How to Grow Your Money

A financial nerd and host of the Money Nerds podcast, Whitney Hansen guides listeners through the complex world of investing and provides a blueprint to financial success, showing how they can use compounding interest to make their money work for them and reach the goal of early retirement. What You’ll Learn In this episode, you will be able to: Unlock the potential of earned, investment, and business income streams to accelerate financial growth. Tap into the power of compound interest and the rule of 25 for strategic retirement planning. Unleash the full potential of 401(k) and IRA investments through savvy employer matching tactics. Make informed decisions choosing between actively and passively managed funds while keeping fees at bay. Boost your earning potential by mastering salary negotiation techniques and exploring lucrative side hustles. The resources mentioned in this episode are: Learn about the growth phase of your finances and focus on earned income, business income, and investment income. Aim to make your money work for you by investing consistently and for the long term. Understand the rule of 25 to determine how much of a nest egg you might need for retirement. Familiarize yourself with the concept of compound interest and how it can significantly grow your investments over time. Start investing as early as possible to maximize the power of compound interest. Remember that it’s not about timing the market, but time in the market that counts most. Take advantage of employer-sponsored retirement plans, such as 401(k)s, to get free money. Invest enough in your 401(k) to get the maximum employer match, then move on to IRAs (traditional or Roth) for further retirement savings. If self-employed, consult with a CPA to determine the best retirement plan for your situation. Continue educating yourself on personal finance and investing strategies to ensure you’re making the best decisions for your financial future. Get social with me https://www.facebook.com/facebook.com/whitneyhansenco whitneyhansen.com https://www.youtube.com/youtube.com/thewhitneyhansen https://instagram.com/whitney_hansen_co https://www.twitter.com/twitter.com/whitneyhansenco The post How to Grow Your Money appeared first on . Learn more about your ad choices. Visit podcastchoices.com/adchoices