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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:
We're still in Financial Literacy Month and so Joel has a guide for investing as a beginner. There are a couple of key components that you must know. The first is that you must be consistent with your investing. Make it a habit and put a little bit of each paycheck into your savings account. The next thing that is important is time. Think of your investments like a fire. It starts with a small spark but can turn into a roaring fire with time. Finally, diversification. This diversification will probably come in the form of investing in a broad index fund like a TSM fund.
While we're talking about financial literacy, you may be thinking whether or not you need a financial advisor. Chances are you probably don't. But there are benefits to having one. There are just a few things you need to know before you make a decision on whether or not to hire one.
Google is helping you save money when you travel. Not only will it give alerts for the best price on flights before you book, but they'll also monitor prices after you book and ensure you're getting the best deal available. Of course there are more tips on how to save money when you travel.
Stat of the Week: 58% of men and 61% of women do not negotiate at all when they apply for a job. Employers expect you to negotiate your pay when you apply for a job. Use salary transparency to your advantage. Look up what other companies are paying for the job you're applying for. Also keep your network up to snuff. Check in with contacts and having meaningful connections. Don't just reach out when you're looking for a job
Money Move of the Week: Check your insurance deductible! Having a higher deductible may help you in the long run. If you have the money, you'll be paying less money to the insurance companies over the course of the year. For example, if you go from a $500 to a $2,000 deductible, you can save up to $500 a year. If you have a higher deductible, you'll also be making fewer claims. Too many claims could lead to getting worse deals or potentially being dropped by your insurance provider. If you want a local indy broker, TrustedChoice is an excellent resource to check out!
Don't forget to check out the 'How to Money' Newsletter and website!
Check out this week's show below!