The Finance Twins - The Best of Personal Finance

We share the best personal finance tips, content, and ideas. We help you take control of your money.

[thefinancetwins]

Dead https://www.instagram.com/p/CJSY8EKnpKt/?igshid=qh2suqs7soth

[thefinancetwins]

The end of the year is upon us, which means you could lose a lot of money in your FSA if you don’t use it. You can only roll over $550 from your FSA to next year. That means if you currently have $1,000 in your account, you’ll lose $450 if you don’t use it. Look for qualifying and expensive items you’ll need to purchase anyway. Our favorite is contact lenses. Visit contactscompare.com to see which site has the lowest prices. Running that site is my side hustle, so please check it out. #FSA #healthcare #moneytips #coins https://www.instagram.com/p/CJRrl5xHKAx/?igshid=obdb4skc4bwu

[thefinancetwins]

It’s a huge mistake to not invest in your 20s. Unless you have credit card debt, now is the time to start putting your money to work. A lot of you in your 20s haven't started investing because you figure you can start doing when you're making more money that down the road.⁣ ⁣ Your 20s are for trying new things, exploring, and learning about yourself. They aren't for making financial mistakes that could hold you back in your 30's, 40's, and 50's.⁣ ⁣ Another reason a lot of people don’t invest is because they don’t know how to do it or where to start. Thankfully, we put a course to walk you through the process. See all of the details in our bio. #investing #stockmarket #stonks #investimentos https://www.instagram.com/p/CJP6cFtHVpJ/?igshid=1bqb3dpewop25

[thefinancetwins]

Regardless of which method you use, we can all agree that paying off your credit cards and other loans is a good idea. Which one gets your vote? 🎄 🎅 #debt #debtsnowball https://www.instagram.com/p/CJNQhxlnRvp/?igshid=k7j2iyhftrsc

[thefinancetwins]

We are all for people earning as much money as they can. If you start a company and make a $100 million, we will be right there celebrating with you. 👏 But when the only people who seem to get help from the government are billionaires who pay no taxes or get their companies bailed out, it makes you realize who our politicians are working for. These stimulus checks are OUR money. We all paid taxes and congress is deciding whether everyone struggling deserves a break or not, while they all enjoy health care and retirements paid for by us. #stimuluscheck #stimuluspayment #stimuluspackage #economicrelief https://www.instagram.com/p/CJHMwJnnHf4/?igshid=1k499pr6ku0jo

[thefinancetwins]

Congressional leaders have agreed on a economic relief package which includes $600 stimulus checks, $300 in extra temporary unemployment benefits, temporary eviction relief, and additional funding for PPP loans, among other details. Most experts we’ve spoken to this morning believe that $600 won’t be enough to help most families who are struggling. Do you think this is enough or too little too late? #congress #ppp #reliefbill #money #personalfinance https://www.instagram.com/p/CJEpnRGnaIY/?igshid=sjmlor79vsyc

[thefinancetwins]

Congressional leaders have agreed on a coronavirus relief package which includes $600 stimulus checks, $300 in extra temporary unemployment benefits, temporary eviction relief, and additional funding for PPP loans, among other details. Do you think this is enough or too little too late? #congress #ppp #reliefbill #money #personalfinance https://www.instagram.com/p/CJEomc3noOg/?igshid=1ec0tut5b133q

[thefinancetwins]

Contrary to what you were told growing up, this is all you need to start investing. Link in bio. #investing #onedollar #dollarchallenge #investor https://www.instagram.com/p/CJCuWxNH84v/?igshid=1xapp124uhawk

[thefinancetwins]

People think a budget is simply a way to reign yourself in. Or to cut yourself off. But really, it's not about cutting back. It's about spending your money on what's most important to YOU. A budget won't hold you back, it'll set you free. It gives you permission to spend wisely. You get to pick your priorities. If you’re knew to budgeting, be patient. No one likes budgeting right away. It’s easier to just pretend you’re in control. But give it a few months so that you find a system that works for you. Remember, a “bad” or loose budget is better than no budget. See how to get started and download a free budget template: https://thefinancetwins.com/how-to-make-a-budget/ #budgeting #budgetplanner #budgetingtips #personalfinance #financetwins https://www.instagram.com/p/CJADYwKH_Qi/?igshid=r9ydrxkmcmx4

[thefinancetwins]

(4/4) A lot of people are too scared to invest so they convince themselves that investing is only for those who can’t save as much money. But if you just let your money sit in a checking account, it’ll lose value to inflation. Do you really want to waste your hard earned money? #invest #learningathome #moneytips https://www.instagram.com/p/CI6qJ98nuFz/?igshid=lyj6d5nzbfb3

[thefinancetwins]

From the outside, investing can seem super complicated. What many people don’t realize is that the more complicated you make it, the lower your returns will probably be. Simple isn’t only okay, it’s usually more effective. https://www.instagram.com/p/CI6qB0In91C/?igshid=ej7lva61dy39

[thefinancetwins]

Sure, all investments carry risk. But you know what else is risky? Not investing and all. And being forced to work until the day you die because you didn’t plan for retirement. Real talk. #investing #stockmarket #investment #learneveryday https://www.instagram.com/p/CI6pyiVHTWK/?igshid=1p5221zkij5i5

[thefinancetwins]

(1/4) Coming from an impoverished background, we used to think this too. But then we realized people are rich BECAUSE they invest. We had it backwards. All you need to start is an internet connection and $1. #investing #stockmarket #investment #learneveryday https://www.instagram.com/p/CI6ptqcHemK/?igshid=1agjvmy1jeigk

[thefinancetwins]

Today, we hosted a free webinar on ‘how to start investing for retirement’, and in it I highlighted four common myths that keep people from investing. I’ll be sharing them in the next posts, but what are some things that kept you from investing sooner? #investing #stockmarket #investment #learneveryday https://www.instagram.com/p/CI6pnSZnjqi/?igshid=1avlz0qot8rj0

[thefinancetwins]

Some investors believe that timing the market helps them outperform the market average. In theory, it’s easy to see why that would be the case. If you can buy the winners before they increase in value, and dump the future losers, you would definitely have a winning strategy. However, studies show that timing the market usually has the opposite effect (timers, on average lag the average) because daily stock fluctuations can seemingly be random and are virtually impossible to predict reliably on a consistent basis. On top of that, frequent buying and selling can also cause you to incur taxable events which will also eat into your returns. The alternative is to buy and hold your investments for long periods of time and not worry about the daily ups and downs. It’s easier to do when you have a very long investment horizon (which is the case for most people investing for retirement). If you prefer to try to time the market and it works for you, that’s great. It’s just important to understand the risks involved because missing just a few key market days can make all of the difference. Have you ever tried to time the market? Comment ‘yes’ or ‘no’! #investing #mindset #stonks #stockmarket #growthmindset #twins https://www.instagram.com/p/CI3eSvwn-4_/?igshid=lxm8mhkto9h2

[thefinancetwins]

Too often, people get hung up on their earnings. But earnings alone, say absolutely NOTHING about the health of your finances, or your ability to manage money. You can make hundreds of thousands or millions every year, but if you don’t invest and accumulate assets, you might as well just be living check to check. However, that doesn’t mean that earnings don’t matter. The wealthiest people all own many assets. And assets cost money. So your plans need to include both increasing your income and your savings rate so that you can invest more of your money. A lot of people are suffering and don’t have jobs right now, but for those of you who do, this needs to be your focus if you are trying to create generational wealth. It also needs to be mentioned that saving an insanely large % of your income is also not possible unless you do have a high income, or you live in a low cost of living area and don’t a large family. Yes, there are exceptions, and I am sure we’ll see some in the comments, but don’t beat yourself up if you’re an EMT in NYC and need a side hustle just to scrape by. Just do your best. What are your thoughts? https://www.instagram.com/p/CI07oEuHZde/?igshid=1lvufde3f6hgi

[thefinancetwins]

Real talk... Money is the no. 1 cause of stress. And this was BEFORE 2020. This year has thrown everything at all of us. Lots of people are hurting and have lost family members. Aside from the emotional trauma, these events are extremely expensive. If you’re struggling, please make sure you talk to someone and get help. An investment in your mental health will reap more benefits than almost any other. It doesn’t matter if you’re extremely wealthy if you’re miserable. Drop a ❤️ in the comments if you agree. #mentalhealth #money #selfcare #seflove #stress #stressrelief https://www.instagram.com/p/CIzAdgqHFUm/?igshid=1tcy6ik56289w