Podcasts on money are great for millennials. You can get some advice from experts like Robert Farrington, an entrepreneur and money expert for millennials. He also discusses side hustles and how you can be your own boss. There are many financial podcasts.
Stacking Benjamins
FastCompany lauds Stacking Benjamins' "highly enjoyable podcast." It strikes a good balance between usefulness and fun.
Torabi's Money
Farnoosh Torabi is editor-at-large at CNET Money and an award-winning financial strategist. In this book, he offers financial advice and tips on how to make the most of your money. He also shares his personal experiences with financial planning, including how to make your money last a lifetime.
Count Me In
The Count Me In podcast can be a great resource for anyone who wants to learn how to increase their wealth. This podcast features a guest who is a thought leader in the industry, and has a passion for helping people achieve their financial goals. Jeff Thomson is a thought leader at the IMA.
BiggerPockets Makes More Money
Monica was in very poor financial standing when she divorced. She had very little money and very few assets. She worked hard for a decade, was free from debt, has a cash-flowing portfolio of rental properties, and optimizes her lifestyle. Today she coaches others in financial freedom. BiggerPockets are one of her sponsors.
Clark Howard
Clark Howard is a nationally syndicated radio show host and podcast financial expert who aims to empower people by providing money-saving tips and consumer advice. His shows feature information about hot deals and economic news. He offers practical advice to help you avoid scams and reach your financial goals.
FAQ
How long does it take to become financially independent?
It depends on many variables. Some people are financially independent in a matter of days. Some people take many years to achieve this goal. No matter how long it takes, you can always say "I am financially free" at some point.
You must keep at it until you get there.
How do I know when I'm ready to retire.
First, think about when you'd like to retire.
Is there a particular age you'd like?
Or, would you prefer to live your life to the fullest?
Once you have decided on a date, figure out how much money is needed to live comfortably.
Then, determine the income that you need for retirement.
Finally, determine how long you can keep your money afloat.
Should I diversify my portfolio?
Many people believe diversification can be the key to investing success.
In fact, financial advisors will often tell you to spread your risk between different asset classes so that no one security falls too far.
This approach is not always successful. It's possible to lose even more money by spreading your wagers around.
Imagine that you have $10,000 invested in three asset classes. One is stocks and one is commodities. The last is bonds.
Let's say that the market plummets sharply, and each asset loses 50%.
You still have $3,000. If you kept everything in one place, however, you would still have $1,750.
You could actually lose twice as much money than if all your eggs were in one basket.
This is why it is very important to keep things simple. You shouldn't take on too many risks.
What investment type has the highest return?
The answer is not necessarily what you think. It depends on what level of risk you are willing take. If you are willing to take a 10% annual risk and invest $1000 now, you will have $1100 by the end of one year. Instead, you could invest $100,000 today and expect a 20% annual return, which is extremely risky. You would then have $200,000 in five years.
The return on investment is generally higher than the risk.
The safest investment is to make low-risk investments such CDs or bank accounts.
However, this will likely result in lower returns.
Investments that are high-risk can bring you large returns.
A stock portfolio could yield a 100 percent return if all of your savings are invested in it. However, it also means losing everything if the stock market crashes.
Which is better?
It all depends upon your goals.
It makes sense, for example, to save money for retirement if you expect to retire in 30 year's time.
It might be more sensible to invest in high-risk assets if you want to build wealth slowly over time.
Remember that greater risk often means greater potential reward.
You can't guarantee that you'll reap the rewards.
Which investments should I make to grow my money?
It's important to know exactly what you intend to do. If you don't know what you want to do, then how can you expect to make any money?
Also, you need to make sure that income comes from multiple sources. If one source is not working, you can find another.
Money does not just appear by chance. It takes planning and hardwork. You will reap the rewards if you plan ahead and invest the time now.
How can I get started investing and growing my wealth?
You should begin by learning how to invest wisely. This way, you'll avoid losing all your hard-earned savings.
You can also learn how to grow food yourself. It is not as hard as you might think. You can grow enough vegetables for your family and yourself with the right tools.
You don't need much space either. You just need to have enough sunlight. You might also consider planting flowers around the house. They are also easy to take care of and add beauty to any property.
Finally, if you want to save money, consider buying used items instead of brand-new ones. The cost of used goods is usually lower and the product lasts longer.
Statistics
- Over time, the index has returned about 10 percent annually. (bankrate.com)
- If your stock drops 10% below its purchase price, you have the opportunity to sell that stock to someone else and still retain 90% of your risk capital. (investopedia.com)
- Most banks offer CDs at a return of less than 2% per year, which is not even enough to keep up with inflation. (ruleoneinvesting.com)
- They charge a small fee for portfolio management, generally around 0.25% of your account balance. (nerdwallet.com)
External Links
How To
How to Invest into Bonds
Bonds are a great way to save money and grow your wealth. When deciding whether to invest in bonds, there are many things you need to consider.
You should generally invest in bonds to ensure financial security for your retirement. Bonds can offer higher rates to return than stocks. Bonds could be a better investment than savings accounts and CDs if your goal is to earn interest at an annual rate.
If you have the money, it might be worth looking into bonds with longer maturities. This is the time period before the bond matures. You will receive lower monthly payments but you can also earn more interest overall with longer maturities.
Three types of bonds are available: Treasury bills, corporate and municipal bonds. The U.S. government issues short-term instruments called Treasuries Bills. They are very affordable and mature within a short time, often less than one year. Corporate bonds are typically issued by large companies such as General Motors or Exxon Mobil Corporation. These securities generally yield higher returns than Treasury bills. Municipal bonds can be issued by states, counties, schools districts, water authorities, and other entities. They generally have slightly higher yields that corporate bonds.
If you are looking for these bonds, make sure to look out for those with credit ratings. This will indicate how likely they would default. High-rated bonds are considered safer investments than those with low ratings. Diversifying your portfolio in different asset classes will help you avoid losing money due to market fluctuations. This protects against individual investments falling out of favor.