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Smart Thinking On Investing – July 29

Smart Thinking On Investing – July 29

Michael Ruderman starts us off this week with his take in the Huffington Post on what you can learn from Pokémon Go to apply to your finances. Georgi Boorman, a writer for The Federalist, sheds light on myths that millennials’ believe are making them poor. And Brittany Jones Cooper for Yahoo Finance asks if you’re ready to kick start investing in stocks?
 
John Schmoll from Frugal Rules helps you get naked with your partner…about your finances. And Ben Carlson, author of A Wealth Of Common Sense teaches us that there is no right and wrong when it comes to asset allocation for young investors…
 

What Pokémon Go And Your Finances Have In Common

 

  • You need to level up your income; boosting your salary intake is the first way to do this—negotiate yourself a healthier income and start saving
  • You can take advantage of so many fulfilling experiences in life without spending anything, as with Pokémon Go, you just have to get out there
  • As in the Poké world, the same is true in finance; you have to work at goals to achieve them—hatching that 5 km egg and your nest egg both require drive

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Millennials: Break Out Of Self-Induced Poverty

 

  • Start being positive about your financial situation—trim the excessive fat away on your disposable income expenditure; aim for lean outgoings and a fatter wallet
  • Learn that debt is a state of mind as much as a financial issue, avoid further debts by not buying any consumer purchases and start to pay off what you owe asap 
  • Be positive about having multiple jobs; you are expanding career options, showing capability and strength of character, and can be making the most of available opportunities

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Kick Start Investing In Stocks

 

  • Start to look into investing once you’ve paid off your debts and you have an emergency fund saved; three to six months of your salary should do it
  • Set goals and ask yourself what are you investing for. A vacation? A house? Or most importantly, are you investing for your retirement?
  • Choose a broker by doing your homework on what works for you; decide whether you want to be more hands on in your trading or if you’re confident to buy and hold for the long-haul on your own

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Have You Laid Your Finances Bare to Your Partner?

 

  • Trying to get on the same page financially is all about communication; it’s key to laying the groundworks for stable financial foundations together
  • Be open about your situation, in fact get naked about it; keeping your debts a secret does neither of you any good moving forward
  • Discuss the future; joint bank accounts, spending limits, budgets etc., and adjust your mindsets to move forwards on your long-term financial goals as a team

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No Right Or Wrong Answer To Asset Allocation

 

  • The state of your personal finances matters more than the contents of your portfolio; live inside your means, avoid credit card and consumer debts, and create sensible money habits
  • Capitalize on your longer investment horizon and consider your risk tolerance when choosing between assets
  • Above all think rationally; when investing you’re likelier to be more successful by standing apart from the crowd rather than letting them influence your decisions

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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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