Monday Night Finance- Volume 36

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How to Invest On Your Own Without a Financial Advisor

Do you work with a financial advisor? Do you believe that he or she has your best interests at heart? If your financial advisor has a “fiduciary” duty, he or she must act in your best interest. But did you know that many advisors don’t have any fiduciary responsibility. That means that they can suggest investments for you that would bring in large fees for them, even if it costs you more money. Have you been burned by a financial advisor in the past and want to do it on your own? That is the premise of this article, written by Andy Hill of Marriage Kids and Money.

I wanted to learn as much as possible about investing so I wouldn’t get burned again. That’s part of the reason I started this podcast … to learn, grow and help my family get to the next level. ~Marriage Kids and Money

In this article Andy provides advice to someone with no previous investment experience who wants to invest his own money after have a bad experience with a financial advisor. Andy provides the listener with 7 pieces of advice. The first option is to hire a fee-only fiduciary financial advisor. Unlike a “fee-free” advisor who is paid by the investments he steers you towards, you can also pay a financial advisor for his or her time. These fiduciary advisors must act with your best interests in mind and may help you get started on the right track until you can build up your own knowledge to invest. If that doesn’t sound good to you, Andy suggests reading as much as possible to learn about investing. The remainder of the article explains how to set up low fee investment accounts and how to shop for “automated” diversified portfolios through index and target date funds.

Saving Rate: How to Calculate It and 3 Ways to Increase It

Do you know how much of your paycheck you save each week? If not, you should. According to famous blogger Pete Adeney, your savings rate (and savings rate alone) tells you how many years you are away from retirement. For instance, if you save 5% of your income, you need to work for 66 years before you retire. If you’re able to save 50% of your income, you can retire in 17 years. But how do you calculate savings rate? And how can you increase it so you can retire?

Saving Rate is the percentage of income a person sets aside every year. The money does not need to be held in cash and can be used to buy assets. The important part is that it is not spent. It is saved or invested for spending in the future. ~Financial Freedom Countdown

In this article, John from Financial Freedom Countdown shows you how to calculate your savings rate. If you use a budgeting app, like CountAbout, this should be easy for you. To calculate your savings rate, you first need to calculate your net income (gross income minus taxes). Then you subtract your spending from your net income and divide again by the net income. (This is illustrated in great detail on the post). Want to benchmark yourself? John states that the average savings rate in the US is about 9%. Finally, the article breaks down tangible tips for how you can increase your savings rate.

20 Best Gig Apps to Find Work in 2020

Are you familiar with the gig economy? With the rise of the internet, it’s possible for nearly anyone to become their own independent contractor. New apps are bringing together workers and employers like never before. Are you interested in working for yourself but have no idea where to start? If so this article is for you.

Most job seekers are now applying for jobs on online platforms such as gig economy apps. Current gig economy statistics indicate that this is the future of the job market. According to a study done by Gallup, 36% of US workers are gig workers. ~Financial Wolves

In this article, Kyle from Financial Wolves breaks down how the gig economy works and how to make it work for you. In the gig economy, you work as an independent contractor and trade your time for money. There are lots of potential different avenues for doing this. The best gig for you depends on your skills, the amount of time you have available, and your interests. For instance, if you have limited time to devote to your gig, you may be interested in taking surveys for money through an app like Survey Junkie. If you have more time and love dogs, you might want to sign up to walk other people’s dogs on Rover. Check out the article to find your perfect gig!