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Budgeting Saving Money

IT’S HAPPENING… 2022 RECESSION (this is a GOOD thing!!)

When we hear the word recession, we immediately think bad things are happening financially. People are losing their jobs, inflation is through the roof; yes those things are happening, but there is also something good that comes with a recession

That is the stock market going down.

I thought the stock marketing declining was a bad thing?

The stock market declining is a bad thing if you are ready to retire now, but if you have several years, for some decades, then the market declining means that stocks are “on-sale”. 

In this article, when I am referring to investing, I am not talking about day trading or options, but good ole fashioned, low-cost index funds and investing for the long haul

Historically if you put your money into an S&P 500 Index fund over the course of 10 years, it is only a chance of a 6% chance that you will lose money. That is why investing for the long haul is so important. Investing truly is set it and forget it.

What if I’m not ready to invest?

Don’t click away; I’m going to walk you through what you need to do to set yourself up to invest, and you may be ready a lot sooner than you think!

Can I invest while I’m paying off debt?

Yes! Contrary to popular belief, ahem Dave Ramey, you CAN invest while paying off debt. 

You CAN invest while saving for an emergency fund. 

Figure out how much money you have left over at the end of the month when all your bills are paid, and put that money towards your goals.

Growing your net worth when you stop focusing on debt.

When you shift your main financial goal from only paying of debt to investing, whether that is becoming debt free or doing both at the same time. It’s amazing how much faster your net worth grows. 

When you are only paying off debt, your net worth can only grow at most the same amount that you paid off. 

But with investing, the compound interest and compound growth that you see will blow your mind. 

My net worth has grown to be over $500k in the past five years, and just six years ago I was still in debt. 

That is the power of investing. 

>> Click here to see how our net worth has grown to over $500,000 in 5 years.

Now is the time to get your money in order.

If you aren’t on a budget, or living paycheck to paycheck, or behind on your bills, or deep in debt. 

If you aren’t ready to invest right now, take this time to get your money in order. 

Take this time now to set yourself up for success. 

Take this time to pay off some debt.

Take this time to get current on bills. 

Take this time to get on a written budget

It is a game changer being on a budget so that you can see how much money you’re working with. 

If you don’t have a budget then you don’t know that you are in the red every month, or you actually have an extra $100 left over at the end of the month that you didn’t even know about, it just gets mixed in with your checking account. 

That $100 could be invested. 

See what you need to do to free up some money in your budget to invest. 

It doesn’t have to be a large amount. Even $100 a month will make a big difference over time.

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Let’s make your goals happen

I’m not a financial planner but I do offer budget coaching

I would love to sit down with you and come up with a game plan for your money. I can be there with you side by side, keeping you accountable and seeing where we can free up money in your budget so that you can hit your financial goals. 

Maybe you do want to go hard right now and pay off a debt that has a high minimum payment so that frees up $300 a month in your budget so that you can take that $300 a month and invest it. 

Since I am not a financial advisor, I cannot tell you what to invest in or where to invest.

Good news is gone are the days that you need to hire some guy on Wall Street to manage your retirement account and funds for you. 

Thanks to websites like Vanguard and apps like M1 Finance, Robinhood, and Fundrise, you can do it all on your own once you learn the basics. 

But, I’ve partnered with Jeremy from Personal Finance Club, who created the Build Wealth by Investing in Index Fund Course.

In the course, he walks you through step-by-step the basics of investing, and how to start investing. It is beginner friendly, self-paced with videos and exercised and gives lifetime access. 

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Are you feeling the impact of inflation affecting your spending and your budget? 

What expenses are affected by inflation?

The annual inflation rate is over 8% for 2022. 

An 8% inflation rate may not feel too high, that’s less than you tip your waiter going out to eat, but it adds up quickly. 

I spoke to some of the top personal finance experts on YouTube and here is how inflation has affected their budget. 

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What about when the market is down?

This is where the mindset shift needs to happen. 

When the market is down and you see your net worth drop, that is not a time to panic sell, and pull out your investments. 

That is the time to lean in and if you can, invest MORE!

When I see that the market is down, that month, any leftover money goes into a low-cost index fund. We may even cut some categories in our budget way back that month so we have more to invest and take advantage of the “stocks being on sale”. 

We know our future selves and retirement will thank us!

Now is the time to overcome the fear of investing.

Scary times may be ahead with the recession coming but now is the time to overcome the scarcity mindset and truly believe in yourself that you can build wealth.

>> 5 Easy Steps to Overcome the Fear of Investing

Ways to save!

  • CIT Bank: BEST High-yield savings account; your bank shouldn’t be charging you money. Instead, YOU should be making money off your money!
  • Ladder: Get a quick, free quote on term life insurance, affordable, online term life insurance. No exam! No waiting! No hassles!
  • GetUpside: Earn 20 cents per gallon on gas cash back when you download the app and use code FIAB20.
  • Fetch Rewards is a free grocery savings app that rewards you just for snapping pictures of your receipts. That’s it. Really. Free gift cards on groceries on thousands of products every day, no matter where you get your groceries. Just scan your receipts and get gift cards from retailers like Amazon, Target, Ulta, Applebees. Use code QHKBH to earn 2,000 points ($2)!
  • GoodRx: Free app that provides you savings of up to 80% on your prescriptions (even if you don’t have insurance). $5 sign up bonus!
  • Rakuten: Get cash back on online purchases and automatic coupons and savings with their browser plugin… and remember, you have to make a $20 purchase to get your $20 for free!
  • Blooom: FREE 401(k) or IRA analyzer, Let the experts take a peek at your retirement account. Get real advice on how it’s doing and how it could be performing better.
  • Lively: A modern health savings account. Prepare for tomorrow by making smart decisions about finances and healthcare today. Lively HSAs are free for individuals and families, so you never have to worry about hidden costs.
  • Build Wealth by Investing in Index Funds Course: I’ve teamed up with my friend Jeremy from Personal Finance Club to teach you everything you need to know to invest in index funds! How to open an account, how much to invest, and how to choose an index fund. You’ll gain the knowledge and confidence to optimally invest and build wealth for decades.
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