If youre thinking of switching careers, starting your own business or making some other major life change, there may be a financial cost, at least in the short term.
Reassess Your Spending and Saving
Whether your bank account grew or shrank during the long months of lockdown, now is the time to take stock of your financial situation and decide your next steps.
Credit.Jan Buchczik
May 29, 2021
The pandemic swept many people into uncharted financial territory. Millions lost their jobs and loved ones they relied on. Others endured more than a year of isolation and uncertainty, working from home or on the front lines. Whether your bank account bulged or dwindled during the long months of lockdown, now is the time to take stock of your financial situation and decide your next steps.
Best Advice for Women Starting to Invest and Save for Retirement
Everyone needs to be financially literate and plan for retirement, but for women, there can be challenges to overcome.
Author:
Mar 16, 2021 8:00 AM EDT
If you’re a young woman and you’ve recently entered the workforce or plan to, you might be wondering what to do with your paycheck.
Well, experts generally agree that you have only two tasks: First, learn as much as possible about money, including your employee benefits, and two, start saving for retirement.
Become Financially Literate
Katrina Sherrerd, CEO at Research Affiliates, recommends learning about the basics of finance and investing, as well as the ways that investors create barriers to achieving their goals. “There are many sources of basic information, including books, articles and many asset manager websites,” she says.
During the pandemic, ordinary people piled into stock markets, many for the first time in their lives. Between January and September, big US retail brokerages E Trade, TD Ameritrade and Charles Schwab saw the total number of average daily trades increase by three quarters to six million, according to Sundial Capital Research.
Lockdown boredom is one explanation for this trading surge. Another is the relative lack of sports betting opportunities and the hunt for returns amid record-low interest rates.
As newcomers flooded into trading, they were drawn to one platform in particular. Robinhood, one of the most high-profile trading apps, reported three million new accounts in the first quarter of 2020. Half of these were first-time traders.