Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.
Catch up on some of the latest posts with this week's roundup:
It’s Time to Get Serious About Investing
by Matt Becker, Mom and Dad Money
There are any number of reasons you might put off investing for another day:
• Your budget is tight and you can’t find the room to save.
• You feel overwhelmed by all the investment decisions you would have to make.
• You’re worried about making a mistake and losing money.
• You think investing is only for people wealthier than you.
Those are all reasonable things to feel, and the truth is that I’ve felt some of them myself at different points in time.
But none of them are good enough reasons to put off investing or to wait to start taking it seriously. Because what’s at stake is your ability to support yourself independently and pursue a life you enjoy.
Can I Really Plan With a Variable Income?
by Nannette Kamien, Inspiration Financial Planning
If your income includes commissions or bonuses, you have a great opportunity to be able to make strides in your finances that others with more predictable incomes can’t make. However, if you don’t plan for it, extra income can quickly lead to lifestyle inflation and leave you wondering where all that money went. On the flip side, less variable income than you were planning for can leave you scrambling to fill in the gap.
When planning for variable income, there are 3 types of situations with their own plusses and minuses. Below, I describe them based on the % of your annual income the variability comprises, and the frequency of the income, and give you some ideas to make your financial plan a success.
Do You Need a Time Out?
by Pam Horack, Pathfinder Planning
At one time or another we’ve all been guilty of buying things that we didn’t really need. Sometimes it’s the newest smartphone on the market; at other times, it’s eating out when a home-cooked meal would have done the trick.
No matter the reason, haphazard spending is the direct result of not having a plan in place when it comes to making money decisions.
While on the surface these expenditures may seem insignificant, they can quickly add up and leave you with nothing for the things that are truly important. As your Financial Mom, I want you to take a timeout before this happens. Here are a few ways you can stay occupied and avoid spending yourself into debt.
Insurance for Your Side Business
by Aaron Hatch, Woven Capital
When you’re looking to reach your financial goals faster, earning a little extra money can go a long way. A side business can help you save more. It can also grow your marketable skills and gain the flexibility to take more risks with your career.
Your side business might be part-time and you might work from home, but it is a business. As a business owner, you have a whole host of responsibilities and liabilities beyond that of a regular employee.