6 Resolutions to Help Spiderman Improve His Finances in the New Year
Peter Parker, unlike some superheroes, wasn’t born into money. As Spiderman, Peter fights crime, but he has to support himself — and his Aunt May — with his meager earnings as a newspaper photographer.
Indeed, Peter Parker worries about money quite a bit. He can’t afford a car, so he bought a bike to get him to work. He even hand-made his spidey suit. Peter Parker doesn’t have to stay poor, though. Here are 6 things he can do to improve his finances as a new year begins:
1. Start a Side Gig
One of the jobs attributed to Peter Parker is freelance photographer, and he has occasionally moonlighted as a pizza delivery guy. This is a good way to earn money on the side. If you aren’t earning enough money at your day job, you can kickstart your finances with the help of a side hustle.
Consider what you do well, and think of how you can monetize your knowledge. Not only can Spidey earn money on the side as a freelance photographer, but he could probably also teach photography classes for a fee, or start a photoblog. Buld up the traffic, and he could earn money from ad revenue.
There are a number of home businesses you can start in your spare time. If you aren’t making enough money, look for ways to earn more with the knowledge you already have.
2. Focus on Important Expenditures
In some cases, it’s easy to get sidetracked by the unimportant things. You want to be able to use your money for what’s important for you, though. Prioritize your spending, and you will find that the unimportant things are no longer sucking up your financial resources.
Prioritize your spending so that you take care of the most important things first. Peter probably needs to make sure that he has enough money to buy new material for new costumes — since he goes through Spiderman costumes at a fairly rapid clip. Decide what’s important to you, and then spend your money on those things; refuse to spend money on things that aren’t important to you.
3. Adjust Your Investment Strategy
Consider your investment strategy. Peter Parker should probably consider investing in order to build up a nest egg, and maybe even get some passive income going. Look at your investment strategy, whether it’s for retirement or for some other purpose, and determine what’s working for you.
Understand your risk tolerance, as well as what investments are most likely to help you reach your goals. Check your asset allocation, and make sure it’s still working for you. Assess your goals, and assess your holdings. You might need to change your portfolio to help it work better for you in the coming year.
4. Create a Career Strategy
What Peter Parker really needs is a career strategy. If you want to improve your finances, and do what you love, you need to consider your current career path — and what you can do to advance. Peter is doing ok as a photographer. After all, who else can capture Spiderman like he does? But what does he want to do for the future. Does he always want to be a low-level photographer for the Daily Bugle?
Take a look at the career you want, and ask yourself what you can do to advance. Create a plan to help you acquire the skills you need to get a raise or a promotion, or to move to another company. Figure out where you want to be in five years, and then put together a plan that will help you accomplish your goals.
5. Pay Down Debt
One of the best things you can do for your finances in the coming year is to pay down some of your debt. Look for extra income that you can apply to your credit cards. Do your best to improve your credit score so that you have access to more opportunities to refinance your debt at better rates to enable you to pay it down faster. Reduce your debt, and you will have fewer demands on your income, and that means better finances — even if you don’t increase your earnings. If Peter Parker wants his income to be his own in the coming year, those credit cards need to be paid off.
6. Prepare for the Future
It’s time to get ready for the future. Peter wants a solid financial future, and the ability to marry. Now is the time to set money aside for future goals. Whether it’s a wedding, saving up for a down payment on a house, or retirement, you can put the power of compound interest to work for you right now. The longer you have to set aside money, the more you will end up with. Start now, and you will reap the benefits later.
You should also expect the unexpected. Build an emergency fund. Peter needs to set money aside each month so that he is prepared for an emergency. If his bike is wrecked, he needs to be able to buy a new one. And, of course, one never knows when a super-villain is going to ruin another Spiderman costume. You need to be prepared as well. Begin building an emergency fund, and you won’t be as devastated when unexpected expenses crop up.
Getting your finances in order takes time. However, you can make solid progress if you are willing to make a plan, and get to work. Improve your finances in the new year, and set yourself on the path toward financial freedom.
Image source: Wikipedia