ING Money Tips

I have mentioned my relationship with ING before. It is not a profound, lovey dovey relationship and I am not a huge fan of theirs. I do however like some of the things they do there but really I only created the account for one specific purpose, which has come and gone. On to the point…

One of the things they offer is a savings newsletter which I think is a good idea so when I see something great in there, I try and share it. Here are the tips from this edition worth mentioning: (they had a baseball theme for the first tip)

  • Play budget “small ball.” Many of life’s small expenses can be anticipated (holidays, birthdays, tax time, etc). Expect the unexpected and set aside some cash. (I hadn’t ever thought of planning ahead for the “unexpected” expenses that are actually routine like gift purchases)
  • No debt, no foul: Work to pay off your credit cards today (make that yesterday) and pay down debt with higher interest rates first. (We are almost there, just one big chunk of non student loan debt to pay off woohoo)

Here are some tips on investing:

Evaluate your needs:

  • Investing experience – Beginner, pro, or in-between? The answer tells you whether you’ll need educational support (most beginners do) or more complex tools or trading choices (some pros do).
  • Amount to invest – Starting with $100 or $10,000? Do you plan to continue investing regularly, or invest lump sums when you have them? These answers indicate whether you’ll eliminate some brokers for investment minimums.
  • Investing strategy – Watch the market closely and immediately jump on opportunities? Or invest slowly and steadily over time? The first requires real-time trading (buy/sell right now); the second can use dollar-based investing (more on that later).

I think one big mistake some make when getting into investing is they dont have a plan and let emotions take over. With a plan of what you hope to accomplish from investing, what to do if something goes sour and when to pull out, you are ahead of the game and can just follow the plan you created ahead of time. You already have a plan for the worst and best scenario so there are no questions as to what to do, your emotions stay out of the equation and you make a smart move.

Most people get caught up in the moment because they havent planned and freak out when something starts to look a bit sour. Dont put yourself in this position. Prepare and follow the plan to avoid creating losses for yourself.

Some of the other ING tips are useful so check em out.

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