Smart Thinking On Investing – June 23
Lesley James, writing for Money Nuggets, opens up Smart Thinking this week with a look at the best questions to ask a financial advisor. The Financial Panther reveals how to pay off ridiculously high amounts of student debt in just 5 or 6 years. And Sarah Li Cain of High Fiving Dollars advocates finding a “money bestie.”
For a Long and Fruitful Relationship with Your Financial Advisor
- It’s important to ask if your financial advisor (FA) has experience working with clients of your age and experience to see if they can help you meet your goals
- Ask about their fees; it’s crucial to get the whole picture of what they will charge you, whether it’s a percentage of your investment or a fixed fee or an hourly rate
- See if you can chat with other clients about their experiences with your FA; it’s always worth getting a reference before you employ someone
Drowning in Student Loan Debt?
- Fear not—on the surface your debt amount may seem insurmountable, but there are a number of ways you can significantly make a dent in it, perhaps even pay it off
- You gotta live weird though—this means using lateral thinking to achieve your goals by any means necessary—consider everything from living with your parents to what refinancing options you can get
- Spend your money on debt before anything else, make it your number one priority over “living like a baller” to see a major reduction
Find Your “Money Bestie”
- A “money bestie” is your accountability partner and support when it comes to all things finance, they can be an important person on your financial journey
- As well as being reinforcement when you’re tempted to play the shame game over any financial mistake, an accountability partner can help you find alternative solutions to money problems
- Don’t underestimate your money bestie; they can help you reach your financial dreams and goals to offer encouragement when you’re maybe not feeling motivated
Get Your Money Looking-Good
- Spend the time—but not the money—to write down everywhere you’re spending your income
- Now, open a budget account and a savings one to separate the money you are allowed to spend from the money you need to pay bills, and away from the figure you want to save too
- Avoid mission creep, create a financial plan and stick to it; don’t let rising income fracture the budget you establish by increasing your spending habits
Make More Money
- Believing in yourself is the first step to making more money, your perceived boundaries are your only limitations
- Whatever your job, raise your rates or start working towards a pay rise—always negotiate up, and don’t be afraid to ask
- Expand your skill set and your market, by improving your capabilities to command more money; you’ll be in a better position to earn more
Do you want to start investing on your own, but don’t know how?
Anything you would like to discuss about Smart Thinking On Investing? Do you have any articles you would like me to cover? Feel free to add it below. Let’s start a discussion in the comments section!
Do you like Smart Thinking On Investing? Feel free to share it with your friends.
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.