Give every dollar a purpose. It sounds simple, but is it? Financial guru and credit card killer Dave Ramsey has his method of helping people master their finances and get out of debt – the “Baby Steps.” Through these steps, people are led to financial peace and mastery of their money. The first thing you must do to begin your journey to financial peace is … Continue reading Finance 103 – Budgeting: Dave Ramsey’s ‘EveryDollar’ method
During these turbulent times it is easy for investors to make poor decisions, such as changing your investing strategy. In their recent newsletter, Edward Jones said that the “hardest part of investing is the one we have the most control over – our emotions.” Historically, people make the wrong investment decisions because they act emotionally. When the market crashes, the best option is to buy … Continue reading Passive investing 101 – Surviving and thriving in chaotic times
I found that if you have a goal, that you might not reach it. But if you don’t have one, then you are never disappointed. And I gotta tell ya . . . it feels phenomenal!” ~ Peter La Fleur Unlike the advice of Peter La Fleur in “Dodgeball,” you need to have financial plans to guide your life. Has your life taken a left … Continue reading Money matters 101 – Setting financial goals and rolling with the punches
Stash – Budget, Invest, and Plan Stash is a more user-friendly app and focuses on educating investors on how to best pick investments and balance a portfolio along with other financial advice. The app is not as straight forward as Robinhood where you click and buy; however, Stash offers DRIP and automated investing. The cost of Stash varies based on what you are using it … Continue reading Investing 105 – It’s automatic, it’s systematic, it’s hydromatic: Investing with apps – Stash
Acorns – Set it and forget about it! Grow your financial “Oak Tree” slow and steady over time. Acorns follows the KISS – Keep It Simple Stupid – method of investing. Where Robinhood (see previous post) gave flexibility, Acorns helps you determine a portfolio that is the right mix of risk and return for you and that’s it. Further, Ascorn is all about small recurring … Continue reading Investing 104 – Don’t worry, be happy: Investing with apps – Acorns
If you decide to invest on your own, there are a number of apps with commission-free and low cost options. Here, I will (1) describe the apps; (2) describe the pros and cons of each app; and (3) identify which type of investor each app is best for. Also, I will provide my referral link for each app. If you want to try an app, … Continue reading Investing 103 – I want it that way: How to invest with apps – Robinhood
Once you understand the basic concept of investing – your money makes money for you – and decide to begin investing, where should you start? Different financial experts have different opinions on this, of course. First, most agree that you should find a financial advisor. Despite costing fees, sound financial guidance will save you far more than the cost of the advisor. Second, you should … Continue reading Investing 102 – Where do I begin?
“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” ~ Warren Buffett We are constantly told to save for retirement and make your money work for you through investing. However, where should we start and why should we start? Let’s start with what investing actually is – purchasing shares of stock (equity) and bonds (debt) of a company. When you purchase a … Continue reading Investing 101 – Why invest?
What does your “rich life” look like? That is the principal of Ramit Sethi’s financial advice and best-selling book “I Will Teach You To Be Rich.” He wants his readers to visualize where they want to be and break down what that actually costs – it is usually less than people expect. Ramit’s key advice is to not stress about $5 coffees or clipping coupons, … Continue reading Finance 104 – Budgeting: Ramit Sethi’s ‘I will teach you to be rich’
You Need a Budget – “Failing to Plan is Planning to Fail“ Everyone needs a budget, regardless of their income. Some common myths are: (1) only those people barely making ends meet needs a budget; (2) budgets are restricting; or (3) I’ve tried budgeting and it does not work for me. However, these are myths. (1) Wealthy people budget. More importantly, budgeting helped them get … Continue reading Finance 102 – Budgets: How to master your personal finances