Smart Thinking On Investing – January 20
The Financial Panther shares the secret for paying off your debt. And Tonya Stumphauzer, writer of Budget and the Beach explains why we should each be reaching for financial independence…
It’s Human to Go over Budget
- If you’ve spent, it’s gone, don’t wallow in regret but move on and deal with your new situation—remorse won’t help you go forward
- Set up an environment where it’s okay to admit you don’t have the money to spend, creating the false façade with others that you do is counterproductive
- If you find yourself going overbudget often though, it’s time to reevaluate your spending habits to avoid spiraling out of control
Women: Stop Sitting on the Investing Fence
- Some women aren’t interested, some are perfectionists and not sure where to begin, and some would rather devote time to other pursuits
- But the number one reason you should invest? To take control and achieve your own financial independence—look after yourself no matter what happens
- Embrace the latest in apps and technology to make the investing process fast and straightforward for yourself
Create a Recession Game Plan
- When investing in the stock market, crashes are inevitable at some point, the best way to survive is by playing the waiting game
- If the next recession attacks during your future retirement, having a game plan will help you survive; start by cutting your spending, and stretching your emergency fund
- Have a money-making hustle on the back burner that you can pick up to earn a little, be super smart when you consider selling any stocks and have contingency plans in place
Are your future finances recession proof? Share your comments in the section below
Embrace Your Inner Debt Paying-Off Weirdo
- 70% of millennials graduate with student loans, which means that most of the population are hoarding student debt before they even get into a mortgage or car loan
- If your outgoings are standard than you aren’t going to achieve your goal of getting out of debt
- The only way to pay this debt off is to change your mindset, for most, when income goes up then expenses do too, but for you, be weird and use the extra to pay off your debt quick
Financial Independence Is Deeply Personal
- Financial independence is the goal of working towards to freedom from living paycheck-to-paycheck
- It’s not about hating your job or boss, it’s just about being able to care for yourself for a month or a year—whatever happens
- The biggest challenges are missing out with your friends while trying to stick to a budget and emergency spends but there are ways to overcome these issues, it just requires patience
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.