This should be the first step in your money management journey, no matter the state of the markets. Do you have enough saved up to cover an emergency, like losing your job for a few months or more?
Think about where you spend your money – rent, groceries, subscriptions, clothing, et cetera – and come up with a clear budget for each category that you can stick to. Kick back with your credit card statement, and see if there are any areas you can cut back on to save or invest instead.
Then, take a look at what you want your long-term plans to look like, meaning, what are you saving and investing for? This could be a car, down payment on a home, retirement, starting a family, and anything in between. This will help clarify how much money you’ll need at different points in the future to help you reach your goals.
It’s basically like assigning your money different jobs and making it work for you through saving and investing. Some jobs, like saving up for a trip, may need to get done within one year. Others, like paying off your student loans or saving for retirement, may take decades to add up.
Whether you’re investing for the first time or have been doing it for years, knowing your savings goals can help guide where you put your money – because investing, for most people, can be critical to building wealth over the long-term.
Nickelodeon Honors George Floyd by Broadcasting a Single Breath For Over 8 Minutes
For eight powerful minutes on Monday, no animated shows, zany voices, or lime-green slime appeared on Nickelodeon – just the ebbs and flows of a singular breath as the words “I Can’t Breathe” flashed on the screen against a stark black backdrop.
The broadcast was a show of solidarity in honor of George Floyd, who was killed by a police officer in Minneapolis on May 25, and the nationwide protests that have been ongoing since. “Nickelodeon is going off the air for 8 minutes and 46 seconds in support of justice, equality, and human rights,” the channel said in a statement shared to Instagram. The timing is meant to symbolize the length of time officer Derek Chauvin knelt on George’s neck even as he repeatedly stated he couldn’t breathe.
Nickelodeon is one of the many ViacomCBS brands to air the eight-minute broadcast, including MTV, BET, Logo, and CMT. In addition, Nickelodeon shared a “Declaration of Kids’ Rights,” consisting of proclamations like, “You have the right to be protected from harm, injustice, and hatred.”
The day prior, Nickelodeon also shared a Black Lives Matter graphic that read, “We stand in solidarity with our Black colleagues, creators, partners, and audiences and condemn all acts of racism, discrimination, and senseless acts of violence.”
For help on how to talk to children about racism and inequality, these books offer a good starting point.