Smart Thinking On Investing – July 21
Cashville Skyline’s Kate Dore heads up Smart Thinking this week by revealing the key to mindful budgeting. Guest posting on Yes, I Am Cheap, Andrea Woroch helps us avoid purchasing mistakes. And Bravelygo reveals what you should be asking a financial professional.
Writing for Daily Worth, Zina Kumok helps us overcome our financial fears. And the team at Money Nuggets explain why most hard-working women don’t get rich…
- Before you can start budgeting mindfully, you need to learn and recognize the triggers that set off your spending behavior
- Emotional spending may make us feel better for a short time but only racks up debt and feelings of guilt later on
- Addressing your underlying behavioral patterns with money is the first step to successful mindful budgeting; where you can truly begin to make cutbacks on your spending and really start saving
Avoid Purchasing Mistakes
- Buying in bulk may seem like a money saver but don’t forget to compare the unit prices with smaller quantities; you may not be making the saving you believe
- Spending more to achieve free shipping is a really good online tactic to getting you to go beyond your budget—shop smart when buying online and avoid this strategy
- Don’t just buy something because you have a voucher, coupon or discount code; ensure you really need the purchase, else it isn’t really a money saving idea
Ask the Right Questions
- Start by asking them to analyze your personal financial situation and advising you on what accounts you need—because everyone is different
- Ask for an impartial review of your current pathway to achieving your goals and if you’re making the most of all the tax deductions available to you
- Ask for advice on setting up a solid financial future for when you want to retire, determine your investment and retirement horizon to set yourself clear goals
Any particular questions you found which yielded a good answer? Share your experiences in the section below
Stop Hiding from Your Financial Fears
- It can be difficult once we’ve got ourselves into financial difficulty to get ourselves out again, so the first step to overcoming these fears of failure is to forgive yourself
- Seek out help from a professional to get you back on track or ask a friend to become your accountability partner; getting the right support can be crucial
- If you have trouble sticking to your budget or are interested in investing but not sure where to begin, there are some great financial apps to help you get started too
“Why Aren’t There More Women Millionaires?”
- Women have the same level of qualifications and skills, and are hard working when it comes to careers, but the inequality in significant wealth between men and women is still rife
- While motherhood can have an impact on a woman’s career and the ability to earn large salaries, there are women who have achieved both—meaning it can’t be the only factor
- Reasons for this inequality could be a lack of financial literacy, not being money-oriented, and not having a real financial game plan or emergency fund
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.