Smart Thinking On Investing – January 6
Smart Thinking On Investing – January 6
Student Loan Hero’s Elyssa Kirkham shares a new approach to sticking to those financial new year’s resolution’s you may have made. And Financial Panther encourages us to begin a 52-week money saving challenge for the new year…
2016’s Most Valuable Economic Lessons
- Last year saw significant growth in hourly earnings compared to previous years in recovery from the recession—a good indication that companies are now paying more for good talent
- This demonstrates a stronger job market too, with rising numbers of workers rejoining the labor forces resulting in lower unemployment rates
- 2016’s volatility in politics did plenty to create economic anxiety around the world, and as such, the future remains uncertain— because there’s plenty “we still don’t know”
What financial lessons did you take away from 2016? Share your experience in the comments section below
Make Your Money Matter
- Sit down and decide how money matters to you—ask what is its purpose in your life
- Work out how you spend your time and money, and compare what you want from money with what you’re currently spending it on
- It’s easier to change your spending habits when you align your spending with your values—it won’t feel so much like you’re having to give up on anything
Student Loan Debt—How Did We Get Here?
- Over 40 million Americans are being incapacitated by $1.3 trillion in loans
- By privatizing collections, the importance has become less on helping people get educated as it is about companies being aggressive about getting their money back
- Now students are crippled by repayments, and the debt crisis is exacerbating the inequality between the rich and poor
How to Stick to Your Financial New Year’s Resolutions
- Choose shorter time periods to avoid giving in quickly, quarterly benchmarks instead will help you keep on track for the long run
- Instead of setting goals, try small monthly challenges to encourage your competitive edge and boost your motivation
- Work with a friend and be each other’s financial accountability partner to stay inside your budget
- It’s all about your money management system and automation here can be your best friend—by setting up automatic savings you remove spending temptation
The 52 Week Money Challenge—Get Started With Week 1!
- Begin one of two easy ways to save $1,378 in a year! Start with $1 and put away the amount according to the week in the year (so week 1 = $1, wk 2 = $2, wk 3 = $3)
- The Financial Panther’s spin on this is to divide $1,378 by 26 (for bi-weekly paycheck recievers) to save just $53 every two weeks and achieve the same goal
- So, adapt according to your income method and automate the necessary amount straight away and get started today on a no-nonsense approach to saving
Do you want to start investing on your own, but don’t know how?
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