🌮 Finance News: March 20, 2024

5 Things You Need To Know Today

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Happy Wednesday!🖐🏽

Let me warn you — this issue will be a little different than what you are used. I'll be diving into some key principles that can set you on the path to achieving your financial goals. By following these tips and taking consistent action, you'll be well on your way to achieving your financial goals!

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🗞️ Hot off the Press

These 5 things happened while you were busy…

🌮 Know Where You Stand: Assess Your Current Financial Situation

It's all about taking stock! Before you embark on your financial journey, gather your financial statements, including bank accounts, credit card balances, and recent pay stubs. This will help you understand your income, expenses, and overall net worth (assets minus liabilities). With that being said, having a clear picture allows you to set realistic goals and track your progress over time.

Great article to read: How to Do a Financial Checkup

🌮 Set SMART Goals: Specific, Measurable, Achievable, Relevant, and Time-Bound

Dream big, but plan realistically! Instead of a vague desire for "more money," set specific goals like saving for a down payment on a house (e.g., $20,000) within a measurable timeframe (e.g., 2 years). You should ensure your goals are achievable based on your income and expenses. In addition, it should be relevant to your overall financial plan and have a time-bound target for completion.

🌮 Build Your Emergency Fund: Prepare for the Unexpected

Life throws curveballs! Having a safety net in the form of an emergency fund can provide peace of mind and prevent financial hardship during unexpected events like car repairs or medical bills. Therefore, you should aim to save 3-6 months' worth of living expenses and consider high-yield savings accounts for easy access while still earning some interest.

🌮 Embrace Budgeting: Track Your Income and Expenses

Knowledge is power! It’s crucial to know where your money goes to take control of your finances. There are many budgeting methods available – from the classic pen-and-paper approach to budgeting apps. In this case, find a system that works for you and track your income and expenses regularly. This will help you identify areas where you can cut back and free up more money for savings and debt repayment.

🌮 Debt Management: Develop a Plan to Tackle Debt

Debt can be a burden, but there are ways to manage it effectively. You should prioritize high-interest debt first and utilize strategies like the debt snowball or avalanche method. It’s best to consider debt consolidation to simplify repayment and potentially secure a lower interest rate. Remember, the key is to have a plan and stick to it!

👀 Level Up

Read: If you’re an investor, or thinking of becoming one, you’ve almost certainly heard the term “S&P 500”, here’s how to invest in the stock market.

Watch: Jordan B Peterson, a clinical psychologist, discusses about success and what to do to be successful.

Take Action: Financial actions speak louder than resolutions. Dive deeper into financial actions that will help you make progress in your financial journey.

🌶️ Extra Spicy

Here are three tips why you should invest in yourself:

1. Unlock your potential: Investing in yourself, whether through education, skill development, or personal growth experiences, equips you with the tools to reach your full potential. It will boost your confidence, open doors to new opportunities, and make you feel more fulfilled in all areas of life.

2. The world is constantly changing: The skills that are valuable today might not be tomorrow. By continuously learning and developing new abilities, you stay adaptable and relevant in the job market.

3. Greater happiness and well-being: Investing in yourself isn't just about work. It's about nurturing your physical and mental health, exploring passions, and building stronger relationships. By prioritizing your well-being, you gain a sense of purpose, reduce stress, and create a more fulfilling life overall.

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