The financial journey can be tough, but there are many ways to start putting your money to work. By using an app like MoneyLion, you can get an investment account as early as the first month, invest with a personalized fully-managed portfolio, and earn side cash from everyday shopping. In addition, the app allows you to track your budget, spending, credit score, and investment progress.
The exercises in the app are designed to build confidence and understanding. For example, in the Calculating Cost of Life’s Financial Journey exercise, students solve problems by applying math to solve a variety of scenarios. Students also learn to deal with future scenarios with mini-case scenarios. Hundreds of multiple-choice questions are incorporated into each learning objective.
The financial journey of every American is different, and their financial challenges differ. This diversity makes it important to obtain personalized guidance from an advisor to help them make sound investment decisions. More than 60% of Americans use an advisor to help them make investment decisions, and more than 62% receive advice over the phone or online. The reasons people seek professional advice vary, but most commonly, it is to increase their income or accumulate savings. These are more common reasons than any other life milestone, such as getting married or having a child.
The first step in financial planning is to define your financial goals. Without a plan, you may end up sailing to the wrong place, with the wrong sailboat and the wrong crew. Likewise, saving and budgeting are useless if you don’t know what you’re saving and spending money on. The financial journey is much like sailing.
Once you’ve identified what you want to achieve and what’s essential in life, you can move on to immediate planning. This part of planning will help you reach important milestones and achieve your big goals. Whether you want to save for your retirement or go on vacation, knowing where every dollar is going is the key to making smart financial decisions.
Your financial journey will never be linear, and the financial plan you build for yourself should allow for change over time. The investment markets will go up and down, and your career and family situation will change. Your financial plan must be flexible enough to change with those changes, so that it continues to meet your goals. A financial review can give you the peace of mind that your financial future is on the right track.
Managing money is not easy. Two-thirds of new parents report experiencing financial problems, and the majority experience stress as a result of their finances. Expenses skyrocket during the first years of parenthood, and most new parents are surprised by the amount of money they must spend. Not only must they pay for childcare, but they need to invest in their children’s education and build their retirement accounts. These costs don’t stop once children leave the nest.
