Investing in the stock market (I prefer to call it investing in value companies) can be a long and slow process, so don’t make these early and avoidable mistakes. It’s a great thing to start investing and the only time you shouldn’t do it is tomorrow. Get started today with these pitfalls in mind.
The best time to budget was probably last week. Just like running isn’t just for those who are super fit, budgets aren’t just for those who have enough money. So, how can track and manage your money when you don’t have enough?
When you look at your money, you really think you have only two options; pay off debt, or save for retirement. But are these the only options you have? Or could you do BOTH?
They say you can pick your friends, but you’re stuck with your family. But are you stuck living the same life they’re living? I mean, if they all jumped off a bridge, would you?
Having debt is like going swimming with a gigantic stone around your neck. You might be the best swimmer in the world, but you’re not going to go far. It is possible to live a life that is debt-free. Get rid of that dead weight and start living a life that is free and easy.
Why do people handle someone else’s money better than their own finances? People at work have a responsibility to someone else, so they make better decisions about it. What if you handled your finances with the same professionalism as a CFO who takes care of his/her business? Hold yourself accountable for your money and you’ll be wiser with your choices.
Act like a CFO and take control of your money.
You manage what you measure. This is true in all areas of life, and especially true about your money.
Start to measure yourself financially and you’ll soon be able to manage it better. Take the time to make a measurement of your finances to see how close you are to your goals.
If you have a budget that your family is struggling with, you probably need to find a way to inject some fun into your life. ‘Fun’ and ‘Budget’ aren’t two words that go together. Don’t believe me? Try watching a Senate hearing on budget reforms. I almost fell asleep just writing that.
No, you need to find ways to make your budget allow room for fun. Give yourself activities to plan, events to look forward to, and purchases to anticipate. Putting the fun back into your life helps you get through a tight budget.
Carrying too much debt creates unnecessary additional costs and stress.
It’s not normal, it shouldn’t be a standard way of living, and you shouldn’t accept that as “that’s just how it is.”
In my last post, I wrote about sharing with you the PennyWise Lifestyle.
So what did I do in the month of May?
Right after the conclusion of the above PennyWise Workshop, my husband and I spent most of May reviewing the local property market.