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Last Updated on March 22, 2021
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The more experienced WallStreetBets forum members on Reddit, fledgling day traders, first identified GameStop as one of the target stocks of billionaire investors, the overvalued stock of the brick-and-mortar video game seller making it vulnerable to a short sell squeeze.
After this observation, the Reddit group then flipped the hedge fund manager’s script by encouraging fellow members to buy this stock, recognizing that this simple counterplay, if done with enough retail investors, would be more than enough to skyrocket the stock’s value to new heights.
Although you might feel as if you missed out on making money with GameStop after you heard about how the stock soared to over 1,700% since the beginning of the year, there are many other overvalued yet underperforming companies, members of the S&P SmallCap 600 index, that could look like a smart investment in the future. So, start preparing now for new investment opportunities in the future by getting your finances in order, perhaps by paying off your debt and setting financial goals, and creating a budget.
Get Your Credit Card Debt to Zero Balance
The monthly bills you receive to pay off your credit card balances are slowly draining your finances, particularly if you’re falling behind on paying off your balances and have to pay high-interest rates.
Fortunately, there is a solution that will help you get back on your feet so that you can focus on building your finances instead of focusing on trying to stay afloat: Apply for a consolidated loan.
A consolidated loan is a low-interest, long-term loan offered by lenders that is based on an affordable monthly payment plan. After applying for this loan and receiving it, you can use it to take all your credit card balances back down to zero.
Another option to reduce credit card debt is credit starter loans. These are secured and unsecured short-term loans. Applicants that meet the requirements can receive as much as $2,000 to use at their discretion. The funds must be repaid within a predetermined time frame ranging from a few months to a year. You can use the money to pay down your credit card balances. As long as you repay the loan in full, it can help to boost your credit history faster.
Set Financial Plans
Setting a financial plan with the help of financial advisors on how much you would like to earn, save, and invest over the next few years will give your life a sense of meaning, purpose, and direction. You’ll dare to dream even bigger dreams once you create a financial roadmap to grow and manage your money because you won’t be worrying about where the cash will come from to fund your aspirations.
In the modern world, where almost everything has a price tag, you have little control over your destiny unless you have financial goals and plans in place. That is a precarious position to be in because if you don’t know what your future will hold.
Keep in mind that your money goals will also support all your other life goals, making it possible for you to have the wherewithal to reach them. Rather than taking the risk of breaking even or breaking down, why not set yourself up to break free?
Create a Budget
After you determine your future trajectory by establishing financial goals and plans, you must create a budget to track your progress on your money-based goals. Some blogs and books teach you how to set up a budget, and all you need to create one is a notebook, a spreadsheet, or an app.
A budget will allow you to tell at a glance how quickly your savings are building, where you’re spending your money, and how rapidly you’re paying off your debts. Instead of making educated guesses on how much cash flows in and out of your life, you’ll know exactly how much you have in your bank account and what expenses are coming up at all times. If your budget is not going according to plan, it will help make you aware of what areas of your finances that you need to tweak.
Take Charge of Your Money
While money isn’t everything, it certainly helps to have more of it than less of it. Perhaps, it’s time to tell your money where it needs to go instead of trying to remember where it went. By taking charge of your debt, setting financial goals, and creating a budget, you’ll have the extra money you need the next time a great investment opportunity shows up.
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