#178: Financial Counseling Chapter 2 - Personal Finance Competencies in the Practice of Financial Counseling

Season #1

Josh and Amelie discuss the second chapter of the Financial Counseling textbook by Durband, Law, and Mazzolini. 

Top takeaways:

  • Financial knowledge is very baseline (what is a savings account). Financial literacy is the understanding of how to apply the knowledge.
  • Financial literacy only really works when you’re teaching people about things that are directly relevant to their lives at that point in time.
  • Financial capability is the ability to actually implement the knowledge.
  • Financial ratios are great, but many guidelines are situation-specific.
  • It’s important to be aware of potential scams to help your clients protect themselves.
  • Be aware of the topics (taxes, insurance, investing, estate planning, etc.) that bring higher liability and may be legally regulated as far as what you are and are not allowed to discuss.
  • Make sure you do some kind of continuing ed to stay on top of research, methods, scams, etc.

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