A Fool & His Money

Your financial well-being is essential if you are going to thrive. If you don’t save and invest your money then that is foolish because you won’t have any.

The average American spends far more than they earn, and with little to no savings most can’t afford to retire. “At the end of 2017, the median income for an American worker was $857 per week, which amounts to $44,564 annually. And more than half of Americans (55%) spend as much or more than they earn, per a Pew Charitable Trusts survey.” themotleyfool.com

A quarter of the year is already gone, where did the time go? Have you been spending any of your time focused on those financial goals you established just a few weeks ago? If you haven’t gotten around to it yet, you still have time to make a huge dent in your coin purse for 2019.

When I lost my job in the first quarter of 2017, it took months for me to land my next gig. In the meanwhile we nearly depleted our family savings just trying to cover our regular living expenses. Being extra frugal, I managed to scrounge together $500 by the end of the year to begin to reestablish my personal savings.

Thanks to my husband’s financial savvy we were never in danger of financial ruin while I was unemployed, but things were definitely tight. We did not have any wiggle room for a vacation or splurging on high ticket expenses.

Not being able to contribute financially felt degrading and embarrassing to say the least. I vowed never to be in that position again. I had worked for many years at my last job before it ended abruptly leaving me without a plan and for the first time in my adult life, waiting in an unemployment line. Today I am on the path to becoming more financially secure. I took a bold leap of faith with my meager $500 savings and started learning how to investing it wisely.

I am smart enough to know that nothing comes easy. Realistically, chances are I won’t win the lottery, it is likely I’ll spend more money trying. I read everything I can get my hands on and I regularly listen to money reports and financial analysts. Starting this practice has helped me to change in my focus and feelings about money.

3 Easy Ways to Get Started Making Some Spare Change

I am not new to investing but I admit I could be smarter with my money or at a minimum make some spare change. There are multiple options available to help you save and invest your money. Here are 3 ways you can get on the fast track to making some spare change add up for your future.

1. Grow your Acorns. Thanks to apps like Acorns anyone can grow wealth by simply investing their spare change with everyday purchases.

Consider this, if you put aside $50 a month (or whatever you can) on your own, in a year you could save $600. Alternatively, you could establish an automated investment account with Acorns and easily save $50 without even noticing it. Along with their spare change roundup plan, Acorns helps your money grow exponentially.

2. Get in on the Groundfloor. When my personal financial crisis hit, the first thing I thought about was real estate investing. I wanted to flip houses because HGTV makes it look so easy! But truthfully, the closest I have come to using a nail and hammer was building a small bookshelf for my son’s bedroom. A very frustrating experience and perhaps a story for another time - who is an Allen Wrench anyway?

Seriously, investing in real estate, for me, was very intimidating. I had no prior experience so I talked to some other wannabe investors, well they seemed kinda shady. I tried meetups but those folks were well into the game and I would have really been a fool to jump in without taking more time to educate myself.

With Groundfloor, not only am I becoming more educated about real estate investing, I also am also part owner in several rehab houses all without having to tap a single nail. Groundfloor lets you start with as little as $10.

3. Robinhood. I am earning cold hard cash selecting my own stocks, options, ETFs and even cryptos, all commission free with Robin Hood. Their account has a $0 minimum deposit and its all on a secure platform. With their easy to use app I can check in on my investments whenever I want with a touch of my fingertip, and make real time trades commission-free.

The Robinhood platform is “intuitively designed for newcomers and experts alike. Robinhood gives you a clear picture of your portfolio’s performance over time, so you can adjust your positions and learn by doing.” - robinhood.com Simply download the app and start investing today.

When it comes to your money, you don’t have time for foolery. Check out additional wealth building tools, courtesy of the motleyfool.com and stay smart about your finances.

I am not a financial advisor. Do your homework and join me on the road to financial wellness. If you're already coasting, mover over for the rest of us!

Special appreciation to the motleyfool.com for expertise shared in this post.

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