Today’s featured Monday Money Tip is our most-viewed tip: The Debt Snowball Technique
It is how I eliminated my debt, and it can work for you too!
You can receive all of my Monday Money Tips via email by registering here today: http://www.mondaymoneytip.com
The stock market has been experiencing crazy swings since the start of 2016. In fact, the Dow Jones Industrial Average is down more than 10% since the start of the year.
This can cause a lot of alarm for investors. Particularly those who are very close to retirement or who have already retired.
What should a person do in this situation? Sell it all? Buy a bunch of gold and silver? Do nothing at all?
I determine my approach by asking several questions:
- When do I really need the money I’ve invested? This is a great question each investor should ask. Since I have no need for my invested money at this time (it’s for my children’s college and retirement), I’m able to wait out a downturn.
- Do I have the ability to “time” the market? Not really. I can anticipate some changes, but I have no control of global macro economics. With the market being flooded by oil and other commodities, various hostilities between strong nations, credit markets being squeezed, and natural economic cycles, there are definitely pressures on commercial growth. But I can’t time the market. I suspect you are also challenged to do so.
Then I remind myself of various statements of wisdom that have informed my investing during my life. Here are a few:
- “October: This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain
- “Emotional people buy high and sell low. Smart investors buy low and sell high.” – Unknown
- “You never truly lose until you sell.” – Unknown
So what have I done during this challenging time? The same thing I did in 2008 – continue the course. I continued to invest in stocks (they were on sale!) and other assets (like businesses and real estate) to diversify my portfolio.
This approach has worked well for me for 20 years.
What is your approach?
Registration for the I Was Broke. Now I’m Not. Core Coaching Program is officially open!
We’ve already had several people register for this 14-session training program. We’re excited to help them take their financial knowledge to an entirely new level!
Just today I received the following note on Facebook: “My wife and I took your program 2 years ago. We began tithing. God opened doors to more over time and has allowed us to pay down debts.”
That fires me up! And it is what the Core Coaching Program is all about – taking your finances to another level.
If you are serious about taking your money and financial education to another level in 2016, click HERE to learn more and register.
Registration closes January 31st – or when 100 people have registered, whichever occurs first.
Tonight is the night! The “How To Make This Year The BEST YEAR YET” live online event will begin promptly at 8:00 PM Eastern Time (7PM Central/5PM Pacific).
It’s free but you must be registered to be a part of this event.
Here are the final details:
- The event is overbooked – so log in early! We’re attempting to accommodate everyone who is registered, but our software provider only allows 500 live connections at one time. We recommend logging in about 15 minutes early to be absolutely certain you secure your spot!
- I will be speaking for about 45 minutes. This will allow time for around 15 minutes of Q&A at the end.
- Print out your Listening Guide. Each participant should have received an email with the Listening Guide attached (if not, we will provide a link before the event begins). Make sure to print out this guide because it will help maximize your experience during this event.
- I Was Broke. Now I’m Not. Core Coaching Program (CCP) – Wave 6 registration will open up. At the end of this online event, I will share information about the CCP and provide an opportunity for you to register for this year-long financial transformation experience.
One of the top New Year Resolutions people “resolve” to do is related to the improvement of one’s finances. Common resolutions include: “pay off debt”, “save money”, and “budget consistently”.
Hopefully, you’ve made a financial resolution for 2016. I know I have!
It is important to take steps toward your resolution as soon as possible to prevent old money habits and hangups from thwarting your goal.
One way to take a positive step forward is to participate in our upcoming live online event this Thursday night at 8:00 PM EST! I’m going to be sharing some key tips you can employ to ensure you have the BEST YEAR YET.
It’s going to be a gathering of hundreds of like-minded people. I promise you this: you will laugh, you will be challenged, and I’ve actually employed each tip in my own life and experienced positive results.
It’s FREE, but you do need to register. Once you’ve registered, all the details will be emailed to you, plus we’ll send you a reminder shortly before the event begins.
- EVENT: How To Make This Year The BEST YEAR YET
- DATE: Thursday, January 14th
- TIME: 8:00 PM EST
- DURATION: 60 minutes (45 minutes teaching + 15 minutes Q&A)
- COST: Free
- REGISTER: Click HERE to reserve your spot. Space is limited to the first 500 people who sign in on the night of the event.