You are the CEO of your own money.
You are in charge. You make all the big decisions. When it comes to your pocket, you are the highest-ranking executive, and you are in charge of overseeing everything.
This is good and bad. The bad part is that you take all the responsibility, and there is no one to blame. The good part is that you have the ability to make things better for yourself.
It’s time to embrace that power. It’s time to decisively take charge of your money. Here are six ways to act as a CEO:
1. Get a good return on your investment
A good CEO focuses on ‘ROI – the return on investment.
You want to invest your time and money in things that will bring you profit. This includes making comparisons between: Should I do this or should I do that?
For example: If you already have an emergency fund, instead of depositing money into a savings account for a rainy day, you should really invest in it. This is the best way to grow your money.
With very low interest rates, a savings account these days will pay you almost no interest. However, investing in the stock market has yielded an average annual return of 7%, adjusted for inflation, according to the US Securities and Exchange Commission.
Don’t know where to start? Beginners like Robinhood Because it does not charge a commission, and you can buy and sell shares for free – no limits. In addition, it is very easy to use.
2. Stay in the black zone
A smart CEO is always looking for ways to cut unnecessary expenses and improve their bottom line.
For example, do you have a balance on your credit cards? So you are definitely spending a lot of money on interest. Credit cards charge significantly higher interest rates.
With the help of a free site called AmOneYou can write off all of your credit card debt by the end of the week.
It will match you with a low interest loan to pay off all your credit cards at once. Interest rates start at 3.99% – well below the 20% or more you’re likely to pay your credit card company. That could save you thousands in the long run, and it’s a solid CEO move.
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3. Pay yourself first
CEOs make sure they get paid. There is really no doubt about that. Whatever it is, CEOs make sure of it Gets. paid.
Sure, you obviously need to fulfill all your responsibilities, pay all your bills, etc. However, you also have to make sure you take care of yourself and your financial needs.
Invest for your retirement. Build a good fat retirement fund with your 401(k) or IRA.
Also, make sure you have an emergency fund – a stockpile of easily accessible cash worth up to six months’ salary, in case you lose your job unexpectedly.
with the ambition accountYou can earn up to 16 times the average interest on your savings, and up to 5% cashback on debit card purchases.
4. Your mission statement
This is another way of saying, “Don’t forget about your long-term goals.” When you make a financial decision, ask yourself: “Does this bring me closer to my goal?”
You must take specific steps towards your goal. This is what the CEO will do.
For example, one of your long-term goals might be owning your own home. Or maybe you want to drive a better car.
If so, you will need a good credit score. This will make a big difference in the amount of interest you will pay on a mortgage or car loan. This can easily add up to tens of thousands of dollars over the life of the mortgage.
If you’re looking to get your credit score back on track – or even if it’s on the right track and you want to get it up – try using a free website called sesame credit. Within 2 minutes, you will be able to access your credit score and personal tips to improve it. You’ll even be able to spot any bugs holding you back (one in five reports has one).
Want to check for yourself? It’s free and only takes about 90 seconds Participation.
5. Focus on the interests of stakeholders
“Stakeholders” is a big buzzword in the corporate world. In business terms, stakeholders are the people who have an interest in the company, such as investors, employees, and repeat customers.
In your personal life, stakeholders are your family members.
Have you thought about how to manage them without your income after you are gone? How will they pay the bills? Send children through school? This is the time to start planning for the future by looking at a life insurance policy.
You might be thinking: I don’t have the time or money for that. But your application can take minutes – and you can leave your family up to a million dollars with a company called incurred.
Prices start at just $16 a month. Peace of mind knowing your family is being taken care of is invaluable.
If you are under 54 years old and want to get a quick quote for life insurance without a medical exam or even getting up from the couch, Get a free quote from Bestow.
6. Innovation and Hub
CEOs love these things. This is a big step for the CEO. They always talk about fostering innovation, keeping pace with the times, and switching to the next profitable thing that is around the corner.
You can also innovate in your personal financial life. Just try a money-saving step that you didn’t care about before. You might be surprised at how much money you save!
For example, you probably shop more online than you used to. (Most of us are.) Wouldn’t it be nice if you got an alert when you’re about to overpay?
That’s exactly what this is free service Do. Simply add it to your browser for free, and before you check out, it’ll check other websites, including Walmart, eBay, and others to see if your item is available at a cheaper rate. Plus, you can get coupon codes, set up price drop alerts, and even see an item’s price history.
Let’s say you’re shopping for a new TV, and assume you’ve found the best price. A popup will appear letting you know if this exact TV is available elsewhere at a cheaper rate. If there are any coupon codes available, they will also be automatically applied to your order.
Last year, this saved people $160 million.
You can get started with just a few clicks to Find out if you are overpaying online.
Remember: You are the CEO of your money. It is not anyone’s responsibility but yours.
Mike Brasfield ([email protected]) is a featured writer for The Penny Hoarder. He’s not a CEO, but he’s a believer in strategy with your money.