It is critically important to understand what you want to do with your money in the near-term (goals) and what you wish to do with your money over the long-term (dreams).
Each share of stock effectively represents a partial claim on the earnings or net income of the company (how much money the company is making after all expenses and interest payments to bondholders), and each share is given voting rights in helping to determine how the company directs their business.
Cheddah, bricks, green-backs, dough, bread, cake, ducketts, dead-presidents … whatever you wish to call it. But in the investment world you rarely actually hold cash in your accounts, but rather “cash-like” instruments. Whether you choose a cash investment or just keep an extra amount stored in your checking account, it is a good strategy to always have enough cash on hand to cover at least three months of your normal expenses.
Since budgeting and expense tracking is difficult, make it so you don’t have to think about saving! Set an automatic contribution to your employer’s 401(k) retirement plan the first week you start work (get focused).
It’s hard to save if you don’t know how much you are spending. See what fat you can trim from your budget you just made to see where you can save!
Though nothing is guaranteed, getting focused and following these principles will only help.
Jot down what’s on your mind and we will get back to you as soon as possible. We look forward to hearing from you!
All information included in this page and all pages throughout Young Money, Smart Money is provided for informational and educational purposes only and should not be taken as investment advice or a recommendation to invest accordingly. Investing involves risk, including a potential for a loss of principal. Educate yourself about all investments and funds you purchase, including their risks, objectives, and fees and expenses before investing. For additional assistance, please contact us or another financial professional for a more detailed review of your specific situation.
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