Smart Thinking On Investing – November 18
Carl Richards, author of the Behavior Gap, has a revolutionary way to alter our spending. And the Financial Panther walks us through financially surviving Trump’s presidency…
“What I Would Do With Your Money”
- Even when you feel pain you have to stick with your investments, the market will go up and down but stay strong
- Get into everything; diversification is your best friend and an index fund will do just that for you
- Be smart and reinvest your dividends, and whatever you do don’t try and time the market—stop waiting for a crash, just start investing
Habits to Optimize Your Retirement
- Live each day with passion; from how you save in your working life beforehand to how you spend your time once you retire
- Investing in advance for a pension or annuity can soften your financial risk when you eventually do retire because it provides an ongoing income stream
- Many people make decisions based on age for retiring; successful retirees make their choices on the amount of assets they’d like to survive on during their retirement as income
A Spender or A Saver; Which Are You?
- A spender is usually considered as someone who splurges their money, while a saver is seen as being particularly tight with theirs
- Neither strategy is a healthy approach to your finances—retail therapy won’t fix your problems and hoarding for the sake of it could be deemed greed rather than frugality
- Find the right balance; save before you spend—know what your goals for your money are and take steps towards achieving them
Practice Before You Buy
- Before you approach your next purchase; consider a new strategy to avoid blowing your budget and feeling buyer’s remorse
- Practice putting the money you plan on spending monthly into a savings account for a few months ahead of buying; to let your budget get used to the amount
- Chances are you may change your mind—delaying in this manner will help you make better buying decisions—but you’ll also have a nice wad of cash to put down as a deposit
How to Endure Trump’s Presidency
- Following the recent results of the general election, there are a lot of naysayers predicting the end of the world; for the stock market at least
- The way to survive the likely market volatility we’re facing is to stay calm, think rationally, and make sure you’re prepared for the worst if anything does happen
- Knee-jerk emotional reactions should have no place in your upcoming future trading decisions; the market always recovers eventually
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