Personal Finance advice is everywhere. One of the reasons you might be reading this blog right now is that you believe that we know a thing or two about personal finance since it is a significant part of our business. And you would be correct, ten points to Gryffindor!
While it’s essential to get expert advice for your financial situation, we thought it would be fun to share some of the financial rules that our team follows in their lives.
Invest in the long game!
There are so many ways to invest your money these days. We’ve talked about a few of the most popular investment apps on the market in a previous blog. However, investing is not a magic wand. If you put $100 into an investment, it will not turn into $1000 overnight.
Investing takes time, and there are going to be some weeks that you lose money and then times you gain. Adding as much to your investments as you can ensure that your dividends will make it all worth it in the end.
Just like a lot of new skills, investing takes time and patience. Learning how to be patient with your investments will mean tremendous success.
You might as well diversify those investments.
We do a lot about investments because they are an integral part of any successful personal finance plan; diversifying your investments will also mean great success.
If you invest everything in one fund and it tanks, that could mean the loss of your investment. However, if you spread that investment among many funds, then if one falls, you’ll be protected and have a better chance of the other funds covering any shortcomings from another fund.
All about earning power!
While the idea of investing is getting that hot new stock that will triple your cash overnight, the reality is that kind of sharp market gain is mostly unheard of. Investing in “slow and steady” funds will generate more than some “rocket” funds in the same investment period.
Don’t skip on health!
Relax, we’re not going to be talking about insurance. That’s a whole blog on its own. We are talking about your overall personal health and how it’ll affect your finances. If you’re not healthy, that could affect your earning ability and visits to the doctor and prescriptions or treatments required are going to take away from savings and investments.
Many people cut gym memberships and healthier, high-quality foods from their budgets to save money. However, spending on those things now, and using them, means that you’ll be healthier in the long run, and those investments into your health will pay off on your earning potential in the future.
This also translates into your mental health. Keeping the mind and body healthy will keep your finances just as healthy.
These are just a few of the rules that we live by regarding our finances, and we understand that everyone’s situation is different.
If there are any other topics around finance that you would like help with. You can talk to one of our experts today to get an insight and the plan to ensure you’re on the path to less debt more life.