I think I can speak for almost all of us when I say that our resolutions will be something revolving around getting in better shape and/or making more money. It's a given. That's basically what mine are, so you aren't alone.
Depending on which source you look at, Americans only achieve 8-20% of their resolutions every year! After speaking to so many readers that want to get ahead with their money, I really want to make 2017 the year that we all make more money and get rid of debt.
I've already detailed a lot of my goals for next year in my previous post – but I want to make sure that I'm providing the most value to my readers first and foremost this coming year. I'll be doing everything I can to review the best financial products, find killer money resources, and introduce you to as many legitimate money making side hustles as I can find in 2017.
Here are some things that you can do to be better at money in 2017:
Take control of your student loans
The biggest thing that I've noticed over the past two years is that not nearly enough people have their student loan interest rate(s) MEMORIZED. This is important for two reasons:
- If you truly want to get rid of your loans, you need to know everything about them. The more you know, the more important they will be to you and will continue to stay at the front of your mind when you make financial decisions.
- Understanding your interest rate will help you know if you should refinance your loans or not.
The second one is trickier. I don't recommend a refinance for everyone. If you hold federal loans and truly qualify for and/or need the federal loan benefits that are attached to them (like income based repayment), you should probably sit tight and hold on to them.
However, if you make too much money to be considered for any of those benefits and feel good about your career, a refinance can make sense.
If you are aware of your interest rate right now, you can use a loan rate comparison tool to find and consider better offers. Last week I had a reader that used LendEDU (which is the only comparison tool I trust to put on the site currently) who found out he already had better rates than anything out on the market with his existing loans!
He isn't going to refinance because he knows he's in a good place. Knowledge = power.
Start your side hustle
As M$M gets bigger, I'm going to keep finding resources to help you make extra money. Here's a dirty little secret: the people that actually get out of debt and/or start building wealth are generally NOT the ones that say they “don't have time” to put in some extra work.
A lot of you don't want to start a full-fledged business (totally understandable), but could really benefit from a few hundred or even a few thousand dollars extra every month. Here are a couple of resources you can use right now to start your side hustle for 2017:
No matter what you do this coming year, please consider starting a small side-hustle to bring in extra money. You never know…it may turn into a full-time gig like M$M did!
Track your net worth
Your net worth is essential for figuring out where you stand from a financial health standpoint. There are several tools out there for this, but so far the best one that I've come across is Personal Capital.
PC allows you to track all of your accounts in one place, and gives you the ability to add in assets like your house and even cars (or any of your assets) to get a complete picture of your money.
I just want to be clear – I usually get “Mint is great too” comments, which I totally agree with. However, Mint is a better tool for budgeting, whereas Personal Capital is better for long term planning and tracking your net worth. They are BOTH free, so you wouldn't be a fool for using both!
2017 is going to be great!
I'm so excited to hear how you all are planning to kick money's @$$ in the coming months. One of my favorite things about starting M$M has been seeing the success stories of paying off cars or knocking down student loans.
I get so tired of talking to older people that say Millennials are lazy and entitled, when I see so many of you that are just freaking killing it in your personal and financial lives on a daily basis.
Keep going – I've got your back. We're all going to have a great year (and hopefully make lots of $$$) in 2017. Have a great New Year's Eve and please be safe!
Question for you:
What are your SPECIFIC financial goals in 2017? Here's one of mine: I'm trying to double my income from my online business this year!