Tag: Financial Freedom

Bossing Your Finances

I decided to go with Stash

I use to be extremely intimated with investing. So many big words and not enough dummy books around to make it less intimating.

It wasn’t until I read MONEY Master the Game by Tony Robbins that I really got serious. If reading isn’t your thing…YouTube.

(Unshakeable – is a condensed version of the book)

What I focused on first…

Company 401K. Understanding the fees and benefits so I can utilize it to my full advantage. If you have an HSA, also a good tax-free way to save. And if it allows investing with no fees…YES! Fees compound just like interest does.

Then I really got into learning stock trading. I will probably never be a day trader. STRESSFUL. Buying stocks for the long-term seems more suitable for me.

I like to follow Wall Street. I do my daily dose of CNBC to see what’s going on economically around the world. I don’t base every investment choice on the daily news though. My risk tolerance is moderate. I follow the buy and hold tactic. Most of my investments are with low index funds. Pretty safe overall.

I recently decided I wanted to be able to invest in particular stocks. So I left Acorn and moved to Stash. Acorn is cool with “roundups.” If you suck at saving this could work. Although if you hardly invest any money each month, that $1 fee is way too much. Acorns also didn’t allow me to buy individual stocks. Stash on the other hand does. You still get hit with that $1 fee though. It’s more so worth it to me to be able to pick what I want. I’ve been looking into purchasing JP Morgan and a couple of other energy companies but didn’t want to go full on with a brokerage account. I wanted something simple to start out with. Stash seems to be so far what I need. I can buy bundles of funds as well as individual ones. If you really like a company, let’s say Netflix…you can drop in $10 towards that stock to start. Invest over time and eventually own one share. Or just buy $1000 of it if you want. It has options for all types of income level.

I’m starting small. I’d like to dabble a bit more before I go all in. So far, so good. I took screenshots of what the app offers. Learning material and lots of investment options. The mobile app interface design is nice and easy to use.

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Tony Robbins says don’t be just a consumer, be an owner. If you have an iPhone, you should have a stake in their stock. I actually have an android HAHA

The point is unless you start a business that becomes super successful, you’ll never be financially free. You don’t want to worry about how you’ll pay for your bills after you retire. Even worse, be stuck at a crappy job and working until you die.

I say start. Start now. No matter how old you are. Save, automate and continue to add. At least once a year take a look at all of your long-term investments and rebalance if needed.

Stash makes it really easy. I find it user-friendly for non-techy people like me. And I’m not a pro when it comes to investing. Stash breaks it down simple enough. Their app is engaging and has tools to educate you on investing, money management etc. Remember, this is a starting point. You can always move your money elsewhere when you’re ready.

If you decide to check it out, use my link below. I can get $5 per referral up to $500 and so can you!

https://get.stashinvest.com/amara04hq9

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Bossing Your Finances

Wealth Tip, Invest In The Stock Market.

You NEED to invest in the stock market. If you haven’t started, start now.

If I knew then the things I know now, I would have started at 18 and life would have been very different. My son turns 18 in a month and I’ll be forcing him to set aside a percentage of his earnings. Parents, make your kids do this. They will be so grateful, 20 years later 🙂

Investing doesn’t have to be hard. It can be as simple as putting money into your 401k. There are tons of stocks and bonds up for grabs. If you’re new to investing, I really, really recommend that you take the time to learn it.

1. Start saving as early as possible. Compounding your money is the easiest thing you can do. It’s the golden egg to becoming wealthy. A lot of people don’t know this. Including myself for the longest time and I worked at a bank for many years. That’s what happens when you’re too busy trading time for money instead of thinking outside the norm.

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2. Take full advantage of a company match, when available. Hello, it’s free money.

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3. Don’t invest too conservatively for your age. If you’re young, you have more room to play with when it comes to the stock market. Less risk means less return.

I’m 36 and my Vanguard account is set up basically like this. My risk tolerance is moderate. I’m also a long-term investor. I don’t buy and sell stocks daily.

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If you need a starting point, look up Tony Robbins. Unshakable is a great book. Actually, all his books are pretty great. If you don’t like to read much, he’s all over YouTube. I trust him and follow a lot of his advice.

Currently, I invest 7% in my company 401K. 89% goes into the S&P 500 and 11% into bonds. I’m supposedly a little too aggressive according to my portfolio analysis. But I think I’m still young enough and I’m willing to risk a little more. Remember there is no guarantee that the market won’t drop. YOU NEED TO KNOW YOUR RISK TOLERANCE AND WHAT YOUR GOALS ARE BEFORE YOU INVEST. Regardless, cash will not give you the same return even when the market is at a low. My savings account is at 1.35 while my stocks are at (as of this morning) 5.43 ROI. Let’s say the markets take a big dip. My savings will go to 0.05 and my stocks will be at 1.35. That’s just an example. I can’t give you definite numbers. The Warren Buffets of the world will tell you this, you need to become an investor if you hope to one day become truly financially free. It’s not instant money. That’s why I hesitated for so long. Putting a hundred away when things are already tight is hard. If the government puts a 10% tax on you, you would pay it. You would have to make it work. Put a tax on yourself. Thank you, Tony.

Your future self will thank you for it. Wealth builds over time so you should start investing now. Even a small amount.

We want to live in the present but we still also plan on living a full life. I hope to live to at least 70 “) We could die tomorrow. But we also could not. Live a good life now. And live a good life later too.