Investing in the stock market is an intimidating thing. Many millennials are told to start investing while they are young – this ensures your investments have time to grow over your lifetime. However, just getting started in investing can be extremely difficult.
There are multiple ways to start investing, such as opening/starting an IRA (individual retirement account), or joining your companies 401k/403b plan, but for the most freedom you will want to open a brokerage account. A brokerage account allows an investor to deposit funds with the brokerage and place investment orders with those funds. Continue reading How to Start Investing in the Stock Market
Tax return season is upon on, and this is good news for lots of Millennials. It’s great to get a lucrative return, but what to do with this large sum of money is another question. Below are 5 ways to use your tax return wisely.
#1 Pay off existing debt – highest interest first
If you have existing debt this is a good chance to pay off a huge chunk at once. Pay off whatever debt has the highest interest rate first, usually credit card debt would fit this. Paying off debt early will save you lots of money in the long run, as you will be paying mostly principal on the loan, not interest payments. Continue reading 5 Wise Ways to Use Your Tax Return
Recently I came upon a statistic that said roughly 47% of Americans would not be able to cover a $400 emergency. I’m going to guess that number is higher for millennials than older generations. A $400 emergency could come from so many avenues: vet bills, hospital bill, car trouble, job loss, etc. Having an emergency/rainy day fund is always important to have, just in case life throws you a curveball.
Saving money is hard, so below are 5 ways to easily save money in order to build/add to your emergency fund.
#1 Price Match
Thanks to Amazon, and other online retailers it is incredibly easy to compare prices before you make a purchase. Most stores honor these competitive prices as well. A few months back when I was looking for a birthday present I went to Toys R Us to look at Lego sets in person. The setI decided on was about $45 at the store. However, the same set was only $27 online through WalMart. Upon checkout I showed this to the cashier, and I got the gift then and there at a fraction of the price for using my phone for all of 20 seconds.
Whenever you are making a sizable purchase, do yourself a favor and run it through google first. This could save you a ton of money. The only store I know that does not price match to online stores is GNC.
Continue reading 5 Ways For Millennials to Save Money This Month
Tomorrow. Tomorrow is the worst day to start investing, let me explain.
One of my favorite quotes from Warren Buffet is “Never depend on a single income. Make investments to create a second source of income.” You want the money you are able to save to be put to work, ultimately increasing in value.
Continue reading The WORST Day for Millennials to Start Investing
I’ve seen a few posts online about people experimenting with frugal living. Most articles suggest the person should attempt to save 50% of their paychecks for a month. I have always been tempted to try this, but have never done so. Until now! I feel like I do a pretty good job with saving money already – on average saving roughly $1,000 a month. However, I want to save more. That’s what lead me to crunch some numbers to see how much I realistically could save in a month. The number I got was 58% of my income after taxes .
My fixed expenses for a month include:
- student loan payments
Continue reading Experiment: Saving 58% of my paycheck for a month