Bargaining is a continuous process rather than a one-time occurrence
Discuss remuneration with your coworkers and stand up for yourself if you earn less than your peers. If a monetary raise is not an option, you can discuss alternative advantages such as vacation time, health insurance, and 401(k) matching.
Trading is like riding a bicycle: it gets easier and more accessible once you get it.
Get the most out of your tax-advantaged retirement accounts
In my Beginners Guide to Investing episode of the Financial Feminist podcast, I talk about the biggest mistake I see new investors making. They frequently believe that simply opening an account is “enough,” but they overlook that just because money is in an IRA does not guarantee it is invested in the market. A brokerage account, an IRA, or a 401k is only a container for your money; you must still determine how to spend it.
The second is not maximizing tax-advantaged accounts and taking full advantage of employer matching contributions. Taking advantage of an employer match is free money, and it should be a top priority. Setting investment goals in January is a wonderful way to get the most out of your accounts.
Debt repayment is a good thing, but it isn’t always a primary concern
Seeing advice that mainly instructs young people to pay off all their debt before they start investing irritates me greatly. While I agree that high-interest debt, such as credit cards and other loans with an interest rate of more than 7%, should be prioritized, you can still invest while paying down lower-interest debt, such as college loans. The market has an average rate of return of 7%, which means your money will work harder for you in the market than it will as a loan payment.
Open an HYSA for your emergency fund and short-term savings for a quick win
It is the most straightforward and accessible personal finance advice I have. The HYSA is like a typical bank savings account, except that it can generate up to ten times greater interest. Because they often have no deposit limitations and let you withdraw cash up to six times each month without penalty, HYSAs are ideal for emergency funds and short-term savings goals. Ensuring your money is working for you in 2022 is a straightforward victory.
Tori-Dunlap is the creator of Her First $100K and the host of the Financial-Feminist podcast.
Related: Personal finance is now on the high school schedule because of the pandemic.
You may want to investigate other strategies to improve your income and invest once you’ve mastered the art of negotiating, utilizing the power of tax-advantaged retirement accounts, determining your debt payback strategy, and opening that crucial HYSA.
Digital Nomad Quest founder Sharon Tseung has first-hand experience when it comes to taking those exciting (and sometimes daunting) next steps. Here, she shares her tips for speeding up your sideline activities and real estate investments.
Start a side hustle
Having multiple streams of income allows you more security and protection. You won’t have to worry as much about a significant change if something occurs to your daily work if you have additional sources of income. As a result, the average billionaire has seven sources of income at their disposal.
Even if you don’t have a lot of money, there are plenty of side hustles you can start. It could include freelancing on Upwork, starting a YouTube channel, selling digital products on Etsy, or selling custom products through Merch by Amazon. Even if they take time to build, they are worth the extra income and stability they give you.
Invest in real estate
Andrew Carnegie said that “90% of millionaires invest in real estate.” Real estate has numerous advantages, such as cash flow, appreciation, leverage, and tax advantages. Begin by investigating your target market and analyzing cash-flow-generating transactions. Read books like those in the Bigger Pockets library, listen to podcasts, and attend meetups to network with other investors and agents if you want to get started investing in real estate. Take action to grow and learn from the event when you’re ready. — Sharon Tseung, host and founder of the YouTube channel Digital Nomad Quest
Related: 10 Side Hustle You Can Start from Home In 2022
Perhaps 2022 is when you plan to graduate from secondary con artist to full-fledged business owner. If that’s the case, you may have many questions about his finances as a new entrepreneur. What about retirement accounts? How will the transition affect your expenses? Your budget? Clo Bear Money Coach Chloé Daniels took the life-changing leap after beginning her budgeting journey in 2018. Here, she shares her tips for navigating finances in new career terrain.
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