The Future Is Your Past

The Future Is Your Past

In previous articles we discussed balancing how to enjoy living your life and saving for the future. Missed that one? Catch up here.

That concept is a lot easier said than done, so we’re going to give you a few more tips and tricks to better invest in your future life and your future finances.

  • Make Good Choices – This seems like a “duh” moment. However, a lot of people struggle with the critical thinking aspect of good choices, especially when it comes to money. How do you think critically to make sure you’re making good choices? Here’s an example. You want to buy a new car, and are prepared to put $5,000 down. Your current car is old, and you’ve worked hard and therefore deserve a treat. But what if you invested that money instead? Based on average annual stock market return statistics, that $5,000 would be worth about $40,000 in 30 years if invested. This critical thinking gives you concrete information you can use to make your choice. If the car is worth $40,000 in future money to you, go ahead and buy it. But if not, save the money instead. That’s how to make good choices.
  • Have Fun With Investing – Investing and finance doesn’t have to be boring. In fact, if you make it enjoyable, or (dare we say) fun, you’ll be more likely to save and invest more. Luckily, it’s easier these days to have fun with investing because of new investing apps. New trading apps are making investing into a fantasy sports-like game young and old alike can play with their friends. These apps show you exactly where your money is going, tell you how it’s doing, and allows you to share your returns with your friends for bragging rights. The real genius of these apps is that they make saving an instant reward, because the more money you save, the higher your balance goes in the “game.” Check out investing apps and games like:
    1. Robinhood This app has zero trading fees, but you do have to do your own analysis.
    2. StashStash, unlike Robinhood, doesn’t let you invest in a single stock. Instead, this app helps you invest in one of 30 Exchange Traded Funds (ETFs) by letting you choose the risk level.
    3. AcornsThis app also helps you invest in ETFs, but it also allows you to invest smaller amounts in recurring monthly investments to see almost instant returns.
  • Keep Learning – The one investment tool that will never fail you is knowledge. The more you learn about finances and investing, the easier it will be to make good choices for your money and your future. Keep reading articles online, check out books (like Principles by Ray Dalio), listen to podcasts, or do whatever else you like to do to amass information. Our finance world and your personal situation are constantly changing, but a solid base of learning can and will support you throughout any major shift.

Do any of these tips speak to you? Let us know in the comment section. Keep learning, and keep an eye out for more helpful articles.

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