Build your Money Muscles in 2016! Financial Fitness Tips from GoldBean
Welcome to 2016! By now, you’re back at work, refreshed and ready to take on the New Year. Like most people, your resolutions probably include something about getting better with saving and investing money. Right now, you’re probably wondering where to start, and what you need to do to make important financial changes.
Regardless of where you are on your financial journey, the first step is investing in yourself. And IAW’s got that covered! We’re excited to announce our new partnership with GoldBean, a financial empowerment platform for women that provides investing advice, customized financial education and access to low-cost trading. GoldBean is here to help you build your money muscles in 2016 and become financially fit when it comes to earning, spending, saving and growing your financial empire.
Jane Barratt, Founder and CEO of GoldBean, believes that, “with the right tools and education, anyone can be a confident investor.”
An advocate for financial literacy, Jane used what she saw in her career and travels to build her own personal investment portfolio that enabled her to take the leap into building her own business and helping beginners understand the investing market.
“My 28-year-old self needed GoldBean; I had to learn and do everything the hard way when it came to investing.”
The experts at GoldBean provided three practical things you can do to achieve financial fitness this year:
1. Shake off your New Year credit card hangover.
Everyone can benefit from this credit card trick: set up a direct deposit to pay your card weekly, especially if you know approximately how much you spend each month. Your credit score can be dinged if you get too close to your limit, and ratings agencies like when you spend 30% or less of your available credit. So, by paying more frequently, you’ll be more likely to stay in the safe zone—and when you’re trying to pay down your credit card debt, paying it every week can feel more manageable than a large payment once a month.
2. Make a commitment to learning.
Add new titles to your media consumption that feel like a stretch to your current level of understanding, like the business section of your local paper or The Wall Street Journal. Make this the year of figuring out what all the foggy words mean (Investopedia is a great resource for this). Don’t be afraid to ask questions about money. After all, the more we all normalize this conversation, the less guilt and shame people will have about raising their hands for help.
If you feel overwhelmed by this undertaking, consider how much time, energy and money you devote to keeping yourself physically healthy through diet and exercise. Your physical health is important enough to put in the work, and so is your financial health. If you spend even a fraction of that time on your financial literacy, you’ll make great progress toward empowerment.
3. Focus on growth.
You work hard for your money, but you don’t make it just to spend it—you make it to create the life you want for yourself. Putting your money to work for you through investing is fundamental to achieving that goal.
If you waited until you knew everything about investing, you would never start. So, even if you’re not in a position to start investing today, start a virtual portfolio and build your money muscles while you build up your actual funds. And while you’re at it, consider making a commitment to an ongoing direct deposit so you can gradually buy into your portfolio.
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