Smart Thinking On Investing – September 30
Smart Thinking On Investing – September 30
Toby Nwazor, writing for Modest Money, shares some risk avoidance tips for the new investor. And Jon Dulin, author of Money Smart Guides, has some smart hustles to share for making extra income…
Master the Art of Becoming a Financial Stud
- Being a financial stud is someone debt free (save for their house), with a six-month emergency fund or who has saved at least 12.5 times their yearly expenses
- To become one involves super-saving and avoiding debt at all costs—in ten years of saving 50% of your income you can have an 18-month emergency fund to set aside
- These are long-term ideals but start small; set a reasonable time frame to begin with and economize where you can to achieve it
Experiencing Dark Days On Your Financial Journey? Don’t Give Up
- Check out your progress: It’s always motivating to see what you’ve achieved so far
- Give yourself a rest: Well-deserved breaks will help keep up your stamina up for your long-term financial goals
- Ask for help: Work with someone who will hold you accountable and inspire you to stay driven
- Reassess your plan: Life changes all the time, sit down and “revisit your why”
Investing Mistakes; Being Forewarned is Forearmed
- The internet is a great source of research but don’t limit your financial education to just that; ask questions of your peers, parents, and other investing experts too
- The biggest mistake you can make is not investing at all; overwhelming as it is there are plenty of options to start as a newbie
- Signing up for your 401(k) is essential, but it shouldn’t be the only financial produce you invest in
- Don’t make withdrawals from your investments—try to leave them rather than use them as a bank account
New to Investing? Follow These Risk Reducing Ideas
- Create a financial plan; set some financial goals to aspire to and work out your risk tolerance going in
- Brush up your financial education, doing your homework on your potential investments will save you money in the long-run
- Spread your investments over different types of assets; stocks and bonds, and don’t concentrate them in just one industry
- Have an emergency fund
- Keep an eye on your investments and rebalance your portfolio on occasion—but remember ‘less is more’ when it comes to trading!
Money Making Hustles
- There are lots of ways to earn money on the side—occasionally or more regularly—or replace your full-time income; all online without getting involved in any scammy get rich schemes
- Whether it’s just to earn a little extra to pay for perks, pay off debt, to save money for a vacation or to completely reinvent your career
- From taking surveys to user testing websites, to making money on YouTube or offering your services as a freelancer—there are possibilities for whatever you may be seeking
Know another good way to earn money online? Share in the comments section below
Do you want to start investing on your own, but don’t know how?
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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.