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- ๐ฎ Finance News: March 20, 2024
๐ฎ Finance News: March 20, 2024
5 Things You Need To Know Today
Hello friends, and welcome to Money Taco! If youโre new here, add your email below to ensure that you receive the next edition in your inbox, and check out my archive here to read some samples!
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Happy Wednesday!๐๐ฝ
Let me warn you โ this issue will be a little different than what you are used. I'll be diving into some key principles that can set you on the path to achieving your financial goals. By following these tips and taking consistent action, you'll be well on your way to achieving your financial goals!
This edition is fueled by Beehiiv, the email platform that turns creators into email superheroes. Just like I am! Since signing up to Beehiiv, my newsletter has been game changer. If you're ready to take your email game to the next level, check out Beehiiv!
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๐๏ธ Hot off the Press
These 5 things happened while you were busyโฆ
๐ฎ Know Where You Stand: Assess Your Current Financial Situation
It's all about taking stock! Before you embark on your financial journey, gather your financial statements, including bank accounts, credit card balances, and recent pay stubs. This will help you understand your income, expenses, and overall net worth (assets minus liabilities). With that being said, having a clear picture allows you to set realistic goals and track your progress over time.
Great article to read: How to Do a Financial Checkup
๐ฎ Set SMART Goals: Specific, Measurable, Achievable, Relevant, and Time-Bound
Dream big, but plan realistically! Instead of a vague desire for "more money," set specific goals like saving for a down payment on a house (e.g., $20,000) within a measurable timeframe (e.g., 2 years). You should ensure your goals are achievable based on your income and expenses. In addition, it should be relevant to your overall financial plan and have a time-bound target for completion.
Get deep into SMART: How to Make your Goals Achievable
๐ฎ Build Your Emergency Fund: Prepare for the Unexpected
Life throws curveballs! Having a safety net in the form of an emergency fund can provide peace of mind and prevent financial hardship during unexpected events like car repairs or medical bills. Therefore, you should aim to save 3-6 months' worth of living expenses and consider high-yield savings accounts for easy access while still earning some interest.
Great article to read: 5 Steps to Prepare for Financial Emergencies
๐ฎ Embrace Budgeting: Track Your Income and Expenses
Knowledge is power! Itโs crucial to know where your money goes to take control of your finances. There are many budgeting methods available โ from the classic pen-and-paper approach to budgeting apps. In this case, find a system that works for you and track your income and expenses regularly. This will help you identify areas where you can cut back and free up more money for savings and debt repayment.
Great article to read: How to Budget Money in 8 Easy Steps
๐ฎ Debt Management: Develop a Plan to Tackle Debt
Debt can be a burden, but there are ways to manage it effectively. You should prioritize high-interest debt first and utilize strategies like the debt snowball or avalanche method. Itโs best to consider debt consolidation to simplify repayment and potentially secure a lower interest rate. Remember, the key is to have a plan and stick to it!
Get deeper into debt management: Ultimate Guide to Creating Your Own DIY Debt Management Plan
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๐ Level Up
Read: If youโre an investor, or thinking of becoming one, youโve almost certainly heard the term โS&P 500โ, hereโs how to invest in the stock market.
Watch: Jordan B Peterson, a clinical psychologist, discusses about success and what to do to be successful.
Take Action: Financial actions speak louder than resolutions. Dive deeper into financial actions that will help you make progress in your financial journey.
๐ถ๏ธ Extra Spicy
Here are three tips why you should invest in yourself:
1. Unlock your potential: Investing in yourself, whether through education, skill development, or personal growth experiences, equips you with the tools to reach your full potential. It will boost your confidence, open doors to new opportunities, and make you feel more fulfilled in all areas of life.
2. The world is constantly changing: The skills that are valuable today might not be tomorrow. By continuously learning and developing new abilities, you stay adaptable and relevant in the job market.
3. Greater happiness and well-being: Investing in yourself isn't just about work. It's about nurturing your physical and mental health, exploring passions, and building stronger relationships. By prioritizing your well-being, you gain a sense of purpose, reduce stress, and create a more fulfilling life overall.
๐คฃ Meme Stash
Success!
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Do not force it!
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Did you learn something new today? |
๐ If you have anything interesting to share, please reach out to me by sending a DM on Twitter: @NERDcharlie & @moneytaco
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