Take Charge of Your Finances with these 4 Financial Power Moves
- Financial Literacy
- By InLife Sheroes
- Aug 06, 2021
- 0 Comments
Don’t be afraid to take the leap for financial freedom.
It goes without saying that adulting is really challenging. As we grow older and build our savings, we start to realize that the movement of our money does not have to stop by sitting in your bank account. In fact, leaving it in your bank account can cause you to miss good opportunities to put it elsewhere. Not only in ways that further grow your finances, but also in ways that improve your quality of life. This is the value of gaining financial literacy. Take charge of your finances, live your life to the fullest and plan out your financial wellness plans around these brave financial moves.
Try Your Hand at Investing
It’s never too late to learn a new skill! Investing, whether in property or stocks, is a great way to passively grow your finances while working your regular daily grind. If you are unsure with how to do financial planning, try your luck by connecting with an investment manager and consult with them regarding which stocks are worth investing in. Are you eyeing a property, but worried of the financial burden? Consider buying a space and leasing it out on reputable apps and websites!
Put up a Business
Turn your passion into profit! If you have a long-time hobby of creating, cooking, or baking, that you like to do in your spare time outside your regular work hours, consider setting aside some money to build capital for your business. Not only can you continue to pursue your hobby, you can also generate additional income with your initial investment into your capital. You can even set a goal for your business, so you have a better idea for your targeted sales. Reap the benefits of a business with skills already at your disposal. Just remember to maintain a healthy and professional balance between your personal venture and the day job funding it. Pursue your venture responsibly!
Take Out a Loan
Is there a big-ticket item you have been dreaming of like a new car or house, but worried of the toll it will take on your savings? While the ideal situation is to save up for these items, sometimes we need the finances to secure them sooner than later. Take a chance on applying for the loan you need, whether it is an auto loan or a house loan if it will improve your quality of life.
If you are thinking of applying for a loan, consider the following things:
o Is the item you want to buy something you and your family need at this time?
o Is it something you or your family really need and is it something that will benefit you in the long run?
• Financial Readiness
o Are you financially prepared to pay off your loan even with interest?
While there are many types of financial goals, don’t be ashamed if yours is about paying off a loan if it will change you and your family’s life for the better. Just remember not to rush, and to evaluate your own needs and capabilities before applying.
Invest in Insurance
While our first three power moves readily gives you what you signed up for, the final power move is one that rewards you and secures your finances not just for the long haul but even as you conquer the first three. If one of your financial goals is financial security, an insurance plan would be a great use of your finances. You can start with the basics first and secure insurance for you and your loved ones. In the event of an emergency, your insurance can potentially save your life, and your savings from too much damage. Even if investing in insurance can seem pricey at first, the security that it provides will make it easier for you to brave the other power moves on the list.
Some insurance policies can even allow you to explore the previous power moves. Work your way up from the basic insurance packages and sooner or later, you may avail of a policy that allows you to invest in global companies and more!
These financial power moves may seem a little scary at first but being brave and rising to the occasion should be no problem for a SHERO like you. Our advice? Do your math, assess your finances, and bite the bullet. Have faith and one day you will be happy to see these moves paying off!
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AUTHOR BIO Your friendly neighborhood Shero.