With all that is going on it may not feel like summer is here but with the warmer temps and itching for chilling by the pool or heading to the beach, we are certainly getting ready for a relaxing dip! One of my favorite parts about swimsuit season? Stocking up on my favorite beach finds like totes, cover-ups, sandals + of course…SWIMWEAR!
From tie-dye to high waisted bottoms to sparkly pieces + more, I am loving the summer trends for 2020 + rounding up some of my favorites below.
If you said to me a few years ago, let alone a year ago that I would be thinking about my financial future + be opting to invest some money rather than spend it all where I can see it…my closet hehe I would have said you are C R A Z Y…BUT here we are, I am super into investing, excited about my financial future + honestly I feel really amazing about it!
Over the past year I discovered more + more young people are neglecting investing, living paycheck to paycheck or are spending beyond their means. Trust me…this was me. For YEARS I felt brunches, lunches, dinners, Starbucks, handbags, shoes etc were more important than my financial future. I thought about the immediate now rather than the future + it honestly took me till seeing how wise my boyfriend is with his money that inspired me to get better with mine.
I laid out a plan to pay off my credit card debt, think about how much I should be investing a year not just to secure a better future but also have tax break benefits as a write off, and of course…invest money in ways that will actually MAKE me money, YES investing in your financial future isn’t just saving for a rainy day or retirement, investing if done right can become an additional revenue source + that is what thrills me the most!
OK, so you are hyped, you are inspired + you are ready to begin investing…so what is the next step? What do you do? Well I did a little Q&A with various people in the financial world to cover all of your questions. *Note these are personal opinions*
1. Less and less Millennials are learning about investing, let alone actually investing themselves. Why do you think this is?
Most Millennials have student loan debt and are trying to get a good enough paying job after college to actually afford to be self sufficient, so saving is the last thing on their minds.
2. What is investing?
Investing is putting away money for the future, either retirement or for future big purchases ex. cars or a house
3. What types of investments are there?
Mutual funds, individual stocks or retirement such as I.R.A.’S or 401K’S through your job.
4. When it comes to starting a 401k when should a person create one on their own vs taking one with an employer? When should someone take advantage of an employer 401k plan?
When you start a new job, you are often told about the company’s benefits package which includes a 401K (better known as a retirement plan). The plan typically entails setting money aside each paycheck as a pretax deduction to put away for your retirement. Some employers will match your contribution making it worthwhile to go through your company for your 401K plan as opposed to doing it on your own.
Personally I like my Traditional I.R.A where I get a tax deduction at the end of the year when I file my return and if I leave an employer I don’t have to stress about switching over or transferring my 401K.
5. What age should one seriously begin investing?
Realistically you should begin investing as soon as you can + you can start off small by saving $50 per paycheck and set that aside to invest or put into a retirement account. Ideally, age 23 is the optimum age to begin investing since most people re usually finished with their 4 years of college and in their first full time job most likely. If you are continuing on to get your Masters, you should hold till you finish school.
6. How does one balance paying off debt i.e. student loans and also putting money aside to invest?
Look at your monthly net income after taxes and evaluate your bills and expenses. See where you are spending the most money or where frivolous spending occurs (Starbucks, Brunch, Bars, Ubers etc) and cut those expenditures back by a quarter, half or third to put those funds towards investing for your future. You get way more out of your investments than that Avocado Toast, Bottle Service at the Club etc. Personally I don’t drink since I don’t like the taste but also I can’t justify spending on things that aren’t tangible + long lasting. My guilty pleasure is shoes and handbags which I can always sell if needed etc.
7. What percentage of a paycheck should go towards investing?
It is recommended to invest a minimum of 5% of your paycheck per pay period, but if you can invest more that is always recommended!
8. What are the benefits of investing? Can your money really grow? What are the risks?
The benefits of investing are that the money earns much more than in a savings account which pays very little & barely grows. The current rates of savings accounts around the country are typically only 1% ad that is really bad. The risks are that the market does fluctuate daily but as long as you ride it out and don’t look for immediate returns the pay off can be huge.
9. For someone new to investing how do they get started?
There are plenty of apps out there to help advise you on good investment options or you can always seek out a financial advisor although they do charge a fee. You can also go directly to companies like Fidelity, Voya etc and join their ‘House Accounts’ if you don’t want to pay a financial advisor fee or commission.
10. What should someone investing be on the lookout for when choosing investments?
You should look at the portfolio of each and every fund or stock and see it’s historic prices & returns. Look at the length of time the fund has been around, who is the fund manager and what is their experience etc.
11. How much should someone have to begin investing with? How often should they add to this?
Most funds want a minimum of $1,000 to start with, some may want more depending on the fund. It is recommended to start with $2,000 to diversify your first investment (split between 1 or more mutual funds or stocks)
12. Do you feel investing encourages better financial responsibility? If so why?
Yes, because you get to see your quarterly statements and be proud of what your extra income earned for your future. Investing is a great way to make money on the money you already have without doing any work. Let your money work for you.
13. Any misconceptions you’ve come across in your career about investing? If so what?
MANY PEOPLE THINK STOCKS AND FUNDS ARE INSURED AND GUARANTEED, AND THEY ARE NOT. IT IS A RISK, BUT EVERYTHING COMES WITH RISKS.
We are experiencing something unexpected, something we haven’t dealt with before, a time of uncertainty + at times depressing, stressful + overall exhausting. From the unpleasant news of unemployment numbers, to big life milestones being put on hold or postponed, to worrying about the health + well-being of yourself, your friends + your family, we are all looking for the bright side, an end date + some sign of hope for the future.
While I am far from an expert on positivity, I myself have been in a bit of a funk + found some things that have been able to cheer me up, brighten my day + spread some good vibes all around! Let me know if these help ♥
1. Take A Deep Breath + Find Your Peace + Calm
We are all overwhelmed + sometimes you need to take a moment to take a deep breath + realign your mind. Whether it is doing some meditation with an app like CALM or enjoying a peaceful walk in the mornings, take time to breath and find your inner peace.
2. Do A Daily Workout
While I am usually someone who is not a fan of working out, I have found that 30-60 minutes of exercise a day has helped de-stress me + keep me feeling good, I suppose what Elle Woods said is true…Exercise gives you endorphins. Endorphins make you happy. Happy people just don’t shoot their husbands, they just don’t. hehe :p We’ve been going for walks daily, doing Yoga on some free apps in the app store and some HIT workouts also on apps from the app store.
3. Take Time For Self-Care
Whether it is setting up a little at home spa day, taking a long shower, enjoying a bubble bath, doing a little face mask or simply taking time for yourself to re-center and relax, even though we are in a time of social distancing and may be home with kids and family members or your significant other, make time for yourself to be alone + care for yourself.
4. Be Grateful + Thankful
This one can be tough especially with everything going on but we all have something to be grateful + thankful for. While I often have thoughts during the day of being upset about things I am missing out on or am uncertain about, I at the end of the day think about what I am grateful for which for me is my health, my fiance + keeping busy with my work + creating content. Take a few minutes each day to write down in the notes app on your phone or say out loud what you are grateful for, it definitely helps put things into perspective and not feel that bad.
5. Keep Yourself Busy + Occupied
Whether you recently got furloughed or you are home all day with your kids homeschooling etc, be sure to keep your mind active + keep busy. Even when you feel like binging Netflix all day or lounging on the couch, Im personally finding its important to keep myself busy with things that stimulate my mind + make me feel like I am accomplishing little goals each day. Since I normally work from home I am constantly setting daily goals for myself to assure I keep myself on track whether its writing new blog posts, shooting new imagery, replying to e-mails, brainstorming whats next for my agency etc.
If you were furloughed begin redesigning your resume, amp up your LinkedIn, create a blog, Youtube or social media channel for better showcase who you are and your work abilities etc. This will keep you busy and put you ahead of the game once the job market is looking a bit better. If you are at home with your kiddos focus on some new lessons you can teach them, activities you can enjoy together, a book you can read etc!
6. Learn Something New
Whether it is a DIY activity, reading a new book, taking a online class, cooking up a new recipe in the kitchen etc. Use this downtime to your advantage and see it as a positive instead of a negative…more time to better yourselfand come out of quarantine with some new knowledge than before you went in!
7. Think Of The Future
This one is tough for me especially because for us in LA there isn’t a specific end date for when things will resume and get back to normal. While there is a lot of question marks on the future, think of happy times ahead like your next vacay destination, being back to work, being able to reunite with friends and family etc. Having something to look forward to gives a little light at the end of the tunnel.
8. Dress Up + Get Ready
I know it feels easy to lounge in sweats + PJS but something I’ve found that cheers me up is doing my hair + makeup, putting on a cute outfit + feel like I would if I was going out + about. The saying goes when you look good, you feel good + I definitely agree…while I love being in comfy clothes, something feels better in my day when I feel pretty when I look in the mirror! It may seem like a lot of work for no reason but trust me…it helps.
P.S. I find wearing bright colors + prints brings some joy + happiness to your day. The bright colors bring on good vibes.
9. Be Kind + Smile
Even when you want to scream, cry, or just feel helpless, take the time to be kind to those around you – the grocery store clerk, doctors, delivery people, those in your home etc. SMILE, think happy thoughts + be kind. Kindness spreads joy to those around you.
10. Remember Things Will Be Back To Normal Soon
Even in those helpless moments remember its ok to not be OK + that things will be back to normal soon and we ALL feel this way…unsure, uneasy + craving some answers.
Thank you CreditRepair.com for sponsoring this post. CreditRepair.com’s team understands that a credit score is not just a number; it’s a lifestyle.
Preparation is KEY!
I’m super excited to share one of my best-kept secrets when it comes to preparing ahead for the future…CreditRepair.com! My fiance and I are recently engaged so that means we have a lot of big life milestones coming up: Planning our wedding, Buying a home AND Preparing to start a family! What does this mean? (Other than wow time flies by hehe) It means it’s time to get our credit in check and make sure we have amazing credit scores to make all these major life moments go off without a hitch!
I take really great pride in being financially responsible and savvy. Before meeting my fiance I was always shopping, never saving, and didn’t even think of investing in the future with stocks or retirement etc. Fast forward to now, I save a lot, I always keep in mind what I am spending vs monthly bills and things I owe, and most importantly, I think about what lies ahead.
Since we have so many big purchases coming up I was excited to sign up for CreditRepair.com and to work with their team to make sure my credit is squeaky clean to make those purchases and get the best mortgage and credit rates as possible. If you haven’t heard of CreditRepair.com, they are a leading provider of credit report repair services in the United States, with over 500,000 clients served!
I always pay my bills on time and work hard to keep my credit score high so that is why I was pretty surprised when I began working with my Credit Repair team that they noticed a few hits on my credit that we then came up with a plan to resolve as best as we can. They discovered a collections hit from a medical bill a few years ago that was paid in full but was still a hit on my credit somehow. Naturally, I was freaking out but my CreditRepair.com advisor was amazing and helped me come up with a solution. They reached out to the collections company on my behalf to work to remove the credit hit.
It’s things like that that I never even thought of when planning for my future especially since I check my credit score often and it goes up consistently. This hidden hit is something I never would have been aware of without the amazing help of CreditRepair.com!
Whether you are financially savvy and want to remain on top of your game or if you are struggling to get debt-free and have a successful financial future, CreditRepair.com has awesome resources and a responsive team here to support you on your credit journey! Follow along with my credit journey over the next few months, and stay tuned for an opportunity to start your very own credit journey!
ICYMI the biggest trend right now is tie dye! I am all for it – reminds me of my middle school years where I rocked lots of tie dye pants haha Embracing this trend the best way I know how by rounding up my favorite apparel, accessories + more so you can embrace the tie dye trend just like me!
