#MoneyGoals: Ce Shares Her Top Money Tips
We spent some time with local femtor, Ce Cole Dillon to talk money, investing, and getting our financial goals in order. Ce is the CEO of Student Loan 411, LLC and has been dedicating positive money vibes to the Let's Vibe community for the past few months. We felt that this season was the perfect time to get the real scoop on Ce's money wisdom and top tips for reaching our #goals.
Let's begin with Ce's quick and dirty Top Tips:
Of course, we needed to know the ins and outs. Ce, drawing from her years of experience in the student loan world and also her own personal journey, shared the most essential "Need To Know's":
- The biggest asset you have is your intellect. While you should invest in your intellect, avoid over-investing in your intellect via adding on student loan debt.
- Pay yourself first. Make sure a portion of your income is going towards your savings. (Read "Pay Yourself First: Reverse Budgeting Explained")
- Know compound interest. The younger you save, the less you have to save later and the more you'll have in the end. (Read "10 Things You Need to Know About Compound Interest")
- Rule of Thumb: Save for your own account (aka an emergency fund) until you have 6-9 months of expenses covered. Then, begin investing. (Read "5 Ways To Grow An Emergency Fund")
- Be prospective about budgeting. Pick a day and make rules as to how you spend your money. Do what works best for you. Ex: Writing down every transaction. (Read "The 50/20/30 Rule for Minimalist Budgeting")
- Saving? Check. Paying your bills? Check. Time to look at investments!
- Look at your retirement plan before investing in the market. Check to see if your employer has a match. Don't pass up free money! Take advantage of the 2%-25% of matched 401k or Roth IRA dollars. (Read "IRA vs. 401(k): Where Should You Invest Your Money?")
- Invest in the Index. (Read "Investing in Index Funds for Beginners")
- Real Estate is among the most profitable investments. Housing not only builds equity for you, it is also provides a place to sleep at night. (Watch our "Let's Talk: Real Estate with Siobhan Robinson")
- To learn more about real estate programs, google "first time buyer assistance" and "FHA 203k loan".
- Over time, build a diverse portfolio of investments. (Read "The Importance of Diversification for Your Investments")
- Know your FICO score. Everyone should have a FICO score of at least 680 points. Check out Credit Karma for a free assessment of your FICO score. Note: Every time someone runs your credit score, it costs you 10-12 points. Just use Credit Karma.
- Don't be in debt for stupid things. You can buy whatever you want if you can write a check for it by the end of the month.
- Organize your life around the things that matter! If travel is important to you, then organize your financial goals in a way that allows you to make room for travel.
- Do not defer your student loans! (Read "Student Loans: Delaying Payment Costs A Lot More" and Call Ce at 855-754-1155 for support)
Okay, Ce! We truly gained a much more holistic view of the financial landscape and what we can do to ensure we are financially fit. What about our side hustles and businesses?
Ce provided her Top Tips to manage, save, and invest while having a business:
- Have a business plan. (Read "How To Write A Business Plan")
- Have 6 months of expenses saved. (See #4 and #5 above)
- Consider having a line of credit that covers at least 6 months of expenses. (Read "Business Line of Credit: How It Works and Best Options")
- Consider having a partner to share part of the expenses and responsibility of the business.
- Have a mentor! There will always be things you don't foresee. A mentor can provide advice and life experience to guide you. (Read "7 Reasons You Need A Mentor for Entrepreneurial Success")
- Join a support group. *hint hint* (Check out...oh wait, Hi! Let's Vibe here!)
We've learned a great deal from Ce. We hope you gained a few nuggets to apply to your daily life as you strive to achieve your financial goals.
Do you have more money tips to share with the community? Comment below! We'd love to see your thoughts and perspectives.