Smart Thinking On Investing – October 28

Smart Thinking On Investing – October 21

I wanted to head up this week’s Smart Thinking with a piece by Spencer Mecham for Modest Money on the three mistakes you’re likely to make as a beginner investor. Erin Lowry, the author of Broke Millennial, offers some insight into juggling unequal incomes in relationships. And Stefan Sharpe, writer of The Millennial Budget blog, interviews a young millionaire to uncover how to become one.
 
Holly Johnson of Club Thrifty bares her young financial mistakes and what she learned from them. And Kay Walker for the Chelsea Krost site highlights how you can be a successful millennial entrepreneur…
 

Novice Stock Market Mistakes to Avoid

 

  • Take the time to research the stocks you are interested in; if you only choose a few, make them from a variety of sectors to balance your risk level
  • Be aware of the fees you pay to trade; as a beginner with an expensive broker these can swiftly add up and negate the returns you’re making
  • Avoid following the crowd—and social media advice—it can be dangerous to buy into hyped up popular stocks

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Balance the Books in Your Relationship

 

  • Be as open as possible about your financial situation; keeping secrets about money can be the downfall of communication
  • Set budgets together for expenditures; to keep things fair
  • Create a framework together for handling money to lay good foundations for the future of your relationship and your finances

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Becoming a Millionaire at 30 Years Old

 

    • It is not easy as it’s a road that involves sacrifices and strong will; start new savings habits today to begin your journey
    • Work hard and look to improve your worth within your job and be open to expanding your knowledge and potential opportunities
    • A combination of saving and investing is at the core of any successful wealth building strategy
    • Invest as early as possible to turn the power of compounding to your advantage

Any particular financial strategies that are working well for you? Share your comments in the section below

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Lessons Learned From Making Financial Mistakes

 

  • Avoid getting talked into purchases you cannot afford; by both salespeople and yourself!
  • Choosing to buy goods on hire purchase is little more than “self-imposed enslavement”
  • Budgeting will help you learn to track your spending and begin to recover from any financial mistakes
  • Be disciplined and live within your means; discover how to say “no” and walk away from these situations in the future

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Be a True Part of the Entrepreneur Generation

 

  • As the first generation to grow up surrounded by digital technology, millennials are making the most of this and paving their own way in the business world too
  • Becoming an entrepreneur allows you to express your creativity and passion as well as take charge of your time and lifestyle
  • Plan ahead and be prepared; set yourself up financially with a safety cushion—enough to support your monthly expenses in times of instability
  • Nothing happens overnight; adjust your mindset, work hard, and stay motivated

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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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