WTF…are the basics of Personal Finance?
Reading time: 3:21 ? Weve been writing a lot about financial news and people seem pretty interested in it. But now its time to make this news relevant to you personally. Most people know investing is probably a good idea for their long-term future, but stats show that millennials are severely underinvested. Its time to change that and the first step is sorting out your personal finances.- Figure out what youre dealing with
Reading time: 3:21 ?
Weve been writing a lot about financial news and people seem pretty interested in it. But now its time to make this news relevant to you personally. Most people know investing is probably a good idea for their long-term future, but stats show that millennials are severely underinvested. Its time to change that and the first step is sorting out your personal finances.
- Figure out what youre dealing with
Gather the info on all of your assets like your bank balance and any investment accounts that you have. If you own property, that counts too. Also know your liabilities which are basically any sort of debt (i.e. money you owe).
Also examine your monthly income and expenses. How much do you make after paying taxes? What are your mandatory outgoings, like rent, commuting to work, your phone bill, utilities, typical grocery spend (ignore “discretionary”