Investing remains one of the best ways to grow money. But when you’re living paycheck to paycheck, how do you start? The truth is, you don’t need a lot of money to start. Investing on a shoestring budget is entirely possible. Still, it’s important to eliminate as much debt as possible before you start. For example, if you’re paying out 10% in interest to a credit card company and only bringing in 6% on an investment, your wealth will shrink. Once you’ve eliminated those obligations, here are a few easy ways to start an investment journey.
Author: Deb
How and Why to Diversify Investment Strategies
All the financial advice you ever received likely encouraged you to save money, whether for retirement, an emergency, or a rainy day. But sticking that money in a savings account won’t net you very much over the short or long haul, so what do you do? You need an investment strategy. The bottom line is that you want your funds to grow steadily and protect them as much as possible from dips in the financial market. A great way to do that is through diversification. This approach has you put your money in various types of investment vehicles so that when one part of the portfolio dips, the other parts keep the balance at least steady. At least, that’s the hope. Here are some strategies to consider.
Watch Out! 3 New Scams for 2023
Scammers will go to nefarious lengths to trick people out of money or sensitive information, which they might use to steal directly from their victims’ accounts. Sometimes these individuals assume a victim’s identity, spending their cash, taking out loans, and creating a tangled financial mess that can be difficult to unwind. The best way to avoid getting taken for a ride is to avoid the scam in the first place. But it’s hard to know what to look for with technology advancing and thieves becoming more creative. Look out for these three top ruses.
3 Best Budgeting Apps for Couples
Managing money on your own is challenging enough, but add another person to the mix, and it can get downright confusing. Still, if you have a partner and combine finances, there’s no better way to stay on the same financial track than to budget together. Planning where incomes go is the first step, but staying within those parameters will take cooperation from both people. Enter apps. Using applications you both can access is a great way to see where you stand financially at the push of a button. Here are three of the best to consider.
How To Transform Your Life Using Geoarbitrage
Where you live and the personal costs associated with a chosen location greatly impact daily life and your financial future. For example, living in California, where taxes are high and property prices are through the roof, might direct all your money toward owning a home and paying the government. On the other hand, you could move to Nevada, where state income tax costs zero and houses cost about half as much as they do in California — that’s geoarbitrage. Moving to optimize finances could be just the thing you need to transform your life. So, how do you do that?