If you closely watch and manage your money, you probably have many sources to turn to for financial advice, but if you’re looking for new ways to build your financial literacy fortune, crack open the cookie for more ideas to add to your toolkit.
Do Not Mistake Temptation for Opportunity
Regularly we are tempted with the latest deals and steals companies push out during the holiday season or for an annual sale. Impulse purchases and making “fly by night” financial decisions can haunt you in the long run. Talk about ghosts of purchases past. Rather than falling into the temptation, look for opportunities to save. Taking the time to step away and evaluate any doubts and initial excitement can save you. Redirect the money you were planning on spending and invest in an asset that may have an initial risk but may grant a bigger reward.
The Road to Riches is Paved with Homework
“Nothing worth having comes easy.” To succeed in a truly competitive and overwhelming financial landscape, look for opportunities to learn and grow through online references and conversations with family and financial advisors. There is no shortage of books, webinars, bootcamps or videos explaining the best ways to save, invest and manage your money. It can be overwhelming at times. Narrow your focus on a topic most important to you. Whether that be saving or investing, dive deep into your research and analysis, educating yourself about opportunities that will pay off in the long-run.
For investing insight, consider following Ben Carlson’s blog A Wealth of Common Sense. His blog explains the complex investment world in a simple way by using real life examples to highlight bigger more important concepts. For saving, consider following 20 Something Finance, a blog catered to the twenty-somethings in need of financial guidance that is real and relatable to recent grads. He seeks to help readers have a healthy, wealthy and well-rounded life.
Actions Speak Louder than Fortune Cookies
Financial success starts with creating sound plans. But are you forgetting to act on it? Moving cautiously within the financial world is important, but not staying up to date with trends and forgetting to act when the time is right is hurting you.
After establishing the right path for your money, act on it. If you saved a certain amount of money to invest in the stock market and the time is right, don’t decide to push it off to a savings account because it is easier and safer. Invest the money and take advantage of compounding to double or triple your money in the future.
Change is Unavoidable, Except for Vending Machines
If your financial outlook seems cloudy today, don’t despair. It is easy and simple to make small changes to your life that can get you back on the right track. Finding your financial balance has never been easier. To offset inevitable change, consider making a side hustle out of your hobbies such as starting a blog, babysitting, or becoming a brand ambassador for brands on social media. It’s easy and fun while bringing in extra cash. Set up automatic savings from your paycheck. Find ways to cut spending by canceling cable TV, eating at home instead of going out, or attending free events with friends on the weekends.
All Things are Difficult Before They are Easy
Risk versus reward is a game many are hesitant to play. Investing allows you to grow your money over time thanks to a simple yet complicated term, compound returns. If given enough time, compounding allows you to invest and watch it grow. There is potential for loss, but as you begin to understand the result of putting your limited resources to things with the largest potential for returns, it will pay off in the long run. Advances in technology have made investing easier than ever, as you can now start to invest with as little as $5.