How To Spend Money Wisely - Some Effective Tips 

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Syreetachen
Posts: 117

Joined: 9/7/2020
Topic  How To Spend Money Wisely - Some Effective Tips       Flag »  Reply »
If you lose your job, you can continue Stay Home Profits you plan under COBRA for 18 months, and while expensive, it can give you time to find another policy. Also, young adults can be carried under their parent's policy to age 25.I'm not going to pretend that there is an easy solution here, but the cost of doing nothing can be far more damaging than the cost of getting the insurance.And finally, you know I really can't ignore this completely; if you have put money away in a long term investment plan like an IRA or 401k, or you have saved a good amount of money and some of it is invested for higher returns, consider these few things to control your risk.

Make sure the money invested for the long term is not going to be used for any short or intermediate term need. Not for a college bill that is coming up in a few years, not for money aside for a down payment on a home, not next year's vacation. This has got to be money invested alongside of you for your lifetime. It stays invested and reaps the rewards of gradual growth.Don't speculate. Leave that for professionals, who, even with the likes of JPMorgan (have you heard about the $2-3 billion loss?), can lose a considerable amount of money.

Stay away from that game. No options, margin, or futures. No "If, Then That" investments. (I coined this last week)... and what it means is "If this happens (interest rates go down) then that happens (your stuff goes up.)Diversify. Buy stocks, large, medium, small. International and domestic. Buy bonds with short and long term maturities, Use index mutual funds and ETFs to get even further diversification. Buy an actively managed fund to get good manager to buy and sell for you.


  Saturday, April 3, 2021 at 5:04:13 AM

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