Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
In this second part of our interview with personal finance coach Patrice Washington, we discuss the difficulties of allotting appropriate savings to designated funds.
When children are thrown in the mix, finances seem to become a bit more taboo, a bit more difficult to organize. Washington said that doesn’t have to be the case. Through respect of money, respect of self and a strategic discipline, planning for your own future and that of your children does not have to be a Herculean feat.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Read part one of this interview here.
There Are No Scholarships For Retirement
BZ: We’ve talked earlier about how savings strategies shouldn’t be treated as cookie-cutter techniques. Sure, I get that. But, how can you decide on where your savings go? How much weight does each need get?
PW: I highly, highly suggest the first thing you fund is an opportunity fund, so that you are prepared for real life. Then, have something saved for retirement.
Be real. There are no loans for retirement. In college, you can work; take advantage of work study, grants, scholarships, loans. There are no grants, scholarships or loans for retirement. So, we have to be very mindful of that. Do the work upfront and establish good money habits.
Meanwhile, talk to your children about scholarships and saving for college now.
FREE REPORT: How To Learn Options Trading Fast
In this special report, you will learn the four best strategies for trading options, how to stay safe as a complete beginner, a 411% trade case study, PLUS how to access two new potential winning options trades starting today.Claim Your Free Report Here.
Our own retirement is really important. We don’t have any options. As we plan for our retirement, we can make sure we are doing what we can for our own future while making sure our kids build themselves. Help them build a self, a brand, a reputation that they could capitalize on as they grow.
Children And Our Future, Their Future
BZ: You emphasize talking to kids and being open about savings for their future and for your own. How can you breach that subject?
PW: Save, Give, Spend. That’s our approach. Whenever our daughter gets birthday money, or finds change or whatever, we sit down with envelopes and go over "Save, Give, Spend." What goes into her bank account? What will she give to charity? What can she spend? Be real. Be real with your kids.
You have to save where you can. What you nurture grows. When you show respect for your money, for the big WHY – college, retirement, what have you – I truly believe you begin to attract other opportunities. Why? Because you are being a better steward. You’re not wasting or waiting. Trust the process and be in a place of gratitude.
How To Save And Make It Work
BZ: Looking at all of this though - opportunity funds, retirement, helping your kids save for college - how do you get there? Nine months of savings for this, six for that, 25 years for retirement…it’s a lot of money.
PW: I want people to see that your first milestone doesn’t have to be nine months. That’s daunting. That’s scary. That’s intimidating. But, if you say, “how can I get my first $250 saved?” and go a month without touching it. First milestone met. Second milestone? $500. The next? $1000. The next: one month, then two, so on and so forth.
It doesn’t matter that it takes you long, as long as you have a plan in place and you can see what you are building up to. Make it achievable. Make it practical.
BZ: Thank you so much for your time today! On behalf of myself and Benzinga, I truly want to say how appreciative we are of your time and expertise.
You can follow Patrice Washington on Twitter @SeekWisdomPCW.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.