Smart Thinking On Investing – March 17
Kicking off Smart Thinking this week is Stacey, author of Creating My Happiness blog, who reveals that sometimes spending money can save you money. Money Nuggets walks us through finding the right debt solution. And Broke Millennial Erin Lowry helps us see the value in “worthless degrees.”
Stefanie O’Connell in her self-named blog explains the importance of knowing your net worth. And Karissa Ancell, author of A Fresh Start on a Budget, reveals why owning fewer possessions will make us happier…
Spend to Save
- Though it feels like a good idea to shop for low-cost furniture, you’ll actually end up spending more replacing it
- Buying cheap is not the same as cost-effective, buy quality to begin with, and it will last longer
- Take advantage of offers for bulk buying, by laying out a larger expense initially you can save money long-term by stockpiling
Which Debt Solution?
- It’s important not to just jump at the first debt solution you come across, take time to ensure it’s right for you before committing
- There is no such thing as a “one size fits all” debt solution, suitability for each depends upon your income, financial circumstances, debt amount, and where you live (to some extent)
- One thing is for sure, don’t suffer in silence, there are organizations out there who will support you and steer you in the right direction, you just need to take the first step
Which debt solution have you found worked for you? Share your experience in the section below
Are You Studying a Worthless Degree?
- Many people view degrees in the arts—for example, fashion, theater, fine arts—worthless
- You may feel anxious and are wondering about the exact value of your degree once you graduate, or are feeling the judgment of others about your chosen studies
- But with the right determination and application, you can apply whatever skills you have undoubtedly learned in your college years to your profession of choosing—it’s not worthless if you see its value alone
Your Net Worth
- Calculate your net worth; it is the most crucial financial number you need to know
- To work it out; add up all your debts (everything you owe) and subtract it from your assets (the monetary worth of everything you own)
- Use this figure to give yourself a true image of your financial health—even if it’s negative (perhaps because of investments for your future)—and invest your income, so your net worth increases over time
Simplify and Declutter
- Downsizing your possessions and decluttering your life can have many benefits, including feeling better and happier in life
- Less stuff equals more room in your life—you don’t need to refill it with new items—and it can be gratifying to give second-hand items to charity so others may get use of them
- Buying less and being surrounded by less clutter will help you value what you do have, it will also help you save money
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.