While the coronavirus induced recession is forcing all of us to reevaluate our financial behaviors with a close eye for detail, these are habits that will serve us well whenever life has returned to normalcy, which, hopefully, is sooner rather than later!
Cut living expenses. In times when we are not worried about negative financial outcomes, we tend to spend more extravagantly. Often, the things that we spend money on are things that don’t actually provide us with a lot of psychic value, or that we perceive as too onerous to
There are only a couple of situations where I think that robo-investors (I really call them robo-investors, as they’re not robo-advisors, such as myfinancialanswers.com) are appropriate for a millennial:
You are absolutely, positively, never going to rebalance your portfolio, and you want to put money into something and completely forget about it. I still would rather see someone invest in a low-cost target date fund, such as Vanguard’s target date funds, than see someone pay over the top for a robo-investor.
Why is it important to check in with your finances quarterly or biannually?
I’m a fan of bucketing your check ins with your finances:
Monthly: Check your checking and credit card accounts. What you’re looking for are a couple of things. First, you want to make sure that you’re not spending beyond your budget, which I recommend making on a monthly basis. Second, you want to check to make sure that there are no unrecognized charges or transactions in these accounts. While you have limited liability on them, particularly with credit