We work hard for our money but it makes no difference if we do not invest any of it. Financial freedom is a goal that everyone seems to lose sight of the minute there’s some extra cash earned. Think about it, you get a raise and feel you deserve a reward so you purchase a brand new car. WRONG! Keep driving the one you just paid off, it runs just fine and that raise can really be a raise now. Take the money you’d be spending on that car note and invest in stocks & bonds.
Save!
And not just for a big purchase, save for your future.
Saving allows you to protect yourself long term. You’ve heard of an Emergency Fund. If not, it’s a piggy bank for emergencies that may arise. It’s not your regular checking account, regular savings account, or your spare change container. It’s a separate account that you make regular deposits, no withdrawals to. It does not have a debit/ATM card attached it it; in fact it should be an inconvenience to touch. The ONLY way you see this money is in dire need. see Do you have one? Do you contribute to it regularly?
Invest!
In everything that is important, interesting & profitable to you.
Cut your losses. People are often apprehensive about investing due to the historical tendency that investing may reap loss. True, however not investing is a bigger loss. I recently read an article that stated by default women keep 68% of their money in checking & savings accounts instead of in diversified investment portfolios which yield higher returns over time. I’m assuming it’s the “over time” that keeps women from moving their monies from secure accounts to aggressive investments. In order to make money we have to invest money.
Sell!
Whatever you don’t use or need is essentially money just laying around collecting dust.
The longer we live the more we accumulate. There comes a time when we outgrow items or simply live a life that doesn’t require what once seemed like a must-have purchase. Then came along eBay. I’ve never had emotional attachments to tangibles. In 2004 I started selling things I lost the thrill for on eBay. I’ve made plenty of money getting rid of things that would’ve ultimately collected dust around my home. Present day is no different. I’ve actually gotten better at selling via eBay. In the month of January 2017 I earned over $300 in sales from parting ways with items I no longer found useful.
The take away:
- Control your spending.
- Consult a financial advisor who can educate you on the best alternatives for your money.
- Save! Just as aggressively as you spend.
- Mint.com is your new BFF. If you need a jump start on cleaning up your personal finances, creating a budget and keeping track of your money all in one place…Mint.com is a simplistic and excellent resource.
~Christy
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