Payday Should Be A Holiday

Getting paid is amazing, it makes everything worth it. Payday is my new favorite day of the week. God bless the creators of ADP and direct deposit. I can’t imagine the olden days of picking up a check from payroll and walking over to the bank. Although, my father claims that his work used to give off time for employees to deposit their checks.

Financially Savvy

Now what do we do with our newfound riches? What happens to our money once it is in the bank?

Chances are if your bank is named Chase or Citi, you are getting 0.001% interest or less. That means you are losing money to inflation by keeping it in that bank. If you transfer your money to an online bank like SOFI you’ll get 1.6% instead! You can save, spend, and earn high interest—all in one account. Use my link to sign up and you’ll get a $75 bonus.

Investing Done Right

The next thing that you should do once you build up a decent sized savings account is to start investing. My recommendation is to not invest any amount that you don’t feel comfortable losing. For beginners it is advised to invest in no cost index funds like VSTAX. The market always goes up in the long term. Use that knowledge to arm yourself during market downturns. Don’t get shaken by the emotion, wait out the storm and watch your portfolio increase in value over the years. Diversify your portfolio, do not invest everything into a single stock or industry. Your investments will have days they go up and some they go down. That’s normal, don’t panic and start selling everything. Hold out for the long term.

SOFI also has investing available on their platform which makes it easier. Open an Active Investing account, Use my link to sign up, invest $5,000 or more and you’ll get $100 in stock! Of course there are also other services you can utilize like WeBull. Open a Webull brokerage account and receive ONE (1) free stock valued between $2.5-$250! Deposit ANY amount and get an additional free stock valued between $12-$1400! Both of these platforms are free to use.

Personal Capital

The next step is to start using a money management software to see the big picture where all your money is and what you are worth. Connect your bank accounts, your investments and credit cards. It will automatically create a beautiful breakdown of everything by categories. This will help gain a better understanding of your spending habits.