Today I'll be speaking on 7 Places Your Money Needs To Go. Please join in conversation on my this topic below in the comment section.
1. 401K
Before you see your check, at least 5-15 percent of your check should be invested in your 401K. And if your employer matches, please consider this. Your older self will thank you now.
2. Needs VS Wants
This one is my favorite. I've been preaching this issue nearly my entire life. I was so proud to see my daughter actually practicing this while in High School and College. I love you pumpkin. I love you Baby Girl. She's going to be like, "DAAAAD!"
Basically, you need shelter, food, drinks, transportation, healthcare, HVAC and utilities. What you want is the issue. You want to eat out everyday or weekend. You want to buy the new Fendi Bag. You want to take a ride share. Patience is key. Will power is really needed at this stage. Will power mixed with patience and dedication.
Do what I do. Tell your family and friends YOU ARE BROKE and your money is tied up in investments, which is the goal.
3. Emergency Fund AKA "Just In Case...."
In life there are plenty of emergencies from losing a job, medical expenses, car issues, home repairs or unplanned travel expenses. And I'm aware that saving is very difficult, but anyone can do it. Even that Geico Cave Man.
The most important thing that an Emergency Fund does, is it relieves most of your stress. Can you imagine having enough money saved up, that you can vacation whenever you want. What about not stressing about losing your job. Having an Emergency Fund can free your mind. Now I'm thinking about that En Vogue song, "Hold On."
4. Paying off Debt AKA "Put the Credit Cards Down Please!"
Hopefully your not in debt. If you are, let me help you. I have various other blogs that go into detail on getting out of debt. Please check those out. Also, check out my daughter's and my clothing lines below. Thanks in advance.
Whatever debt you have, make it a priority to pay it off. Your going to be so relieved when you do. That's when you will be able to invest in yourself and become financial stable. A good way is to pay off your highest debt first. Some people do the opposite. Either way, just do it like Nike.
5. Checking and Savings
Number 5 should of been number 1 to me. Now I'm thinking about that Biggie Smalls song, "Ten Crack Commandments." Anyway, most people have these accounts in a brick and mortar banks. Check out these online banks that give you between 1.5% - 2.05% interest. Please Google on your own please. Remember, I'm not a Financial Adviser. I'm a Financial Learner that shares information that you can Google.
6. Roth IRA
A Roth IRA in the USA is usually not tax upon distribution. It's encouraged to add $6,000 dollars a year into your Roth IRA. If your pockets are not deep yet, start off with less. It will take 500 dollars a month to acquire the $6,000. If that is not in your playing cards, start off with only 50 or 100 dollars a month.
7. More Investments AKA "Mo Money, Mo Money, Mo Money!"
Now that you Financial Stable by following the above steps, lets invest some more. Investing in yourself is priceless. Your goal is to retire early. And if you are in a later stage in your life now, you still have time to live. Get out there and cross out that bucket list.
Or invest in your love ones. Family if very important to me. Teach them how to get where you are. Hopefully you are bringing them along with your journey presently. And if your love ones are good with your money, share it. Donate to the unfortunate. Look into tax write offs. Do what the RICH people do. Oh yeah, you at this point you are the RICH.
Once again, thanks for taking time out of your schedule to read and support me. I really appreciate you. And I'll answer any question below. And again, please support one of my families side hustles below. We have that Merch!
Marquis J. Walker
Father/Blogger/Financial Learner
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