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The worst you can do during a time of job or financial loss is freak out – instead, it is imperative to stay calm and use this time for growth!
But here’s the deal: Not having money coming in is a problem.
A time like this makes you really reconsider why you haven’t put more to savings and why you hadn’t built up another stream of income to supplement.
You’ll be all sorts of confused with how to go forward and unsure about what to do to get into a better financial situation.
But thankfully, you’ve made it here!
Let’s go through 4 ways you can get a better understanding of your money and build up a better financial future!
You'll Learn:
- How to track your finances in order to understand your financial situation
- How to make smarter money moves for your financial future
- How to make extra cash through multiple avenues to improve your earning potential
1. Finally understand how much you own (and owe)
This is the most important, yet most overlooked step.
Do you know your net worth?
The answer is most likely a shy, “no”, because most people either don’t know what that means or don’t like to admit the number.
But this is the most critical step – and here’s why:
A lot of people have far more debt than they like to admit. Admitting to your poor actions is so important, and it is even more when it comes to spending, saving, budgeting, and investing.
So, the easiest way to learn about your current financial state is to simply download a free budgeting app and input all of your assets and liabilities.
I’m talking all your loans, your 401K and RothIRA, the student debt, credit cards – you name it.
Reason being, you need to get the FULL picture. How else can you start planning a strong financial future if you can’t even handle looking at your debt?
Once you’ve made it this far, you are good to move onto step two!
And hey, I’ve created a thorough review of one of my favorite free apps here so you don’t have to go hunting for one!
2. Make smart money moves
Here are three super easy ways to start learning more about your money in a matter of minutes:
#1. Get your Free Credit Score (don’t go spending money for one anywhere else!)
Why spend time to look at my credit score?
Simple – this is essentially your Facebook profile picture for lenders/banks/etc. This gives a quick first impression for anyone who will need to give you money.
And if you’re in any sort of financial hardship right now, this is a number you need to know.
#2. Make Wise Money Decisions
You are going to have many options thrown at you to decide how to bring in more income, how to lessen debt, if you should refinance…and if you don’t really understand money, this can be pretty scary.
Thankfully, there’s a platform that not only provides helpful guidance, but also can be a pivotal help during these uncertain times!
We personally like using LendingTree when these situations come up, and here’s why:
- They’ve been reputable for over 2 decades for everything from refinancing to providing affordable loans
- You can “shop” for loans that perfectly fit your life and situation
- Free is nice, right? You can create profiles for free to access tons of information quickly and learn more about your home, auto, and student loans
#3. Download our free budgeting planner
We like to give our readers tons of free options because, honestly, free is cool.
With that in mind, we created a planner to help you create effective financial goals, understand how a budget works, and maintain motivation throughout the month.
It’s both free and fun – what else can we say? You can find it here!
AMERICANS WHO Have LOST JOBS IN 2020
3. Learn about the market – and don’t touch your stocks
When the market dips, people tend to freak out a bit – BUT DON’T!
If there is anything we learned from books like Tony Robbins’ famous Unshakeable, it is to understand the market and trust the market.
It always goes up.
But, what if you are someone who has no idea what their 401k or RothIRA means. Do you really understand what a stock is?
Thankfully there is an answer!
There are THREE awesome apps that not only teach you about stocks and how to invest but most give you free stocks to practice.
According to the pyramid of learning, how else could you actually learn to invest without trying it out yourself?
1. Robinhood
Robinhood has been around for awhile now and has grown to be a leader in micro-investing, and investing for millennials.
Simply put – it’s easy to use, beginner friendly, and FREE. What’s not to love?
2. Acorns
My second favorite app is Acorns, which makes the “saving and investing” process 10x simpler than any other way out there.
It’s a revolutionary way to save money up, without even thinking about it. Literally!
3. Stash
One of the most revolutionary apps out there is Stash, and it’s quickly proving itself to be a top contender for investing apps!
Unlike the other two options, Stash gives the option to invest in not only stock but also ETFs and bonds. It’s a fascinating option with the opportunity to invest in fractional shares, making the process much easier for beginners! (PLUS: Get $5 for free to start!)
4. Begin earning any form of extra cash
Is your financial situation important to you? Have you given serious thought about your financial future?
If so, you have probably heard that you need to earn some extra income somehow in order to pay off debts.
Which, is true. Essentially.
But for many, this is incredibly hard! Where on Earth do you begin?
To protect your finances, you need to consider another source of income – no matter how small!
Obviously your main job isn’t enough to rely on. Therefore, let’s explore some ideas!:
1. Educate the World Around You
Do you have a passion…for anything? Have a skill in writing? Graphic design? Social media marketing?
Good news: You don’t need any of those skills to be a blogger. Bad News: This is the era of social media presence and you have yet to create a personal social platform.
Instead of delving into the vast depths of blogging/influencing, here are a few awesome articles to peak your interest:
- How to Begin a Money Making Blog
- 6 Affiliates for Any Beginner Blogger Who Wants to Earn Money
- How to Retire Early with a Blog
2. Easy Cash on the Side
If you’re just looking for ways to make money or earn tons of gift cards while sitting on the toilet, then we have some ideas for that, too!
Introducing: Survey sites. You’ve probably heard of them, but since there are a billion of them out there, you probably have not joined or trust any.
No worries! We are long-term users of two survey sites and are here to tell you that some of those sites out there are actually legitimate!
If you just want to make side cash then our favorites are Survey Junkie and Swagbucks are our most trusted ways to go! Never hurts to have some side cash and gift cards to stash away!
3. The Best Option: Learn a New Skill
Top visionaries and speakers like Robert Kiyosaki, and Vishen Lahkihani educate about the importance of learning skills.
Some skills to make you more competitive include:
- Sales (Being able to sell yourself to an employer or selling a product)
- Marketing (Same idea as sales but critical for a resume or if you own a blog)
- Social Media – This is essential. Learn the latest or be stuck in the dust.
You can either spend weeks trying to improve yourself in categories such as these or you can literally take one course from Udemy and drastically increase your abilities altogether.
Ready to put a positive light on your financial situation? You have so much potential for learning and growth!
Comment below with what you’ve decided to do today to better understand and protect your finances!
