This week’s top reads articles are all about challenges and strategies to help you work through them. In the personal finance section: Carl Richards provides three ways you can protect your most valuable investment, Tim Maurer suggests 10 places to put your extra dollars and Mark Miller shares data from new research on how planning for a late retirement can actually work against you.

In the personal interest section, Women Who Money share six tips to help cultivate entrepreneurship in children and Dorie Clark has strategies for turning your brilliant side-gig idea into a reality.

For more articles like this, check out Raghav’s two previous Top Reads articles here and here.

Personal Finance

You Are Your Own Most Valuable Investment

When it comes to our personal finances, we are often told to maximize our savings and invest in the stock market, but little is said about your most valuable investment – you. And just like a car, your value (in terms of potential earnings) depreciates each year. So what can you do to protect you? Carl Richards shares three ways to protect yourself in this clever article, including making your starting salary as high as possible (without sacrificing your education), making more money each year, and working longer.

Read the full article here.

The Top 10 Places Your Next Dollar Should Go

After you’ve paid for your fixed and variable living expenses each month, how do you decide where the rest of your money goes? Tim Maurer has created a list of 10 places to put your extra dollars in order of importance to help you strategically use these funds.

Separating true financial priorities from flash impulses is an increasing challenge, even when you’re trying to do the right thing with your moola — like saving for the future, insuring against catastrophic risks and otherwise improving your financial standing.

Among his list: create (or update) your estate planning documents, earn free money by taking advantage of your company’s 401(k) match and set aside excess savings in a liquid, taxable investment account for mid-term needs and projects.

For the full list, click here.

Watch Out For Rosy Retirement Assumptions

“If you want to save more money, work longer and plan for a later retirement.” While this advice seems coherent and sounds simple, Mark Miller shares new research that shows how this can actually work against you.

Most formal retirement plans are built around a specific retirement age. But health problems, job loss or just plain burnout often produce a different outcome. Blanchett found that for anyone planning to retire after age 61, the chances of meeting your income and standard-of-living goals can fall sharply if you do not work at least to that age.

So what can we do to create a retirement plan that is realistic and covers the what ifs that come with growing older? David Blanchett of Morningstar shares alternate retirement scenarios based on his research.

Read the full article here.

Personal Interest

Encourage The Entrepreneurial Spirit In Your Kids

You’ve taught your child the simple concepts of earning, saving, and spending money, but how do you instill an entrepreneurial mindset at a young age? Laurie of Women Who Money shares six tips to help cultivate entrepreneurship in our kids.

Research indicates kids who work in high school and college are much better equipped to deal with failure and difficult situations after they graduate than kids who don’t. But if our kids are too young to land a W-2 job should we encourage an entrepreneurial spirit instead?

For the six tips, click here.

How To Get Your Side Hustle Off The Ground

If you have a brilliant idea for creating a secondary source of income outside of your 9-5 but have hesitations or don’t know how to get started, this article is for you. Dorie Clark has identified four challenges that are common among aspiring entrepreneurs and shares strategies for navigating around them.

For many professionals, a side hustle is the perfect way to develop new skills, explore professional passions, and develop new income streams. If you’ve been considering starting your own side business, these strategies will help you break out of the gridlock that ensnares many aspirants and enable you to take action.

Read the full article here.


GuideVine

GuideVine

From time to time, the team at GuideVine highlights certain topical videos and content from expert financial advisors. We find these helpful and hope you will to for your managing personal finances. To learn more, you can view and find potential advisors through our advisor matching service and listings, ask one-on-one personal finance questions to these experts, and view “How to” videos on our YouTube channel (https://www.youtube.com/channel/UCJopbGDSgc1szGZaoUPqTrA).