It’s easy to feel hopeless when finances are involved. You can’t control your interest rates. You can’t control the market. If you’re in debt, you may feel like you can never claw your way out. When you’re a passive player in the “Money Game,” you’re just a passenger along for the ride. Yet you can be just as active in the money game as stock brokers and financial planners. Buckle up and get ready to start becoming an active player.
You could leave your money in a savings account where someone else controls your money. Let’s be clear: there is nothing inherently wrong with savings accounts. In fact, you should always have at least six months’ income in the bank at all times, so you may want to make that your first step.
Once you’ve locked down your savings, you can begin to do something independently about your finances. Research stock options and talk to an online trading broker. Taking risks, when well-researched and heavily considered, will make you an active player in the money game.
Get Out of Debt
If you’re in debt, you need a plan. Sit down and add up all your debt. That figure may be scary, but you’ve got to see the “big picture” before you can start taking charge. Develop a scheduled plan for getting out of debt (focus on the biggest interest rates first, but don’t neglect the rest). You may (and probably will) have to go over the minimum payments in order to pay off your debt in a reasonable amount of time.