In general, I guess you could say that GMD is a personal finance blogger but to be more specific, by default I guess I’m a debt blogger. Wish I could say I was a badass investment blogger or lucky ducky early retiree blogger but nope, for now and at least another 4-5 years I will be a debt blogger who also blogs about life, fashion, beauty, relationships and maybe someday travel, engagements, weddings, marriage, and babies!
Personal finance is such a broad topic that it’s difficult to be an “expert” on everything and as a debt blogger, I don’t know much about investments but I do know something about savings while still paying off debt and I’m thinking that a savings account could be thought of as baby steps for future investments?
There are so many savings accounts out there and UK readers could try sites like http://www.bmsavings.co.uk for a quote. They compare fixed rate bonds for the best interest rates. I think the smart thing to do would be to first research online some of the best savings accounts offered in your area and then go into your own bank to see if they can match or better the best interest rate.
I have a chequing account and a Tax-Free Savings Account (TFSA) that doubles as my retirement account and once I have enough money in there, I want to take baby steps into the scary world of investing! Yikes! I would never put all my eggs in one basket and use all my savings in investments but a good chunk that I feel comfortable with. You have to spend money to make money and I’m hoping my “pay hard or go home” attitude with debt repayment will work for me with investing too!
Right now though, I’m aggressively paying off debt, so I have no savings or emergency fund (gasp!) but I am putting a bit into retirement each month and watching the balance grow is actually kinda fun! I like to think of my TFSA as my little plant that is slowly growing but with tender care it’s going to eventually blossom into the prettiest investment flower. I’m hoping my retirement “plant” is going to do better than my actual plants that I tried to grow on my balcony this summer. Let’s just say that I bought one flower plant, one lettuce plant, one cilantro plant and one tomato plant and they all died in one week! Not even joking! Only the stubborn tomato plant has survived and J has now taken control over watering and caring for it because I’m apparently a plant killer haha.
I’m also reading a lot of personal finance blogs that offer great tips for beginner’s investing so that I am full of knowledge by the time I am ready. Any other tips for a debt blogger who wants to enter the world of investing soon(ish)?