Money Management 101 part 6

Money Management Skills

We are continuing through our series on learning new Money Management skills.   You can catch up on any part of the series you might have missed:    We’ll continue now with part 6 – Investments.

II.  Investment

Bank , Borrowing & Investing

Banking and Borrowing – Get the best credit card deals. Avoid unnecessary fees and penalties. Know when to fire your banker. How to protect yourself against identity theft.  Find out all you need to know about banking and borrowing here.

Employ the Mortgage Equity Optimization Strategy to pay off your 30-year mortgage in about five to seven years on your existing level of income. This strategy involves using a home equity line of credit as your main bank account. Discover how this might work for you at truthinequity.com.

Investing – Strategies for mutual fund investing. Managing your bank account and increasing your returns. What mistakes do you need to avoid when managing your nest egg online. Investing is a scary term to many.  Let’s take the mystery and fear out of investing and show you how to consistently make smart money investment decisions.

One company that helps you make easy consistent investment steps is Sharebuilders. This company lets you make regular buying of stocks easy.  You set up an online account that will build your portfolio over time through automatic, recurring dollar-based investments.  It’s an affordable way to invest and emphasizes the accumulation of stock rather trading on a constant basis.

Track and protect your accounts for free.  Fees and bad investments can cost you thousands.  Sigfig.com can track your investments and help you protect your finances.

When should you use a financial advisor?  When you:  a) have $250,000 or more to invest;, b) start investing beyond the basics of 401k, ira, money market and mutual funds; c) you feel over your head

What do you ask a financial advisor to determine if he/she is correct for you?  A good advisor should always be a fee based professional and should not be obtaining their fees by selling insurance, options, futures,  commodities, or annuties.  If they are selling any of these products…run fast, and far away from them.  Advisors should be willing to provide references of personal clients.  Make sure your advisor has liability insurance and is willing to provide specific financial stategies that you can implement on your own.

We’ll continue our discussion in part 7 – Retirement

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