The MOST Important Steps in Saving and Investing Money for Your Life
This Post has been provided by Anthony Migyanka. Anthony, an economist, has appeared on “Cavuto” with Neil Cavuto, and is recognized by the Fox Business Network as an Investor Relations Expert. He has also contributed public company governance, stock market and economic trend commentary to other media outlets, including FamilyNet TV, The Dow Jones Corporation, and The Washington Post.
Anthony is the Host of “Mutual Fund Circus (TM)” television show on Biz Television, beginning Fall 2009, and the Executive Producer of “Mutual Fund Circus for Kids (TM),” a program for children’s financial literacy, airing weekends on Biz Television in Fall 2009.
He has recently been named a “Business Insight Expert” by yourBusinessChannel (ybc.tv)
1. Don’t spend every penny you make. Put something aside every paycheck. Start with a dollar. Work your way up to 10% of your net pay.
2. Make a financial plan for your life.
3. Make a financial planner your friend. Sit down with them face to face, at least once a year. Their advice (at least initially) is usually free. Share your plan with them. Ask them for advice and help implementing your plan.
4. Get a new hobby. That hobby is: Learn more about your investing choices inside a 401(k), IRA, stocks, bonds, real estate, and other investments for your future. Read everything you can on the subtopics of investing that interest you.
5. Make a budget and stick to it. Learn the “Seven Envelopes” technique of budgeting your money. If you don’t know what they are, ask me. I’ll explain them in detail.
6. Teach your children about saving and investing from birth.
7. Put things on layaway. Don’t use your credit cards for any personal consumer item purchases you can’t afford to pay for in cash.
Many thanks to Anthony for putting this list together – seems like some great common sense advice that everyone can use. On a separate note to Anthony – good luck with the TV projects!Posted on Monday, October 5th, 2009 Both comments and pings are currently closed.