Top tips to help you achieve financial freedom: Part Five
Fri June 1st 2018
Many people assume ''being good with money'' means saving a lot, and whilst this is a good place to start, there are other options such as investing, that could see your money grow faster. Of course, with potentially lucrative investment gain comes investment risk, so it is important to know what you're doing. Better still, get expert advice – it's often not as expensive as you think.
Team todays tips along with what you have picked up earlier in the week and you'll be on your way to financial freedom in no time! If you missed any of our previous instalments you can find them here
Invest in your future
54: Investment basics
Investing in stocks, bonds, or property can be great ways to grow your savings – but you need to know what you're doing. Do some reading about the basics of investment, or talk to a financial expert if you're not sure where to start.
55: Don't just save - invest
If you're saving a significant chunk of money every month, it's worth doing something with it. You can set up an automated investment account that does the stock picking for you, so you can have a diversified portfolio even if you're not an expert.
56: Don't be afraid of investments
Investing in stocks or mutual funds doesn't have to be scary. Get good advice from a professional, start small, and remember, the earlier you invest, the more time your money has to grow.
Talk to the pros
57: Build an expert finance team
Even if you're not a millionaire (yet) it's worth getting expert help with your finances. Credit counsellors, tax advisors, accountants, financial planners, mortgage brokers and lawyers can all be helpful at different stages of your financial life.
58: Get help when you need it
Don't be afraid to ask for help if you're in dire financial straits. Financial counsellors – who often offer free services through not-for-profit organisations – can help you sort out your debt, set realistic savings goals, and sort out your insurance.
59: Check credentials
When choosing a financial expert or a lender, it's essential to check their credentials. Choose to work with qualified people and reputable organisations, and make sure you're comfortable talking to them.
60: Avoid expensive errors
We all make financial mistakes – but some are more expensive than others. When you have a good handle on your finances, you're less likely to make mistakes like taking out a high interest loan, paying too much for insurance, or failing to insure altogether.
61: Don't lose your identity
Financial fraud can cost you money and destroy your credit. Reduce the risk of fraud by monitoring your credit card statements, checking your credit report regularly, destroying sensitive documents and being smart when buying online. Credit cards usually have better insurance in place, compared with debit cards and online payment, so they're better to use for online purchases.
62: Keep an eye on your accounts
If you're on a limited budget, it's important to keep your various accounts under control. Check them frequently to make sure you don't go into overdraft and end up with fines or fees.
63: Don't forget documentation
These days, most banks have online accounts and records, so you can access your information whenever you need to. But it's still important to keep documents and contracts related to your bank accounts, insurance policies and investments. It's better to have them and not need them, than the other way around.
64: Use extra cash wisely
If you're lucky enough to come into some unexpected money, try not to spend it frivolously. Put money from bonuses, tax refunds, inheritances and gifts into your high-interest savings account instead – it will be more useful in the long run.
We hope that over the last week you have managed to pick up some handy suggestions on how to plan ahead and manage your finances; feel free to contact the team at Cave Financial if you would like to discuss your financial future in more detail, or use our handy Tools & Resources.
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