Save More, Spend Less
We talk a lot about the broader financial system in the pages of Money & Crisis.
Federal Reserve policies… economic indicators… stock market indexes… geopolitics…
Understanding the major monetary movements happening behind closed doors is crucial to strategic investing.
But if you want to be a successful investor, you need to start at the beginning. Meaning you need a firm grasp on your personal finances before you intend to put your money to work…
Two Easy Financial Planning Strategies
I spoke with NBC News a while back to discuss an important topic:
Personal finance can be stressful and overwhelming. (Here’s the full article.)
It’s difficult to know where to start. And it’s frustrating to see the numbers in your bank account stuck at one point.
I know. I’ve been there.
In my 20s, I didn’t pay the slightest attention to my finances. I just kept working – and spending – at my leisure. Until suddenly, I looked at my accounts and thought, “I’ve been working for 10 years, where’d all my money go?”
According to a recent Gallup poll, only 32% of Americans maintain a household budget.
Quite frankly… that’s alarming.
So if you are in that remaining 68%, allow me to offer you simple, doable advice. Advice that has allowed me to grow my income and support my family.
I break down financial planning into two easy strategies:
- Cut back on your expenses.
- Increase your income.
These are several ways to accomplish these two goals.
In particular, if you’re looking to cut back on your expenses: starting counting non-essential expenses. And when it comes to meals, coffees, and drinks, do it yourself.
In order to increase your income: invest in your financial education. Better yet, make your hobby profitable!
I discuss these strategies at length in an article for NBC News, found here. I encourage you to give it a read for a stronger understanding on how to achieve true financial security.
After that, we can get back to exploring ways to put your capital to work in the markets.
Editor, Money & Crisis