I'm sharing exactly how I organize my money using multiple savings accounts to control my spending and save for short-term goals.
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I'll walk you through how to organize your finances by saving for emergencies and pre-saving for big purchases that happen throughout the year. What savings accounts will you be opening?
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Hey I am Tess Wicks, I’m a financial educator and coach and the founder of Wander Wealthy, a channel and community helping women in their 20s and 30s get inspired and get results for their personal growth, money and travel goals. On this channel I provide educational and lifestyle content around personal development, personal finances, and exploring the freedom of travel.
FTC: Not sponsored by any of these companies, but some links mentioned are affiliate links.
Many years ago accounting 101 sinking fund, ie pre saving for future expenses, good idea most Americans have no idea, they just buy items and pay the monthly fees. One of the items I did not hear you talk about is retirement. By starting to save for retirement when in 20's you have more years and compound interest to help you in your mature years. The other item is saving for a down payment to buy a home. That is a big one. Also most people buy their autos over time. It seems as if they depreciation on most cars is faster than you pay off the loan. Pre saving for a car keeps you from being underwater with your car value. Debit can be good but too much debit can sink anyone.
Oh I LOVE to talk about retirement! I just don't talk about it in this video because although you "save" for retirement, you don't "save" into a "savings account" it's through an investment account! Which I talk about in some of my most recent videos! And yes, I agree - I'm pro "buy a car in cash" instead of using debt. As for the home, I don't think buying a home is right for everyone, so I don't have that as an option, BUT some of the goals I save for (like travel and other people's weddings) can easily be swapped out for a home buy or a car buy savings goal!
Minnie OnCam thanks for watching and apologies again for the audio (I pointed it out in the video when it started going weird) Ugh, I guess that's what I get for wearing a mic and always talking with my hands! Lol
Ally doesn't... I know some banks do but none that I can find off the top of my head. I don't personally track my spending automatically because I use the anti-budget (www.wanderwealthy.com/antibudget) but if I ever want to see an aggregated breakdown of my finances I like to use Personal Capital.
i agree, i like that suggestion ill be testing the waters first and see what comes out of it. i was also advised to read and research on it before diving into it. yes a video would be nice. love your content im following.
I'd like to clarify something first. What do you mean by "trading stocks and bonds"? Here is why: I would highly recommend taking a passive approach to investing. Meaning, invest in index funds (ETFs) of stocks and bonds at the allocation percentage of your age and risk profile. Set it and forget it. Only rebalance if your allocation gets out of wack, or every year if the market isn't seeing major changes. Your investments for the long-term can be anywhere from 10-20% of your income. Investing to make money is a long-term game. If you're interested in actively trading stocks and bonds for fun, then maybe just take a small amount of money, like $1,000, open a brokerage account, and play with that. You can slowly add to it, but I would say active trading of individual stocks and bonds should not be a strategy for building wealth. Most people don't make money when they actively trade, and even the most brilliant traders never beat the index (which is what you will be mimicking if you invest in an index fund/ETF). I hope that makes sense! If not, I'll be doing a video on this in the coming months!
im planning to use 1 account for trading. ive open an account with a firm but i dont know how to start. may question is what percentage of my income do you think its safe to start trading stocks bonds. not sure if my question makes sense.
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The problem is not that Facebook and Google are the only advertising platforms. The problem is that they are considered mainstream media and without these two, the trend of cryptocurrencies gaining legitimacy is delayed. That is right, I said delayed not blocked or prevented.
The World Has Changed.
Five years ago, when bitcoin was unknown to most people, this might have been a fatal move. Today is a different story. I recently traveled to a remote mountain town in the interior of Mexico. Everyone I met had heard about Bitcoin and eyes lit up with excitement when I ask if I could pay for lunch with bitcoin.
Today are dozens of websites dedicated to cryptocurrencies, either holding them, exchanging them or just writing about them. Probably the most effective advertising remains on Google, it is called Google Search and it is free.
If someone wants to learn about owning bitcoin or any other currency, there is a ton of educational information.
The Flipside Is Being Ignored.
Not All Regulation Is Inherently Bad.
If we examine the full spectrum of regulation to this point on a global scale there is one common target most everywhere. That is the practice of exchanges. So far there has been little or not regulation, threatened or enacted, to protect investors from loss of funds due to security breaches.
Capitulation Is A Good Sign.