How (and When) to Save During an Economic Downturn

In this video, Entrepreneur Network partner Phil Town discusses how to invest during a recession. November 8, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. If you can purchase companies at affordable, recession-level prices, you can easily get rich, says Entrepreneur Network partner Phil Town. Town talks about recession-proofing your savings by looking for bargain prices. Even investing maestro Warren Buffett says to treat the market’s fluctuations as friends and to profit with the market follies, rather than participate in them. Of course, that’s easier said than done … but it can be done. 401ks work great when your employer matches your contributions. But don’t be fooled: even with their diversified features, if the market tanks, your 401k will also suffer, as well.  According to Town, a recession is a great time to start saving. Even if you’re investing less in the beginning, any time you can save money during this economic period, you are making […]

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Why You Should Spend More Money and Avoid Savings Accounts

Practice good judgment as to whether spending money may actually be more conducive to your ultimate goals. June 28, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town describes some of the ways that saving can actually be detrimental to long-term financial health. Nobody wants to lose money, but that impulse can be destructive if it means sacrificing important life experiences and opportunities. Town mentions there is a difference between establishing a safety cushion and saving every dime for fear of losing your money. According to Town, putting your money in a traditional savings account can also be a mistake, in part because the value of your money kept in them will decrease over time. Click play to hear more from Phil Town. Related: Break Bad Investing Habits by Adopting These Tried-and-True Tips Entrepreneur Network is a premium video network providing entertainment, ewitducation and inspiration from successful entrepreneurs and thought leaders. We […]

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Here’s How to Retire With Solid Savings in the Bank

To properly prepare for retirement and establish strong savings habits, consider adopting a few of these options. December 19, 2018 2 min read Opinions expressed by Entrepreneur contributors are their own. Jeff Rose talks about the importance of setting goals. In fact, it’s often the wealthiest people who are consistently reviewing their goals. To help you align your goals with your behaviors, Rose recommends a few steps: Have a plenty of cash on hand. If you’re unsure how to generate more cash, consider selling items you no longer use via the internet or yard sales.  Get ready of junk you don’t use. You can start by looking at some of avenues of spending you simply don’t need to dedicate so many funds to, including spending on your phone bill, streaming services or internet bill.  Don’t get trapped in the mindset that you won’t be capable of paying off your debt. Instead, cut out […]

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How Saving Money in 3 Different ‘Piggy Banks’ Can Transform You Financially

Yes, even adults are allowed to have piggy banks. Those symbols of childhood can assist both your financial status and your peace of mind. May 31, 2018 6 min read Opinions expressed by Entrepreneur contributors are their own. As an entrepreneur, you know you have to save more money, but you keep scratching your head saying, “I don’t have any extra money to save.” Related: How to Start Saving Money Today I get it: I’ve heard it, I’ve seen it — and you’re not the only one. According to U.S. News and World Report, people get caught in the cycle of “being broke” for three main reasons: They haven’t planned ahead, aren’t tracking their spending well or simply have poor financial habits. But there is a way to save money that is catered to your lifestyle, is sustainable and, believe it or not, is something you probably did as a child: the modest piggy bank. Think of […]

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