Smart Money Moves for 2019
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Smart Money Moves for 2019

EPF Last Update: May 4, 2019

Do you know your investment can grow drastically this 2019? It depends on your focus and determination. Remember, to be successful financially, you have to think like an investor. Most of the renowned investors in the world today, work consistently by sacrificing all their time and effort towards their goals. These tactics have helped them get where they are today. Below are some of the best commendable money moves in 2019.

Come up with a business idea

Experience the best living style this year! You can come up with the right business plan fully prepared to make a significant commitment to it. As said earlier, wealthy people get prepared in their jobs by sacrificing their time, energy, and attention day and night. Why not you?

While deciding the best idea, you can include sample business plans, the planning tools required, online resources specifically related to your business idea, and startup kits among others. Let it be simple! Remember, your thoughts get based on evaluating the interest you already have and the skills required in that business. Referring to your business ideas automatically drives to better decision making. Coming up with the business idea undoubtedly leads to the best money move.

Invest in your future

If you want to be among the best investors, you need to have an investment strategy. For instance, if you decide to save $1000 per month for a couple of years with significant interest, you would have made billions of money. Isn’t that a good investment?

The investment strategy is very fundamental in our future. The best plans are those that work best for investor’s objectives and risk tolerance. It means one should consider what works best for his or her personality and styles before making any commitment. Want to grow financially? Come up with one. Therefore, one should stick to his or her strategy and not get swayed by any upcoming flavor.

Open the best high-yield savings account

If you look to have the best interest rate on your savings, you need to look for the best savings account. These high yielding accounts are online banks. They are more popular since they pay more returns as compared to traditional ones. Therefore, you need to evaluate your savings accounts based on the interest you receive, the terms and conditions of the report, and the minimum balance requirements. Among the banks include; CIT Bank, Ally Bank, and Marcus by Goldman Sachs. Interestingly, these top high yield savings accounts require a low minimum amount to open an account with no monthly fees hence your money will grow drastically.

Have a side hustle job

It’s always indispensable to have extra work to boost your pocket. Having the most profitable side-hustle is the best move you can make on investing to increase your income. Lyft is a good example. Lyft is an on-demand transportation company which operates in approximately 300 U.S. cities. The company pays you to ride people around.

Interestingly, if you sign up with it, you get a bonus of $300. By sacrificing to work either during off-days or after job, you will get money around your already busy schedule. The side hustle income will increase your savings thus your investment will grow exceptionally.

Consolidate high-interest-rate debts

Consolidating high-interest rate debts into a lower-interest-rate debt helps one to save on interest cost. By doing so, you will need to take out a new loan with a lower interest rate than the existing one. The loan will enable you to pay off the multiple credit cards with enormous debt. Since the loan has a long-term payment period, it will lower your interest rate into significant savings. Refinancing your high-interest-rate debt makes your money increase ASAP.

Renting out your house or apartment

You have an apartment you can invest? If yes, this is the high time to make money out of it. For example, by using Airbnb Company, that operates an online marketplace service accessible via its websites. The company members can use the service to offer primarily home stays, lodging, or tourism experiences. It doesn’t matter whether you rent a single room, your basement, or entire place so long as you make an extra income since the company receives only commissions from every booking.

Regular credit check

Regular checking of credit score increases one’s financial condition and creditworthiness. Remember, your credit should always be in good standing. The verification reduces fraudulent cases and individuals’ implications on their credit history such as; late loan settlements, finance mishandling, or excess debts. The credit score check also helps the employers know if one can be entrusted with sensitive information, can’t be tempted to steal from the company, or whether his or her financial problems can cause any performance distraction among others.

Stop paying investment fees

Majority of the investing and saving routes have some high charges associated with them. The extra cost makes one cough up a few extra dollars for any service needed. If you want to understand and own your investing future, start it now! Remember not to focus on any investment until you know how it works that is; what you are paying for and how much it costs. By doing this, you will be able to understand the opportunity cost with your investment (investing too conservatively or not investing more), your 401k fees, and your stock mix. Therefore, if you are tired of wasting your investment money due to high costs, avoid paying for them and focus on those with low fees. Also, you can also hire a professional financial advisor to manage your money at a flat fee or a significant percentage of assets they manage.

Finally, if you are trying to sort out the good advice from the bad, you can consider the above financial moves to benefit you.   Since it’s the dawning of the year, you need to take a step forward towards your investment goal. Remember, every journey starts with a single step! Therefore, make an effort of becoming the best money investor this 2019.

Elite Personal Finance

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