Smart Thinking On Investing – November 25

Smart Thinking On Investing – November 25

Heading up this week’s Smart Thinking is a piece on the mindset you need to unburden yourself and pay off debt soon by the Financial Panther. Chris Reining highlights the difficulty of retiring early for his blog. And Alexa Mason, writing for The College Investor shares some ideas of things to sell for some quick money before Christmas.
 
Debt Discipline writer, Brian, guides us through the process of breaking your financial situation to your kids. And Maggie, author of Northern Expenditure explains that financial freedom is not a marathon actually…
 

Battle Your Mindset to Pay off Debt

 

  • It’s all about your attitude; negativity will prevent you from achieving what is possible—but if you believe it can’t happen, then it won’t
  • The only secret to paying off debt is that “you have to do something that is extraordinary in some way”
  • Only by changing your regular spending habits in an “extraordinary” manner will you reach your financial goal of becoming debt free
  • Maybe it’s a severe reduction of your expenses or with a new side hustle—whatever the approach; make it work for you

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Retiring Early Isn’t a Piece of Cake

 

  • The decision to retire early is not one to make lightly; factor in the pros and cons, but most importantly weigh in the financial life you want for your retirement
  • Frugality isn’t the only way to become financially independent, consider how you can become more valuable—top performers earn the most money
  • Make the stock market work your money for you rather than just trying to save and earn interest
  • Setting the goal to become financially free is relatively simple, but it takes hard work to get there

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Earn Extra Cash for the Festive Season

 

  • Sell old books; college textbooks, fictions books, this is also a great way to make space on your shelves for new titles too
  • Be brutal with your closet; anything still in good condition but that your rarely wear can be sold on
  • Selling you furniture second-hand is another way to earn an extra buck, especially if you’ve taken care of it
  • If you’re exceptionally creative or handy then turn your hobby into a side hustle and sell on your craftwork

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Learning From Your Financial Debt with Your Kids

 

  • Be straight with them about your finances and how it is possible to get into this situation because of credit cards and consumer debt
  • These are lessons they should learn for their own financial future—the earlier, the better
  • Encourage more accountability between you all as a family; do you need to spend money to enjoy each other’s company?
  • Teach them to consider their own purchase decisions and the family’s; should you all learn to hold off for a better debt free future together instead?

Have you shared your financial circumstances with your kids? Share your experience in the comments section below

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“It’s a Marathon, Not a Sprint”

 

  • Well financial freedom isn’t actually, just as with running the goal requires training—and there’s no actual running involved
  • Consider instead making small ‘sprints’ forward—a very different strategy for achieving financial independence
  • By front loading; making large payments initially then stop paying extra you can reach your goal in a much shorter time

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

Check this out!

 

Anything you would like to discuss about Smart Thinking On Investing? Do you have any articles you would like me to cover? Feel free to add it below. Let’s start a discussion in the comments section!

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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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