An investment in knowledge pays the best interest.-
Benjamin Franklin
It’s a new year. So, it’s time for us to learn the rules of the money game and turn a new leaf. The first question we should be asking at this point is “how can I create a personal stimulus package?” Here are some tips to help get the wheels turning in the right direction and put solid strategies in place.
eliminate every and any unnecessary expense
Ubereats, Doordash, and Postmates may be convenient, but those Apps are not your friends. They are making you pay a top premium. And stop trying to keep up with the Jones. Of course, social media makes this pressure even worse. We see people posting pictures of their “indulge yourself” purchases, dining at upscale restaurants, or going on incredible international vacations. It makes the rest of us question if we are somehow living life backward. There is certainly nothing wrong with living your best life. But we should not be sacrificing our financial security to keep up with others’ Instagram stories.
Build multiple streams of income
Building multiple streams of income is no longer an option or luxury. It has become a necessity. If the record high unemployment rate and countless company closures have taught us anything, it’s that no job is guaranteed. Unfortunately, for most people, their only source of income is their job, which can be hazardous to their wealth. I am always looking for ways to generate passive income. That’s because I’ve paid the price for putting all my eggs in one job. I was under heavy financial stress when the company folded. Meanwhile, millionaires on average have not just one, but seven streams of income. (Let that sink in!)
have a financial plan for retirement
A financial plan can keep any surprises from steering your retirement off track. Also, it can provide the financial security that allows you to create a meaningful retirement lifestyle. Moreover, planning can help you prepare for an unexpected expense, home repairs, or providing financial support to your aging parents. If you plan for some of these items, then you will be more prepared if they do happen.
Learn how to invest in the stock market
Women typically do not invest in stocks. When was the last time you and you boasted about the outstanding performance of your stocks during your girls’ night out? I’m waiting. For most of you the answer is “never”. Investing in stocks is an excellent way to grow wealth. For long-term investors, stocks are a good investment even during periods of market volatility. One of the best ways to start investing in the stock market is to put money in an online investment account. With many online brokers, you can start investing for the price of a single share. If this sounds intimidating, I recommend you read A Beginner’s Guide to the Stock Market: Everything you need to start Making Money Today. Even if you are a complete beginner, this book will have you trading stocks in no time.