Smart Thinking On Investing – November 04

Smart Thinking On Investing – November 04

On Smart Thinking this week, check out Chonce Maddox’s guide on Frugal Rules to how your job can actually save you money! Entrepreneur Chelsea Krost discusses how millennials are becoming a financially fit generation in her blog. And Kali Wilder, editor of Black Enterprise, shares ways millennials can conquer their financial circumstances.
 
The Financial Panther’s article may shock and surprise you when he uncovers just how much your debt may be costing you per day! And A Wealth of Common Sense’s author Ben Carlson discusses loss aversion from a few celebrity perspectives…
 

Take Advantage of Work Perks and Save Yourself Some Dollar

 

  • Save on that out-of-office latte and make the most of work coffee; that’s a few bucks a day depending on your caffeine habit
  • Take up any discounted gym and health club memberships; not only is this great for healthy motivation, but it’s also good for your wallet too!
  • Some employers will also help towards betterment with study and training fees—improving your skills benefits you and them
  • There may also be mileage or parking permit perks as part of your employee package—remember every little helps

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Millennials; Technology is Key for Financial Fitness

 

  • Budgeting is dull, yes, but keeping track of your spending habits with the latest in budgeting apps can lead to more money for social activities
  • There’s a wealth of knowledge online to fill in the financial gaps that formal education fails to prepare you for—the internet has a vast supply of courses and financial how-to’s available
  • Be fiscally savvy by thinking both about your short-term financial goals and your long-term ones—don’t concentrate too much on the first and forget the big picture
  • What technology do you use to take charge of your finances? Share your comments in the section below

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Don’t Let Your Financial Circumstances Hold You Back

 

  • With social media being all about sharing don’t let it spur you into jealous rivalry to compete with your peers for the latest in gadgetry and possessions
  • Package yourself and your skill set to optimize your employment potential—and don’t forget; the shape of ‘retirement’ is changing, always keep this focus in mind
  • For financial freedom, incorporate saving into your daily habits; work to avoid living paycheck to paycheck—and don’t sacrifice your 401(k) for your first business

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Motivate Yourself to Pay Off Your Debt Faster

 

  • Debt incurs interest, right? But perhaps you didn’t realize that the minimum repayments you’re making aren’t even touching the original balance of the loan
  • It’s in the bank’s ‘interest’ to keep you paying your loan off as long as possible because you incur more and more interest
  • Budgeting will help you learn to track your spending and begin to recover from any financial mistakes
  • Sit down and calculate how much your debt is costing you per day and then create a plan to get it paid off as quickly as possible—and now you know how much you’ll be saving!

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We’re All Alike When it Comes To Loss Aversion—Even Celebrities

 

  • Loss aversion; avoiding losses as they hurt more than gains
  • David Letterman regrets the time he spent focusing on the Late Show; he never enjoyed the great shows as much as the agony of the bad ones
  • Tennis Player Andre Agassi describes the joy of a win as sadly inferior to the intensity of a loss and says that it doesn’t last half as long either
  • And Zac Efron struggled to overcome negative comments on social media in comparison to positive ones—to the point of removing himself from it entirely

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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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