4 Toxic Money Habits

Good morning!
Let’s talk about what NOT to do with money…

PRACTICAL ADVICE
4 toxic money habits

1. Using an investing app

   • I’m not talking about Fidelity or Vanguard. I’m talking about the quick gamified investing apps like Robinhood, WeBull, Coinbase, etc.

   • Although their goal is to make buying and selling shares as convenient and fast as possible, that’s not a good thing if you’re investing for long term. And it’s not a good thing if you’re trying to live a life of financial peace. If you have a long-term investment strategy you wouldn’t need to be stressing over today’s stock performance, and trying to buy or sell to “beat the market".”

2. Buying things you didn’t have as a kid

   • To some extent this is fine. But you can easily get caught up trying to “compensate” for your lack of things during childhood, that you end up spending so much money on things that have no use for your life today.

3. Budgeting in your mind

   • That’s not budgeting.

4. Saving to save.

   • Save for a goal! Saving to save is kinda pointless. If it’s to build an emergency fund, to save for a downpayment, or to give yourself a $100,000 cushion between you and life, those are all good reasons for saving!

OUR COMMUNITY
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• Reply to this email with any personal finance question you have, or share with me any wins in your life! (I’ll respond to your questions anonymously in future emails)