Smart Thinking On Investing – January 13

Smart Thinking On Investing – January 13

In Smart Thinking this week, Erin Creates of Journey to Saving shares her money management system as an alternative to budgeting. Sarah Li Cain from High Fiving Dollars relates the story of a couple who lost their entire retirement fund but clawed it all back again thankfully. And writing for Planting Money Seeds, Miranda Marquit admits how even financial bloggers are bad with money sometimes!
 
Matt Becker, author of Mom and Dad Money blog, lays out his steps to building a better life financially. And Maggie Germano, guest blogging on Women’s Money, urges us to be open with our S.O’s about money…
 

Value-Based Money Management

 

  • Don’t save out fear, spend your money based on your values, and save by questioning your purchases
  • Set up automatic transfers to move money automatically into your savings account and relieve the pressure of having to choose between spending or saving
  • Keep an eye on your accounts and expenses to know your cash flow, lay the foundations so then you can work out your priorities and keep your spending on track

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How a Couple Recovered From Losing $1.5 Million

 

  • In March 2000, Robertson and Schullo’s entire investments came crashing down after they’d poured all their money into 35 tech stock funds
  • But the couple rallied, taking joint responsibility for concentrating their investing strategy in just one sector
  • They altered their approach entirely, and in 8 years built up what they’d lost with a frugal lifestyle and a truly diversified index portfolio

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Being Bad With Money

 

  • One of the worst things you can do is to stop tracking your spending and keeping an eye on your accounts properly
  • Automate your bills and debits to avoid missing payments; this is a dangerous spiral which will only get further out of control if you let it
  • As tempting as it may be to hit the pause on your savings while things recover, it’s not a habit you want to keep breaking—stay connected to your money

Were you bad with money in 2016? How did you overcome your financial problems? Share your experiences in the comments section below

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What Does Your Financial Happiness Look Like?

 

  • Sit down and visualize what you want your future to look like five years down the line, then put pen to paper to prioritize these aims according to what you’d like to achieve and in what order
  • If you have a partner, include any joint goals, and determine what doesn’t make the cut—steer money from expenses that you can live without towards the ones you can’t
  • Define these aims as SMART goals, creating clear, actionable targets for each, and finally, take action!

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Relationship AND Financial Harmony

 

    • Studies show that money is amongst the top reasons for arguments between couples, and it’s all boils down to a lack of communication
    • Set up a more constructive approach to discussing this taboo subject with your partner by being completely honest with them to dispel any secrecy
    • Avoid making accusatory statements, be open, and set up the conversation to consider your financial goals together as a unit

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    Do you want to start investing on your own, but don’t know how?

    Check this out!

     

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    DISCLAIMER: This content is for information purposes only. It is not intended to be investment advice. Readers should not consider statements made by the author(s) as formal recommendations and should consult their financial advisor before making any investment decisions. While the information provided is believed to be accurate, it may include errors or inaccuracies. The author(s) cannot be held liable for any actions taken as a result of reading this article. Andrew Stotz doesn’t necessarily endorse any stocks or shares mentioned in the articles or the author of such articles linked to and summarized in Smart Thinking On Investing and cannot guarantee the accuracy of its information.

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