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Joel covered a lot this week, so here's a quick outline of what you need to know to get yourself on your way to financial happiness:
April is financial literacy month! Knowing that, Joel broke down the 7 Money Gears you need to do to get yourself set for a bright financial future. Some of these are as basic as having a $2,467 emergency fund and snagging the company match in your 401k.
As we're talking about financial literacy, it's important to remember that your core value can't be money! Money should be used as a tool to keep you happy and comfortable. Work on reflecting on these thoughts:
- Make a list of priorities
- Brainstorm possibilities
- What's your 'craft beer' equivalent: What are the few things you don't mind funneling money into because you love them so much?
- Act accordingly
- Life is all about tradeoffs
If you need help thinking about these things, check out the How to Money mission statement.
Joel talked about insurance a lot this week and how you may not need some insurance, such as insurance or extended warranties on laptops and computers. But life insurance is something you should be taking advantage of. The basic rule of thumb is to have a life insurance policy that is worth around 10x more than what you're making right now. If you need more help though, there's a How to Money guide to buying life insurance.
Money Move of the Week: A lot of the snail mail you're getting is doing nothing but clogging up your mailbox with nothing but credit card offers and things you may not want. You can always opt out at www.optoutprescreen.com.
Don't forget to check out the 'How to Money' Newsletter and website!
Check out this week's show below!