Diversification: How to Invest Money Wisely

investing Oct 19, 2019

Wondering how to invest money wisely? While there are no guarantees when it comes to investing. a solid portfolio is a key factor in your success. If you learn how to make your portfolio the best it can be through diversification and risk assessment, you’ll be able to increase your chances for success while simplifying the investment process.

How to Invest Money Wisely - Choose Categories

Diversification comes down to choosing the categories of investment you hold in your portfolio. It allows you to stretch out the money you have to invest over several different areas. Instead of putting all of your money in one place, you can allocate it to different styles of investing to reduce your risk while increasing your chances of success. Big events and major losses will create less of a blow when you have successfully diversified your portfolio.

The most common choices, especially for new investors, are stocks, bonds, and cash. Some investors may choose things such as...

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Don't Believe These Investment Myths

investing retirement Oct 18, 2019

As you learn more about investing, it can become apparent that there are many investment myths out there, ranging from absolutely ridiculous practices to things that may seem almost legitimate. No matter whether you get the information from a peer or an investment professional, be sure to keep an eye out for these common investment myths. 

Don’t Believe These Investment Myths 

Of course, each investor is different. There are no hard and fast guidelines that apply to everyone when it comes to balancing risk, but it does help to have a good understanding of what to look for.

Myth #1: Risk Definition is Static

Risk means different things to different investors. The way you manage risk has to do not only with the amount of money you’re investing but also your personality. Outside of investing, look at how you manage risks and how you associate them with your day-to-day life. Rather than focusing on whether something is “risky” in the market, consider...

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Reduce Your Fear with a Simple Checklist: What to Discuss with Your Financial Advisor

investing Oct 17, 2019

This week we continue to explore investing fears. For some, they know that they need a financial advisor, but they feel intimidated when thinking about meeting one. That could be because they have no idea what to ask during the meeting. While the financial advisor will guide the conversation, you want to make sure they address your questions and concerns. Here's a checklist for the first meeting and subsequent meetings.

Related post: Investing Doesn't Have to be Scary: Selecting a Financial Advisor to Be Your Guide

First Meeting: Financial Advisor Checklist

  1. Why did you become a financial advisor?
  2. How long have you been a financial advisor?
  3. What credentials do you hold?
  4. What types of clients do you typically work with?
  5. What services do you offer?
  6. How are you compensated?
  7. Are you held to a fiduciary standard?
  8. What is your investment philosophy?
  9. How do you typically communicate with your clients?
  10. Will I have a written financial plan? How frequently will it be reviewed?

Annual...

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Investing Doesn't Have to be Scary: Selecting a Financial Advisor to Be Your Guide

investing Oct 16, 2019

For the next week, we are going to explore why many people are fearful when it comes to investing. If you don't have much knowledge of investing, it is essential to work with a financial advisor. However, what if it's choosing the advisor that has you at a standstill?

As a financial advisor who has worked for a few different financial institutions in my career, I have known A LOT of financial advisors. As with any profession, there are some excellent financial advisors, and there are ones that leave a lot to be desired.

Often, when I sit with prospective clients, they talk about being worried that their existing financial advisor is taking advantage of them. I think it's valid to be worried about getting taken advantage of. I have seen many portfolios come across my desk where it is clear that the financial advisor who sold the investments made more than the client ever did. 

How to Choose a Financial Advisor

Choosing the right financial professional is...

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Afraid Money is Destroying Your Friendship? Here are 10 Do's & Don'ts

People widely acknowledge and discuss how money can negatively impact romantic relationships, but sometimes money causes tension in friendships, too. This is especially true when there is a large discrepancy in income between friends. Here are some simple do's and don'ts to keep money from ruining your friendship.

To Keep Money From Destroying Your Friendships, Remember These Do's

Be honest if you're having financial challenges.

Your friends are not mind-readers and may or may not even realize that money is causing tension in your relationship. If they are real friends, they are not going to care that you would rather invite them over for a cup of coffee than go out for expensive dinner. Just be honest and find things that you like to do together that are free or don't cost much.

Be honest about your financial goals.

I know that money is still a taboo topic in many social circles, but honesty is so important for relationships to thrive. You may not be struggling...

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How to Talk to Your Spouse About Money Problems

Afraid to talk to your spouse about money problems? Money is a common argument amongst couples, and unfortunately, it often gets so bad that it leads to divorce. The earlier you can address financial stress in your relationship, the more likely you can resolve it. The best thing you can do for your relationship is to work together to solve your financial problems.

Premarital counseling can prevent a lot of problems. The theory is that talking about significant issues before getting married can reduce the friction caused by different beliefs and behaviors. Discussing topics like child-rearing, managing conflict, and managing money are essential before getting married. Waiting to sort out the differences after the honeymoon period can be hard.

If you've been married a while and now realize that you and your spouse don't agree on finances, it's important to get a handle on things before they affect your relationship. Money can create a great deal of strain in a relationship.

...
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Fear of Going Back to Work

career stay at home mom Oct 13, 2019

Wondering what to do after being a stay-at-home mom? Whether you’re going back to work because you want to or because of a financial obligation, it can be challenging to get back into the workplace environment and the schedule it usually entails. No matter why you’re doing it, you can face your fear of going back to work.  

Have a Plan for Going Back to Work After Being a Stay-at-Home Mom

Even if you have to jump back into a career on short notice, the more planning you can do ahead of time, the easier the transition will be. Get your kids on a schedule that’s similar to the one you’ll have when you go back to work. 

It’s vital that everyone in the house knows their expectations and has a clear idea of what the routine will be like once you return to work. By preparing your family, you can help reduce some of the stress on that first day back to work. 

If you’re using childcare when you go back to work, you may want to start...

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Facing Your Fear: How to Ask for a Raise When You're Underpaid

career increasing income Oct 12, 2019
 

Asking for a raise can be uncomfortable for many of us. However, as I teach my children, if you don't ask the question, then the answer is always going to be no. If you want a raise and you feel like you've earned it, you need to ask for it. This is particularly true if you've taken on additional responsibilities but never been compensated for the additional value you're providing to the company.

Related post: Tips to Negotiate a Higher Starting Salary

Here are strategies for how to ask for a raise when you're underpaid: 

Know your company’s mission and goals.

Why is it essential to have a handle on your company's mission and goals? You’ll want to infuse them throughout your pitch for a higher wage. Show how the work you do aligns with your organization’s goals and mission.

Do your homework.

Knowing what the market rate is for your position is helpful when asking for a raise when you're underpaid. It costs companies a lot of money to bring on new...

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Face Your Fear: How to Start a Blog and Make Money

Just as with any new career, starting a blog can seem like a scary (and sometimes impossible) task. A significant difference between a blog and a typical job, though, is your income potential. A blog can give you the ability to make unlimited amounts of money, so consider that when you think of how nervous you are to put yourself out there. The payoff is usually worth it. Knowing that it’s time to face that fear, learn how to start a blog, and make some money. 

Related post: Don't Let Your Fear of Starting a Business Stop You

Choose a Niche

A blog niche is fundamental. A niche is essentially a category your blog will fall into. For example, this blog is all about finance related to moms. Other blogs talk about fashion, lifestyle choices, and specific career tracks. While most people have a topic in mind when they start their blog, some have no idea. If you’re in the second category, you should choose a niche that you are passionate about. 

While appealing...

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Don't Let Your Fear of Starting a Business Stop You

entrepreneurship goals Oct 10, 2019

Do you remember when you first became a mom? I remember like it was yesterday. I had so many fears. I was afraid that I wouldn't be a good mom. I was worried that my kids would get hurt. Now sometimes I'm afraid I'm going to say the wrong thing when we have an important conversation.

It's normal to worry when you embark on something new, and starting a business is no different. Fear of starting a business is entirely normal. As a business owner, I am constantly pushing myself outside my comfort zone to grow and make a more significant impact. With that said, it's also incredibly rewarding to see the business that I've built.

When I talk to those who are interested in starting their own business, but they can't seem to take the plunge, I find that it's often self-belief that is holding them back. If you suffer from a lack of self-belief, all hope is not lost!

Overcome your fear of starting a business with the following tips:

Set a Goal and Create a Plan

The mere act of setting...

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