Over the past year, I’ve thought a lot about investing in the stock market to increase my overall wealth. Hearing stories about individuals who hit it big with GameStop, AMC and cryptocurrencies only heightened my interest in getting started. I could only imagine how exciting it would be to see my hard-earned money multiply without me having to lift a finger. I could use this money to set myself and my family up for life.
One of the biggest issues is finding the money to invest. Things are tight for me financially, and taking even a few bucks from my budget could throw things off course. Not to mention, I’ve got a ton of debt that needs to be paid off. With the stimulus checks being distributed, I figured I could use those funds to start investing. I just needed to make sure that my finances would stay intact. Here’s a look at what I came up with.
Age-Old Credit Card Debt
Most of the debt I was carrying came from credit cards. I was young and uninformed when I started applying for credit cards. I was able to get a few of them with high limits. Not paying attention to the interest rates, due dates, or anything else, I swiped whenever I could. Now, five years later, I’ve got a bunch of debt and nothing much to show for it. I started paying the minimum, but my efforts paled in comparison to the damage I’d done. If I was ever going to get my finances under control, I had to do something about these credit cards.
There are several ways to pay off your credit cards, but debt consolidation is what stuck out for me. A company by the name of Brice Capital helped me to make an informed decision. They’re a group of financial advisors that offer debt consolidation loans for high-interest credit cards. It was essentially a way to restructure my debt to make it more manageable.
I could accept a loan offer from Brice Capital that would cover the balance of my credit cards. Their loan had lower interest rates and was more affordable, so I’d be saving a lot of money along the way. Not to mention, once the credit cards were paid off, I wouldn’t have to worry about late fees or poor credit ratings. My job was to ensure that I paid the loan off in installments.
Realizing that credit card debt was only part of the problem, I also developed some positive financial management habits to keep things in order. I used an application to create a budget, set reminders to ensure I paid my bills on time, eliminated unnecessary spending, and set up an automatic savings plan to create an emergency fund. Developing these financial habits helped ensure that I could cover all of my expenses, maximize my savings, and keep my debt under control. Believe it or not, I even found more money to dedicate to investing in the stock market.
Investing in the stock market when your finances are out of order, and your debt is through the roof seems counterproductive. No matter how much money you generate, you still owe it to someone else. That’s why I wanted to get things to a more manageable state before I started dabbling in the stock market.
For me, consolidating my credit card debt with a loan from Brice Capital and developing healthy financial habits worked. It relieved a lot of financial stress, helped me to maximize my income, and get my debt under control. By the time the stimulus check arrived, I was able to start looking for the best stock or cryptocurrency to invest in. While I’m not expecting to strike big overnight, it feels good to know that I’ve made a positive investment in my future.