Smart Money Podcast: Countering Uncertainty, and Building Wealth Early – Entrepreneur
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NerdWallet – NerdWallet
Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions.
This week’s episode starts with a discussion about overcoming uncertainty in our present moment.
Then we pivot to this week’s money question from Luca. Here it is:
“Hi Wallet Nerds,
I have used NerdWallet for quite some time and recently discovered your podcast, and am a very big fan. I have a few questions I would like to ask of the show.
I’m 16 and, as you can tell by me emailing you, a personal finance nerd. I want to know if there’s anything I can do now to help my financial future. I have a job, IRA, checking/savings accounts, and am an authorized user on my parent’s credit card. Is there anything else I can do?
Because I am a personal finance nerd, I also like looking into various accounts. I am not very satisfied with my current bank and want to switch. Are there any cons to having multiple accounts? What about closing old accounts? I feel confident in my ability to manage them and keep track of my money.
Thank you very much!
Sincerely,
Luca”
Check out this episode on any of these platforms:
Our take
Uncertainty seems like it’s here to stay. Whether you’re navigating a new COVID-19 variant, inflation or a climate change-related disaster, take steps to build your financial resilience and prepare for what you might encounter next. When it comes to managing your finances, take steps to shore up your savings and trim expenses where you can.
And you can also work to counter some of the current challenges. If you’re planning to travel to see your family over the holidays, you can build resilience into your flight or road trip. If you’re taking a flight, brush up on your airline’s change and cancellation policies. And if you’re driving, think about driving more slowly and using cruise control to save on gas.
To start building wealth early and set up your financial future, focus on your retirement savings. The longer your time horizon, the more time you’ll have for your money to grow. Also know what you want out of your money so you have goals to build toward. Additionally, if you’…….