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Sep
2022
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The advantages of joining a cozy personal finance club with your friends

The Advantages of Joining a Cozy Personal Finance Lab With Your Friends

A PERSONAL FINANCE LAB

When a scientist does research, it’s usually done in a lab. The personal finance lab will be an investigative group that will create each group member’s best finances. The lab does not recommend privacy is given up, but members can help each other create the best statement possible without giving up privacy. Here you will learn how to form your own personal finance lab, so you can join with your friends or family.

The personal finance lab will give tips for getting out of debt, how to save money better, investing strategies, and investing activities. The group will use recommended resources, meet regularly – at least every one or two months and study and brainstorm between group sessions. Meeting in person is recommended.

CREATING HIGHER-LEVEL INVESTING STRATEGIES

Members will then go on to higher-level investing strategies with several investing activities.
There are many more problems that can be solved with several minds together, rather than just one. That is the main benefit of the personal finance lab group.

After members have perfected all the above the personal finance lab will complete with the use of a personal finance template.  This will include a notebook with tabs for each area profiled, improved, and identifying ongoing changes needed. Members can also opt to use a google spreadsheet, but there may be privacy issues if there is a hack.

The Personal Finance Lab is an Investigative Group to Find Your Best Finances

-Lois

THE PERSONAL FINANCE LAB SHOULD START WITH TIPS TO GETTING OUT OF DEBT

There is high debt, predatory debt, and plain old uncontrolled debt. If “debt” is not addressed in a timely manner, it will grow, expand and get out of control. Learn how to control debt and if possible, keep it low.

There is good debt and bad debt. Bad debt is what can follow a person for life, based only on a small purchase. This is what happens with subprime or predatory debt.

Bad debt there is also debt that can cause pain and agony for decades or for life. Knowing the difference between good debt and bad debt can create a low-debt life.

Identify predatory debt and how to avoid it. Example: A college education is great, but parents and students do not need to get into massive debt or subprime loans to get an education An example of a subprime loan is a Parent Loan. Unsubsidized loans are can be out of control debt since interest is charged to the student while in school.

Learn financial literacy in a personal finance lab at msfinancialsavvy

LEARN TO SAVE MONEY BETTER AFTER TIPS TO GETTING OUT OF DEBT

The most common problem with Americans is savings. Most people just don’t feel they can save. When there is a concerted effort to find ways to save money better than saving will happen.

Putting together many heads can fetch at least 100 ways to save – make that the goal.

Learning to save money better than has ever done before will solidify savings in the group and create a savings mindset among the members. The main questions to ask before buying are, “do I need this”, “can I use this” “can I afford this” and “will it last.” Just because an item is a low-cost purchase does not mean it will save money; sometimes, it is also low value and will not last.

HOW TO ELIMINATE BAD BUYING HABITS

Bad habits are hard to break and are the cause of multiple problems. But, the good news is the lab members can put together a set of rules to halt bad buying habits.

Examples of ways to halt bad buying habits 1. Stop spending time with a spendaholic friend, 2. Stay out of stores to “just look”, 3. Don’t buy things that are not immediately needed and affordable. The list can include 20-25 functions to eliminate bad spending habits and read about good habits regularly.

After group members learn tips to get out of debt and learn to save money better, each member should create a workable budget.

Tips to Getting Out of Debt and Learning to Save Money Better Is Number One

-Lois

CREATE MANY INVESTING STRATEGIES AFTER THE LAB LEARNS HOW TO SAVE MONEY BETTER

First, members must understand high debt, predatory debt, and subprime debt. Then, it is recommended that the group spends time learning to save money better than has ever been done.

The next step is to graduate from saving to investing. Learn investing strategies and make it fun using investing activities. There are many ways to understand simple but effective low-cost, low-risk investing.

Understanding investing strategies is important to maximize profits in retirement accounts, college savings accounts, and investment savings accounts.

There are investment advisors who can help with investing, but it is ultimately up to the owner of accounts to assure profits. Investment advisors must be kept in check.

There are also investment strategies that are recommended by major online investment banks, where you can manage your own investment account after studying the investment process. An example of easy-to-learn investments is mutual funds.

TO COMPLETE A GREAT PERSONAL FINANCE PORTFOLIO, CREATE A PERSONAL FINANCE STATEMENT TEMPLATE

MsFinancialSavvy’s website has all the tools a Personal Finance Lab needs to create a multi-finance profile for each member. It will start with 1. Form a personal finance lab group with like-minded people 2. Study tips for getting out of debt, 3. Learn how to eliminate bad buying habits 4. Create a profile on how to save money better, 5. Learn and create investing strategies 6. Create a notebook consisting of a detailed personal finance lab statement.

Use the personal finance statement template to document minimum requirements for creating the best finances possible, as found in personal finance lab sessions.

SUMMARY OF PERSONAL FINANCE LAB

A personal finance lab is merely a group of people who want to achieve maximum high-level finances that last. First, members have to acknowledge the need, then that help can come from the group and its resources. Afterward, the group will use the Personal Finance Lab recommendations from the group found at MsFinancialSavvy.

Each category has articles with information to create the group’s best finances for life. The Course For Fantastic Finances encompasses all of the groups’ needs and is a detailed resource for a Personal Finance Lab.

The Advantages of Joining a Cozy Personal Finance Lab With Your Friends

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14 Responses

  1. Alita

    Accountability is powerful and is what I need to better my finances. Joining a finance club like this with friends is an incredible idea.

  2. jenn @ EngineerMommy

    I never heard of a personal finance lab but it makes perfect sense. It would be a perfect way to encourage smart money habits.

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