In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.
Gertrude Margaret Quinto, is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Agree except don't feel like you have to justify your budget. If you tell them you're saving for a new sofa, your friends will try to convince you that your current one is fine.
Do you think setting aside 7 - 10% for savings and 3 - 5% for 401k is enough? I don't have a very high salary and my monthly expenses are around 60% of it.
But I feel ashamed when I don't have money in the last week of the month because I still budgeted, but didn't deprive myself of good food to cook, art supplies to paint and do sports.
FYI- I set up both checking & savings through Sofi, only to find out I don't make enough for my direct deposit that applies to the threshold of $5k to get the APR 😢. I didn't read the fine print. At least I get it on my savings.
Bestie can you please make a video that breaks down credit classes when applying for home loan and what type of accounts would boost the credit score that is checked for home loans.
Talking money with friends and family can be tricky, but your video really shows how it can be done right. One thing I've found super helpful is setting up 'financial dates' with my close ones. Once a month, we sit down, grab a coffee, and chat about our financial goals, struggles, and wins. It's not about numbers but about supporting each other to be better with money. It’s made a huge difference in staying accountable and motivated. Plus, it turns what can be a stressful topic into something we all look forward to. Love the way your video encourages openness about finances - it's something we need more of! Great video!
Even if you already knew what our RichBFF is talking about, her suggestions are excellent reminder for us all. I love her savvy ways to teach about finances. Thank you Viv!!
If you were asking your friends to pay your way rather than suggesting less expensive alternatives, you would be a cheapskate. Being honest with them about what you can and cannot afford is not, to most people's minds, cheapskatery.
Who cares? You can afford what you can afford and they don't live with the consequences of living beyond your means. But ask yourself if these are people you have been financially generous with in the past that rarely reciprocate (you stand a round, they say they'll get the next one, but never do or you always front the cost of something and it's hard to get paid back). Are they friends because of what they can get you to pay for or to hang out and have fun even if it's cheap? With family you have to make sure your financial oxygen mask is in place first before helping them, just make sure to budget for it and you should be fine.
This is great! I just bought your audiobook after watching you on Eric Siu's channel. But I can really relate to this and communicate (aka being loud) about my financial disciplines to my close friends/family. It is very healthy, makes my relationships stronger, and holds myself accountable to reach my financial goals
@funstuffbuddy First of, I’m sure she has more $ then you. Her channel is to give advise not to talk about her finances. Also, why are you rude? ( someone once told me If you don’t have anything nice to say, don’t say anything at all)
This is so simple but really help me think about hanging out with my friends ❤ and the people I care about I have big goals right now and feel bad about my timing as well
