Being Smart With Your Money

So many people that I've talked too about money or trying to start a business have told me, I want to open up my own business or I want to do other things but I just don't have the money. The truth is everyone can put themselves in a better financial position it's all about better educating yourself and learning to be smart with your money. So here are a few tips from me on things to do on being smart with your money. 

1.) Your Money Should Always Be Working- One of the biggest mistakes so many people make even if they are not living paycheck to paycheck is just putting their money in their savings account and having it sit there. To the average person that looks great but the truth is when you understand how finance and economy works you'll realize that in retrospect your money in your savings account is actually losing value. How is that possible? Easy INFLATION, you don't put into account of inflation that increases by small percentages every year. if your money is not always working than as inflation increases every year the value of your savings account decreases. Think long term I personally am not a big fan of Bank CD's because the ROI (return on investment) on them are so low, but it's better than nothing. Even putting your money in a fixed interest account and get back roughly 2%-3% ROI back per year your at least your beating the rate of inflation and having your money work for you. Never just have your money just sit have it always working. 

2.) Become Frugal- Now you say well I want to invest but I don't have the funds I'm truly living paycheck to paycheck with 2 kids. I understand those situations but there are always things you can do to put yourself in better position. Truly take a hard long look at your finances and see where you can make even the smallest of cutbacks. Whether if its cutting down on groceries by even say $20 a month or driving less to save on gas, or the big one keeping all of your spare change and cashing it in every month. Learn to become as frugal as possible if your in this situation. Even if you can only save $20 a month at best at the end of a year you would have saved $240 that's more than enough to get yourself started to have your money work for you. their are apps such as Acorns and other platforms you can use that will put that money in the stock market for you. You don't need thousands of dollars to start investing. 

3.) Become Better Educated- Do your research learn how finance and the economy works. Read books, search on google, watch YouTube videos, become consumed by it. The better educated you become the better you will become with your money. I personally started by reading investing for dummies when I was 22 years old. by the time I was 24 I had already started investing in many ways. I still to this very day constantly keep learning about the economy and investing.