Smart Thinking On Investing – June 2
Ashley Ford, for Refinery 29, kicks off Smart Thinking this week with a look at why millennial women are conflicted breadwinners. Zainabb Hull of Pension Bee explains why being organized for our retirement is beneficial to our health. And Life and a Budget’s Latoya Scott addresses our biggest money issue; overspending.
The Financial Panther reveals how our side hustles can be worth more than we think. And Michael Dariano from The Waiter’s Pad compares fitness with finances…
The Confliction of Being a Female Breadwinner
- More millennial women are finding themselves earning more than their male partners, yet the complex feelings that arise in such a situation are still prevalent
- In a survey of 130 millennial females most expressed their doubts as to it ever actually happening or lasting, and are uncertain of how to to deal with the circumstance if it has occurred
- Respect and communication with your partner is important, and whoever the breadwinner is in your relationship, ensure you’re doing something you enjoy
Cut down Your Financial Anxiety
- Just as we incorporate fitness and healthy eating into our health regime, so too should we factor in our finances for good emotional and mental health
- Financial anxiety can take a serious toll on our health and comes about from our uncertainty about money
- Set yourself clear financial goals to stick to for your pension; having a clear idea of what the future has in store financially will go a long way to relieving your stress
Our Overspending Tendencies
- Rein in your overspending by solidifying your financial goals; once you know what you’re working towards it’ll be easier to prevent yourself from spending money you could be saving instead
- Budget yourself for your overspending habits by tracking your purchases and accounting for what you buy—once you can see where your money is going you can stop yourself
- Avoid browsing, both in stores and online; this way you’ll resist the temptation to spend money on things you don’t need
How do you manage your overspending tendencies? Share your comments in the section below
Don’t Underestimate Your Side Hustle
- If your paycheck covers your expenditures then all of your side hustle can be put towards savings—this doesn’t mean it needs to take over your day job or anything
- If you haven’t got a side hustle yet, consider ways to begin a new source of income; from renting out your spare room, to dog walking, to delivering parcels or food
- If you can make just $279 a month from a side hustle and put it straight into a HSA account potentially you can see a $300, 000 return over 30 years—worth it right?
Get Fit and Financially Set
- Just as with setting up a new fitness regime when it comes to your financial plan, you don’t need to make it overly complicated
- Begin with the basics, just as you wouldn’t hit the gym and attempt a dead-lift as your first exercise, don’t jump in at the deep end of the stock market—dabble with a few stocks you know as a warm up
- The biggest constraint in fitness and investing is your commitment level, you may not have the time for active investing but that shouldn’t stop you investing in index funds
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.