During a time of rough economic uncertainty, here is how you can best protect your income, invest your money, and come out ahead ok – enjoy! Add me on Instagram: GPStephan

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FIRST: REDUCE YOUR SPENDING
immediately go and sign up for a budgeting software like Mint.com or PersonalCapital.com. You can also use a paid program like YouNeedABudget.

PART 1, you’re going to link your accounts and then review ALL of your spending throughout the last 60 days and identify those charges.
PART 1 is going to be MANDATORY SPENDING.
This is going to be the bare minimum amount that you NEED to live on, no matter what happens.

Next, PART 2 is going to be your DISCRETIONARY SPENDING
This is EVERYTHING you WANT to have, but don’t absolutely NEED to have.

PART 3: I want you to CUT BACK ON ALL NON ESSENTIAL DISCRETIONARY SPENDING THAT YOU KNOW YOU CAN LIVE WITHOUT.

LAST…PART 4….SAVE THE DIFFERENCE.
Doing this is all about identifying what you don’t absolutely need, cutting back on what doesn’t matter, and then saving the difference for where it matters the most. The last 2 months of your spending is going reveal a LOT about your unconscious spending habits, and the first phase of being able to save more money during turbulent times, is to recognize those charges and cut them back as soon as you can. T

SECOND: SAVE THE DIFFERENCE
The FIRST, MOST IMPORTANT USE of your money is to build up your Safety Fund. This is basically going to become your insurance policy in case you lose your job, can’t afford to keep up with your MANDATORY expenses, don’t want to sell your investments now at a loss, and need something to fall back on…this is it.

Now, in terms of WHERE to put your emergency fund…you want to make sure it’s somewhere safe, and PREFERABLY, somewhere that pays you a little interest. And, for that…we have the almighty HIGH INTEREST SAVINGS ACCOUNT.

In addition to this…if you want a SLIGHTLY better return and don’t need the money immediately, your next option is a CD.
This stands for Certificate of Deposit, and this is basically a savings account with a fixed date of withdrawal. The entire point of this step is just to keep your money easily accessible, liquid, and stable during a time where you might end up needing it the most.

THIRD, I just want it in here, that if you have any high interest rate debt…like credit card debt….now is the time to pay that off, so you don’t accrue EVEN MORE interest that’ll make your situation worse than it needs to be.

FOURTH, You’ll need to do your best to KEEP YOUR JOB, Take on side hustles, and CONTINUE WORKING, if at all possible.
Right now, I really, truly believe that you should do everything you can to go above and beyond with your work, maintain the best relationship you can with your boss and co workers, and make yourself as indispensable as possible.

And FIFTH…once you’ve made sure your job is secure, your emergency fund is in place, and you’ve maximized how much money you’re making…you should begin consistently investing back in to the markets.

Now, as far as WHAT you should be investing in to “protect” your money within these accounts, I personally prefer a few options:

One, is going to be cash. This is just the money you have sitting on the sidelines, so that you take advantage of any good buying opportunities that happen to come up.

Second, I’m going to recommend the usual index funds.

Third, you could also mix in a Bond Index fund within your portfolio, as well…like VTBLX. This should see a lot less volatility, prices should remain way more stable than stocks.

And fourth…I’m sure people want me to throw GOLD into the mix here, so I’m going to mention…GOLD.

That’s why, I believe…the best way to protect your money, is to do your best to stay employed, take on any additional work you can, cut back on expenses, and SAVE THE DIFFERENCE…so, that way, you can ride this through and come out the other side unscathed, and completely profitable.

For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com

*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available….(read more)

LEARN MORE ABOUT: IRA Accounts

INVESTING IN A GOLD IRA: Gold IRA Account

INVESTING IN A SILVER IRA: Silver IRA Account

REVEALED: Best Gold Backed IRA

Money is an essential part of our lives and how we manage it can have a significant impact on our future. Whether you are a recent graduate starting your career, a middle-aged professional, or someone nearing retirement, there are certain steps that everyone should take with their money as soon as possible.

First and foremost, it is crucial to establish an emergency fund. Life is unpredictable, and unexpected expenses can arise at any time. Having a cushion of savings to fall back on can provide peace of mind and prevent you from going into debt when faced with sudden financial challenges. A general rule of thumb is to save at least three to six months’ worth of living expenses in an easily accessible savings account.

Once you have an emergency fund in place, the next step is to focus on paying off high-interest debt. Whether it is credit card debt, student loans, or a car loan, carrying balances with high-interest rates can significantly drain your finances. Prioritize paying off these debts as quickly as possible to free up your cash flow and avoid paying unnecessary interest charges.

Investing in your future is another important aspect of managing your money. Contributing to a retirement account, such as a 401(k) or an individual retirement account (IRA), is crucial for building long-term wealth. Many employers offer matching contributions to 401(k) plans, so take advantage of this benefit as it is essentially free money. Additionally, investing in a diverse portfolio of stocks, bonds, and other assets can help you grow your wealth over time.

Another essential step in managing your money is to create a budget and stick to it. Tracking your income and expenses can help you identify areas where you may be overspending and make adjustments to your spending habits. This can also help you achieve your financial goals more effectively, whether it’s saving for a down payment on a home, funding your children’s education, or planning for a dream vacation.

Finally, it is crucial to prioritize financial education and seek professional advice when needed. Understanding the basics of personal finance, such as budgeting, investing, and managing debt, can empower you to make informed decisions about your money. Additionally, consulting with a financial advisor can provide valuable insights and guidance to help you make the most of your financial resources.

In conclusion, managing your money effectively is essential for building a secure financial future. By establishing an emergency fund, paying off high-interest debt, investing for the future, creating a budget, and seeking financial education and advice, you can take control of your finances and work towards achieving your long-term financial goals. It’s never too late to start taking these steps, so make it a priority to do so as soon as possible. Your future self will thank you for it.