Review your insurance coverage, too, because
these policies can provide much-needed money
during difficult times. Life insurance can be
especially important if you have dependents.
- SAVE AND INVEST FOR FUTURE PLANS
Once you have money set aside for emergencies,
begin thinking about your short-, medium-
and long-term financial goals. Retirement is,
of course, a big thing to save for, so contribute
to retirement accounts (especially if you have
access to a plan with an employer match). But set
specific savings goals for other major life steps.
“Most people want to travel every year, buy a
house in 10 years, get married in 10 years. These
things cost money,” Morrison says. “Put down
how much it’ll cost in today’s terms and figure
out how much to save out of your paycheck
every month. From my experience, that alone
can be $1,000 a month.”
- GET EDUCATED ABOUT
CRYPTOCURRENCY
You’ve got the money and you’re ready to jump
on the crypto bandwagon, only you have no idea
how someone even buys crypto. Or how it will fit
into your overall financial plan. Or if it’s too risky
for you.
Time out. Don’t do anything with your money
that you don’t understand. Dedicate some time
to learning everything you can about crypto.
Understanding the mechanics is important,
but so is learning what kind of investor you
are, because that also affects the kinds of
investments that would be a good fit for you.