Finance for my daughter. (Including to my non-daughters) Build and new life.
How to build your money a smart and effective way……
The article of letters to my daughter. -Unknown author.
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Yolany Baquedano
1. What was your favorite section of this “letter”?
My Favorite thing about this letter is that the letter is orientated to a female character. Whether the financial planer does or does not have a daughter does not matter. But it changes the attitude that women can be in charge of their money. I think that if this letter was written before the 21st century, it would have only been the son and the father.
- I love the questions and answer format
- It felt like I was the daughter of the author.
I HAD SO MANY FAVORITE sections. THAT I TRULY THINK was GREAT AND AMAZING.
I like a particular thing, which was that most American spend money on their houses
- They think that if they get this house, that their life is complete, but that is not true.
- Most Americans spend roughly about more than one ⅓ on housing (OMG)
- That is 33.333 percent, just in case you forgot how to do the basic 7th-grade calculation.
I am also going to find check out all the investment firms- which is a plus, I will look on google and beg them to let me put as much as money into the account.
2. What was the most valuable idea that you learned in the “letter”?
You can take small baby steps that can help you in the future, so you can work for something that you love and not have the need to do something that hate as a living.
3. What steps can you take as a result of what you learned in this “letter”?
- Short term goals are essential
- Like saving money for a great vacation.
- That instead of buying that cup of coffee, it is important to take that coffee from home.
- So you can go to Paris to look at the Eiffel Tower for a week.
Can set my Roth Ira
- That is very important that since I am young. These are tax-free.
- Also, I should not be able to take out my money. Before I am 65. That is extremely important to understand.
- They are Tax-free investments. Which means that you will not take taxes for them. I was saving for your financial future.
Bond is more stable
- If you give the bond a longer maternity price, the money you will get.
- But give you less of a return than stocks because you do not have risk management.
Asset allocation
Is how much money you have contributed to your investments or other things that you want.
- Some people do not know how much they invest and
- They feel so overwhelmed.
- But is important that when a person starts young, you should do it.
Main points from this.
Diversification-
- Do not put all of your eggs into one basket because if you do that, one egg will crack and the others will too.
- Get yourself
- Some stocks, bonds, savings,
- Get yourself an app that can link you to all the accounts.
- Remember to put asset allocation,
- Insurance
- Do not get any insurance that does not benefit. It is like buying so much food and not being able to eat it all.
- An auto insurance
- That has a deductive that best fits you
