You might enjoy podcasts about money if you are a millennial. Robert Farrington, an entrepreneur as well as a money expert for young people, can give you some tips. He also talks about side hustles and how to become your own boss. There are many financial podcasts.
Stacking Benjamins
FastCompany lauds Stacking Benjamins' "highly enjoyable podcast." The podcast is both entertaining and practical.
Torabi's Money
Farnoosh is editor-atlarge at CNET Money. He's also an award-winning financial planner. He offers financial advice and tips to help you make the most out of your money in this book. Moreover, he also shares his own experiences of financial planning, including how to make money last for a lifetime.
Count Me In
The Count Me In podcast offers great advice for people looking to build their wealth. This podcast features a guest who has been a thought leader in their field and is passionate about helping people reach their financial goals. Jeff Thomson is a thought-leader at the IMA.
BiggerPockets Cash
Monica was in a very bad financial situation when she got divorced, with very little money and almost no assets. She worked hard for a decade, was free from debt, has a cash-flowing portfolio of rental properties, and optimizes her lifestyle. Today, she helps other people achieve financial freedom by coaching them. BiggerPockets was one of her sponsors.
Clark Howard
Clark Howard is a nationally syndicated podcast financial expert and host of a radio show. His goal is to empower people with money-saving tips and consumer guidance. His shows cover hot deals, economic news and much more. He also offers practical advice on how to avoid scams, and how to reach your money goals.
FAQ
How do I determine if I'm ready?
The first thing you should think about is how old you want to retire.
Is there an age that you want to be?
Or would you prefer to live until the end?
Once you've decided on a target date, you must figure out how much money you need to live comfortably.
You will then need to calculate how much income is needed to sustain yourself until retirement.
You must also calculate how much money you have left before running out.
What is the time it takes to become financially independent
It depends upon many factors. Some people can be financially independent in one day. Others may take years to reach this point. It doesn't matter how long it takes to reach that point, you will always be able to say, "I am financially independent."
The key is to keep working towards that goal every day until you achieve it.
What type of investment has the highest return?
The truth is that it doesn't really matter what you think. It depends on what level of risk you are willing take. For example, if you invest $1000 today and expect a 10% annual rate of return, then you would have $1100 after one year. Instead, you could invest $100,000 today and expect a 20% annual return, which is extremely risky. You would then have $200,000 in five years.
The return on investment is generally higher than the risk.
So, it is safer to invest in low risk investments such as bank accounts or CDs.
This will most likely lead to lower returns.
On the other hand, high-risk investments can lead to large gains.
For example, investing all your savings into stocks can potentially result in a 100% gain. It also means that you could lose everything if your stock market crashes.
Which one is better?
It all depends on what your goals are.
If you are planning to retire in the next 30 years, and you need to start saving for retirement, it is a smart idea to begin saving now to make sure you don't run short.
High-risk investments can be a better option if your goal is to build wealth over the long-term. They will allow you to reach your long-term goals more quickly.
Remember: Riskier investments usually mean greater potential rewards.
It's not a guarantee that you'll achieve these rewards.
Statistics
- Most banks offer CDs at a return of less than 2% per year, which is not even enough to keep up with inflation. (ruleoneinvesting.com)
- As a general rule of thumb, you want to aim to invest a total of 10% to 15% of your income each year for retirement — your employer match counts toward that goal. (nerdwallet.com)
- Over time, the index has returned about 10 percent annually. (bankrate.com)
- If your stock drops 10% below its purchase price, you have the opportunity to sell that stock to someone else and still retain 90% of your risk capital. (investopedia.com)
External Links
How To
How to Invest in Bonds
Bonds are one of the best ways to save money or build wealth. However, there are many factors that you should consider before buying bonds.
If you want financial security in retirement, it is a good idea to invest in bonds. Bonds may offer higher rates than stocks for their return. Bonds may be better than savings accounts or CDs if you want to earn fixed interest.
If you have extra cash, you may want to buy bonds with longer maturities. These are the lengths of time that the bond will mature. They not only offer lower monthly payment but also give investors the opportunity to earn higher interest overall.
There are three types to bond: corporate bonds, Treasury bills and municipal bonds. Treasuries bills, short-term instruments issued in the United States by the government, are short-term instruments. They pay very low-interest rates and mature quickly, usually less than a year after the issue. Companies like Exxon Mobil Corporation and General Motors are more likely to issue corporate bonds. These securities are more likely to yield higher yields than Treasury bills. Municipal bonds are issued from states, cities, counties and school districts. They typically have slightly higher yields compared to corporate bonds.
If you are looking for these bonds, make sure to look out for those with credit ratings. This will indicate how likely they would default. The bonds with higher ratings are safer investments than the ones with lower ratings. Diversifying your portfolio in different asset classes will help you avoid losing money due to market fluctuations. This helps prevent any investment from falling into disfavour.