Investing isn’t as simple as just throwing some money in the market and crossing your fingers. Yes, we do want you to invest. And yes there’s a chance you could probably invest more than you currently are. But there are a host of additional considerations that we want you examining before you open a brokerage account on your phone, initiating a transfer, and hitting purchase. Do you know what you’re investing in? Can you easily explain it to a friend? How do you feel about volatility, fees associated with that investment, illiquidity, and your time horizon? We like to think of it like taking a road trip- there are a number of things to do keep in mind like: do I know where I’m going, does my boss know I’m taking time off work, how long am I going to be gone, and can my car even handle a road trip of this magnitude? We’re not trying to dissuade you from investing, but we do want you to think twice before investing.
- Here’s that Bankrate article that details diminished value and how to go about being made whole if you’re involved in an accident.
- And no joke, you’re more like to remember things if you write them out by hand.
- We referenced our 7 Money Gears during this episode. It’s important to know what your next financial moves should be before you take action!
- Looking at a picture of your older self might be just what it takes to get you saving for the future!
- Extra cash – And regardless of where you are on the path to financial independence, we believe in the responsible use of credit cards. It’s smart to utilize the additional benefits that credit cards offer- for instance the 80,000 points that come with the Chase Sapphire Preferred Card. That’s $1,000 when you redeem through Chase Ultimate Rewards! This is no joke- I’ve already done this myself which we discussed on a recent episode after I met the initial spending requirements of $4,000 over 3 months!
During this episode we each enjoyed an Emergency Drinking Beer by Wild Heaven! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
Best friends out!
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