Let’s Talk Finance

Talking about finances should not be seen as taboo, as part of self-care, and succeeding in the world, is investing in yourself.

It’s easy when you’re young and making enough money to reliably live on to get into the habit of living paycheck to paycheck, to spend that hard-earned money and enjoy the rewards of your work. But as I’ve aged, I’ve learned the importance of delayed gratification, and of investing for the future.

First, let’s clarify: while savings is important, saving is not the same as investing. With the rise in inflation and the negligent savings rates we currently face, it’s important to start stashing money away for the future, using financial vehicles that support your wealth goals more than a savings rate does.

For instance, there are crypto platforms where you can earn money with interest rates as high as 8% in the U.S. (and even higher depending on where you live and the regulations there).

I recently started a Gemini account so I can easily accrue 8% interest on my finances (with the Gemini dollar that is tied to the US dollar value) and have some money protected from this ongoing volatility of the stock market. You can sign on here. This is a nice alternative to a savings account where my money is just as protected but earns significantly better interest. With money in a savings account, you are actually losing money to inflation.

Coinbase has fewer earn options but is a user-friendly platform for crypto as well if you want to check it out here. I have money in the stock market, I have savings, and I have some money in various crypto accounts. But with savings accounts at such abysmal rates, it’s a no-brainer not to diversify and capitalize on the crypto-earn options that exist today. Don’t you think?

Oh, and also, how do you combat fear-based thinking when it comes to finances? Again, for me, this goes back to diversification. That and long-term thinking. Stocks will go up again, and it’s important to put this volatile time into perspective; and in order to help minimize fear-based reactions, you want enough in cash and crypto reserves so that you are able to maintain long-term thinking and not want or need to pull out of stocks when they’re down.

And if you aren’t already invested in the stock market, I recommend starting small using one of the apps like Acorns or Robinhood, following financial newsletters, and educating yourself. There are also automated investing platforms such as Wealthfront and SoFi (which also offers loans, a credit card, crypto investing, insurance and more).

Basically, if you have little to no money in investments or crypto, you should start. These days, you can buy fractional shares, stake money, loan your assets, and more. With inflation, if you aren’t invested and/or don’t own assets, your finances are losing value.

I long avoided putting thought or energy into the stock market, as I was able to get by with my earnings, lived frugally, and couldn’t see the value in it at the time; but let me tell you, spending time and money on investing in your future and your future security is never a waste of time.

We live in a culture that promotes and celebrates consumerism and instant gratification over delayed gratification, but, as I’ve learned, this comes at a cost. Yes, live in the now, but be intentional about building toward your long-term goals.

Another option is to use a real estate investing platform such as Roofstock or Fundrise. Sign up using my link for Fundrise and your first 90 days of advisory fees will be waived. See the Fundrise real estate investing guide here.

It’s never too late to begin to help improve your financial picture. Be discerning and DYOR (do your own research). No matter your income, everywhere starts somewhere in their financial journey, and investing (in both stocks, crypto, and real estate) help enable possible gains that can greatly improve your financial picture in the long-term.

This is not investment or financial advice and should be taken as writing for informational and educational purposes only. DYOR. Share your thoughts and tips for what’s worked for you.

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