You can find a variety of podcasts to help you with your financial education, including those on investing, saving money and budgeting. You're sure to find the podcast that covers your topic.
The Best Money Saving Podcasts for 2020
There's always room to improve your financial situation no matter your current circumstances. We've gathered a selection of highly-rated podcasts that provide practical, valuable advice that will help you reach your financial goals.
The Top Budgeting Podcasts of 2020
There are tons of podcasts on the internet that will teach you how to budget, even if your not a big fan. Some are designed specifically for beginners, while others provide advice for experienced savers. Whatever podcast on budgeting you choose to listen to, it's certain that you'll get a lot out.
Best Budgeting Podcasts of 2019
It's best to start budgeting by listening to podcasts designed for beginners. They'll teach you the basics of how to budget, including how to track spending and manage a savings account. A variety of experienced savers can also be heard sharing their stories and offering advice about how they achieved their financial goals.
Top Budgeting Podcasts for Millennials
If you're a young person just starting out in the workforce, it's important to know how to budget properly and avoid common pitfalls. You can do so by listening to money-saving podcasts that focus on the specific needs of millennials. This includes tips on managing debt and saving for college.
These podcasts will teach you how to improve your financial skills.
Planet Money, NPR’s most famous podcast, focuses exclusively on economic news. They have a great sense of storytelling and are easy to listen to when you're on-the-go. They discuss the latest economic trends and what they mean for you.
A number of short informative stories are also available that cover topics such as tax and social media. They're great for your morning commute, especially since you can fit in podcasts without taking up too much time.
Farnoosh Torabi, a financial strategist and television host, has created So Money. Her podcasts feature interviews with entrepreneurs, celebrities, authors, and other influential figures. On Fridays, she hosts the Ask Farnoosh podcast in which she answers listeners' questions.
Torabi selects her guests carefully so that they have interesting and relevant stories. She selects people with whom she has a strong connection.
FAQ
Should I diversify or keep my portfolio the same?
Many people believe that diversification is the key to successful investing.
Financial advisors often advise that you spread your risk over different asset types so that no one type of security is too vulnerable.
But, this strategy doesn't always work. It's possible to lose even more money by spreading your wagers around.
For example, imagine you have $10,000 invested in three different asset classes: one in stocks, another in commodities, and the last in bonds.
Imagine that the market crashes sharply and that each asset's value drops by 50%.
You still have $3,000. But if you had kept everything in one place, you would only have $1,750 left.
In reality, your chances of losing twice as much as if all your eggs were into one basket are slim.
It is crucial to keep things simple. Take on no more risk than you can manage.
Is it really a good idea to invest in gold
Since ancient times, the gold coin has been popular. It has remained a stable currency throughout history.
But like anything else, gold prices fluctuate over time. If the price increases, you will earn a profit. If the price drops, you will see a loss.
No matter whether you decide to buy gold or not, timing is everything.
How can I reduce my risk?
Risk management refers to being aware of possible losses in investing.
A company might go bankrupt, which could cause stock prices to plummet.
Or, the economy of a country might collapse, causing its currency to lose value.
When you invest in stocks, you risk losing all of your money.
Therefore, it is important to remember that stocks carry greater risks than bonds.
Buy both bonds and stocks to lower your risk.
This will increase your chances of making money with both assets.
Another way to minimize risk is to diversify your investments among several asset classes.
Each class has its own set risk and reward.
Stocks are risky while bonds are safe.
So, if you are interested in building wealth through stocks, you might want to invest in growth companies.
If you are interested in saving for retirement, you might want to focus on income-producing securities like bonds.
How long will it take to become financially self-sufficient?
It depends on many factors. Some people become financially independent immediately. Some people take years to achieve that goal. It doesn't matter how much time it takes, there will be a point when you can say, “I am financially secure.”
The key is to keep working towards that goal every day until you achieve it.
How can I make wise investments?
A plan for your investments is essential. It is important that you know exactly what you are investing in, and how much money it will return.
You must also consider the risks involved and the time frame over which you want to achieve this.
You will then be able determine if the investment is right.
Once you have chosen an investment strategy, it is important to follow it.
It is best not to invest more than you can afford.
How do I know if I'm ready to retire?
First, think about when you'd like to retire.
Is there a particular age you'd like?
Or, would you prefer to live your life to the fullest?
Once you have set a goal date, it is time to determine how much money you will need to live comfortably.
Next, you will need to decide how much income you require to support yourself in retirement.
Finally, you must calculate how long it will take before you run out.
Which type of investment yields the greatest return?
The answer is not what you think. It depends on what level of risk you are willing take. If you put $1000 down today and anticipate a 10% annual return, you'd have $1100 in one year. If instead, you invested $100,000 today with a very high risk return rate and received $200,000 five years later.
In general, the greater the return, generally speaking, the higher the risk.
Investing in low-risk investments like CDs and bank accounts is the best option.
However, the returns will be lower.
Conversely, high-risk investment can result in large gains.
For example, investing all your savings into stocks can potentially result in a 100% gain. However, you risk losing everything if stock markets crash.
Which one do you prefer?
It all depends on what your goals are.
You can save money for retirement by putting aside money now if your goal is to retire in 30.
But if you're looking to build wealth over time, it might make more sense to invest in high-risk investments because they can help you reach your long-term goals faster.
Remember that greater risk often means greater potential reward.
But there's no guarantee that you'll be able to achieve those rewards.
Statistics
- An important note to remember is that a bond may only net you a 3% return on your money over multiple years. (ruleoneinvesting.com)
- Some traders typically risk 2-5% of their capital based on any particular trade. (investopedia.com)
- According to the Federal Reserve of St. Louis, only about half of millennials (those born from 1981-1996) are invested in the stock market. (schwab.com)
- Over time, the index has returned about 10 percent annually. (bankrate.com)
External Links
How To
How to Save Money Properly To Retire Early
Retirement planning involves planning your finances in order to be able to live comfortably after the end of your working life. It is where you plan how much money that you want to have saved at retirement (usually 65). Consider how much you would like to spend your retirement money on. This includes things like travel, hobbies, and health care costs.
You don't have to do everything yourself. Numerous financial experts can help determine which savings strategy is best for you. They'll look at your current situation, goals, and any unique circumstances that may affect your ability to reach those goals.
There are two main types - traditional and Roth. Traditional retirement plans use pre-tax dollars, while Roth plans let you set aside post-tax dollars. The choice depends on whether you prefer higher taxes now or lower taxes later.
Traditional Retirement Plans
You can contribute pretax income to a traditional IRA. Contributions can be made until you turn 59 1/2 if you are under 50. If you wish to continue contributing, you will need to start withdrawing funds. Once you turn 70 1/2, you can no longer contribute to the account.
A pension is possible for those who have already saved. These pensions will differ depending on where you work. Matching programs are offered by some employers that match employee contributions dollar to dollar. Others offer defined benefit plans that guarantee a specific amount of monthly payment.
Roth Retirement Plans
Roth IRAs are tax-free. You pay taxes before you put money in the account. After reaching retirement age, you can withdraw your earnings tax-free. However, there are some limitations. There are some limitations. You can't withdraw money for medical expenses.
A 401(k), or another type, is another retirement plan. These benefits may be available through payroll deductions. Extra benefits for employees include employer match programs and payroll deductions.
401(k), plans
Most employers offer 401(k), which are plans that allow you to save money. They let you deposit money into a company account. Your employer will automatically pay a percentage from each paycheck.
The money grows over time, and you decide how it gets distributed at retirement. Many people take all of their money at once. Others distribute their balances over the course of their lives.
Other types of Savings Accounts
Other types are available from some companies. TD Ameritrade has a ShareBuilder Account. This account allows you to invest in stocks, ETFs and mutual funds. Additionally, all balances can be credited with interest.
Ally Bank offers a MySavings Account. You can deposit cash and checks as well as debit cards, credit cards and bank cards through this account. You can also transfer money from one account to another or add funds from outside.
What's Next
Once you have a clear idea of which type is most suitable for you, it's now time to invest! First, choose a reputable company to invest. Ask family members and friends for their experience with recommended firms. Also, check online reviews for information on companies.
Next, decide how much to save. This involves determining your net wealth. Net worth refers to assets such as your house, investments, and retirement funds. It also includes liabilities such debts owed as lenders.
Once you have a rough idea of your net worth, multiply it by 25. This is how much you must save each month to achieve your goal.
You will need $4,000 to retire when your net worth is $100,000.