Smart Thinking On Investing – May 26
On Smart Thinking this week, The Millennial Budget’s Stefan Sharpe examines the benefits of being financially literate as early as possible. Paulette Perhach, the author of Fuck of Fund Monthly blog, reveals why talking about money is healthy. And the Money Nuggets team help us to keep an eye on money affecting our mindsets.
Alaya Linton of Hope and Cents reveals why we avoid our finances. And My Domaine’s Sophie Miura shares financial advisor Stefanie O’Connell’s advice about saving money…
Get a Head Start on Your Financial Literacy
- Becoming financially literate before you graduate can be beneficial in a number of ways
- To start with it gives you plenty of time to make mistakes—and more importantly, time to fix them
- By being knowledgeable and starting your investment path early, you can also take full advantage of the power of compounding for your retirement
- It also gives you time to strategize a game plan for ridding yourself of student debt and develop a long-term approach to building wealth
Get Financially Naked
- Being open and honest with people and yourself about your finances can really help encourage you to curb your spending habits
- Do a daily check in with your accounts to align your income with your budgeted outgoings
- Get radical about your finances and be straight with yourself about spending too much money—only by getting financially naked can you achieve this
Improve Your Emotional Well-Being
- Money problems are one of the most under-discussed causes behind mental health issues
- Signals that money is taking you over can be spending money when you’re low, not sleeping, and your relationships suffer
- Instead of letting money control you, try and tackle your finance issues head on to overcome the related stress and depression that they can cause
How do you manage your emotional and financial well-being? Share your comments in the section below
Our Finance Fears
- When we fear something, we tend to avoid it; and when it comes to our finances we don’t know what will happen around the next corner, so our fears build
- Though it may feel easier to pretend your money problems aren’t happening rather than face them, ignoring them will just make the whole situation worse
- Other fears are not enough time and lack of know-how, but it’s never too late to fix your money mistakes and financially educating yourself will certainly help you achieve that!
You Can’t Afford Not to Save
- Only by saving and taking control of your finances can you break the cycle of living paycheck to paycheck
- Otherwise, those large financial events that happen—finding an apartment deposit, medical bills, or car problems— will just continually set you back
- Stop waiting to earn more money, track your outgoings, and automate payments into your savings and investments
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.