Received my first consulting gig payment today, $800. I’m so excited. My mind is all over the place on what I should do, save, debt, retirement. I realize that I really need to stay focus.
I decided to deposit the funds into my savings account and not touch it. One, my legal situation with my brother hasn’t been finalized as of yet, and the goal was to beef back up the savings to at least 3 months of expenses before I tackled the debt, gazelle intense. So the key is to focus.
I’ll stick with bumping the savings, plus I’m not sure how consulting will impact my taxes.
I was playing around with the MSMoney Software and I can track so many things regarding the consulting gig. I can track projects, mileage, invoice and document payments. I was worried about how I was going to account for these things. Feeling great about this.
Other news, things were crazy at the office, I ended up missing lunch and buying a $3 slice of pizza 🍕 on the run 🙄🤦🏽♀️
I sat in on Vanguard’s webinar EFT vs mutual funds, I think I’m more confused than I was prior. But I’m determined to learn more about investing
Consulting Check Came In
November 8th, 2019 at 01:07 am
November 8th, 2019 at 10:43 pm 1573252987
Both are funds made up of a group of stocks chosen by fund managers. Usually there is an underlying philosophy to each fund - like tech stocks, or a specific retirement date where the risky ness of the shares go down as you get closer to retirement.
You buy mutual funds from the company who manages the funds - think Fidelity, Vanguard etc.
Exchange traded funds trade publicly. You can buy them though any broker. They are bought and sold like individual stocks but instead of shares of say, Microsoft, you buy or sell shares of the fund.
The value of a share in a mutual fund is based on the close of day or average selling price of the shares in the fund. (varies by fund)
The value of a share of an exchange traded fund is based on what the price was that people bought/sold that fund that day. Can be closing or end of day price.
People like mutual funds because the hope is that the fund manager is watching the market so you can trust them to buy/sell the right mix of underlying stock to meet the funds goal so you make money.
People like exchange traded funds because they provide more diversity than individual stocks but with the freedom to buy/sell like stock. There are often lower minimums to buy in to ETFs than mutual funds.
Since you are new to investing, I suggest you start with a fund from someplace like Fidelity or Vanguard tied to your retirement date.
You might also like to ‘play’ by ‘picking’ a stock or ETF that you think is good, write down the price, and watch for a few months to see what happens. This can give you confidence nior a learning experience with no risk.
November 8th, 2019 at 11:51 pm 1573257114
November 9th, 2019 at 02:21 am 1573266113
LR I’m definitely reaching out to an accountant regarding the business