Smart Thinking On Investing – February 3
Moneyning inspires us with 7 frugal habits to begin and maintain. And Chris Peach, the blogger behind MoneyPeach, reveals what’s holding us back from hitting our financial goals…
The Key to Becoming a 401(k) Millionnaire
- Beginning early is always the best step to take, but optimize your early start by maximizing your earning potential
- Position yourself early in your career to seek out opportunities and advance quickly, get started on the road to financial success and building your wealth
- Don’t settle in your comfort zone, try new things to increase your potential and always, always, max out your 401(k) contributions when you get a raise or salary bump
You Can Have It All
- Being adventurous needn’t come at the expense of your current and future financial security
- When you think about the future, ask yourself what you’re aiming for; if you’re picturing things you’d rather enjoy while you’re younger, there’s no reason to lose out
- Rather than go and adventure before having to work to make up for it later, put your financial security first; seek to make enough money to retire early
- That way, your investment funds will keep ticking away, and you can kick back and enjoy
Working Can Be Expensive
- We don’t tend to consider the price of working itself when we think about our jobs; they’re there to make us money not cost us
- From the location your job is in, the charities and events you need to attend, your coworkers’ baby/birthday/wedding gifts, to the clothes you need to wear—it all adds up
- It costs an average $3,300 for someone to go to work—be creative and see if there aren’t ways you can keep this price down for you, think frugally
Do you have a work budget? Share your comments in the section below
Tired of Living Paycheck to Paycheck?
- Be proactive; take control of your situation and behavior rather than being reactive to the environment around you
- Only by committing to frugality and visualizing the end goal can you achieve it
- Be sure to communicate your newfound frugal habits with your friends and family so they don’t pressure you into spending money outside of your budget
Reach Your Financial Goals Sooner
- Don’t cut out the things that keep you motivated—minor budgetary tweaks on things you enjoy won’t get you to your aim quicker
- You may be saving, but you’re not yet investing—returns on most types of investments are significantly better than any interest rate you can find on a savings account
- Rather than pay the bare minimum on your debt, up your game and throw more at it—even $10 an extra per week can make a decent dent
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.