Smart Thinking On Investing – September 8
High Fiving Dollar’s Sarah Li Cain kicks off Smart Thinking this week by asking if we are falling prey to certain money blocks. Bravely’s Kara Perez helps us deal with the emotional burden of debt. And The Finance Buff Harry Sit urges us to move away from a fee-only financial model to an advice-only one.
Piggy from Bitches Get Riches warns us away from over-romanticizing the side hustle. And guest posting for Budgets Are Sexy, Mr. 1500 asks if we’re saving like the Titanic…
Get out of the Financial Struggle Cycle
- It’s crazy, but many of us feel we don’t deserve to be financially sound, to overcome these thoughts you first need to alter your mindset
- Adjust the way you think about money, your underlying prejudices about money can have a significant adverse effect on your finances—think positive
- Money does not equate to time, this is the biggest money block we encounter; the thinking that to earn more, we need to spend more time on something
How are you getting out of the financial struggle cycle? Share your comments in the section below
Take a Second to Unload
- Debt is not just about your finances, it’s about recognizing and dealing with the emotional state that getting to grips with money can induce
- The negative emotions surrounding your financial state can be just as difficult to navigate as working out how to pay off your debt
- Try not to let your finances negate your self-worth and paralyze you into ignoring the situation, stay strong
You Pull the Strings
- While it is tempting to pay into the fee-only financial model of having someone manage your money for you, it can be an expensive way to control your money
- Instead, take back financial control of your own money and move to an advice-only model, where you only pay your financial advisor for their words of wisdom
- The DIY aspect of this model is trivial, you can use online self-service or the customer services wherever you keep your accounts—so, be more hands on with your finances
Super Human Side Hustlers
- In today’s society to be a side hustler is to be a go-getting entrepreneur who has the “energy and vision to Get Shit Done”
- All very impressive, but before you over-romanticize your side hustle, be realistic: it’s a second job
- While the extra income can be helpful, don’t forget to take leisure time for yourself too—working yourself into the ground so you can’t turn up to your main income is not healthy
“Iceburg, Right Ahead!”
- Had the Titanic made an evasive maneuver by spotting the iceberg just one minute earlier and taking action, it would have passed the ice without hitting it
- The same is true of your savings, by delaying putting money away till the last possible moment, your retirement is looking a bit wet and bleak
- By taking evasive action as early as possible, you can avoid future disaster, and have a warmer and much more comfortable retirement horizon
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.