Be the boss of your own money

Be the boss of your own money

At some point in everyone’s life, we tell ourselves, “I should be my own boss.”

Sometimes, it’s a fantasy that passes in seconds, but other times people act on it. It’s tough to start a business, working night and day and living in fear of the next bill. This sounds intimidating, but why not start small?

By the meaning of “starting small,” I mean having your money work for you. The first boss you should be is to tell your money where to go, making the correct decisions to direct your money in the right places. The second example is having your money as your own personal “employee.”

What I mean by this is having your money make more money for you, even if you’re not working physically for it. One extreme example in the past couple of years is Dogecoin and the GameStop stock. In the past year, there have been plenty of 20-somethings who have honestly made hundreds of thousands of dollars by risking an inordinate amount of money on this coin or stock. Without knowing it, they told their money to go out and make more money.

Of course, taking these large bets is not what I am advocating for anyone to do. What I want to talk about is using the extra money you have — if you do have extra money — instead of having it just sit around.

Being the boss of your own money takes research and know-how. In most cases the CEO of a company doesn’t get to be there by being irresponsible, impulsive and indecisive. You can be a leader in your own right, but it can’t happen overnight. Where your money goes is up to you (and your spouse if you have one), and unless you hire a financial advisor, the benefits and consequences fall on your shoulders. I have lived on both sides of this coin, both paying for the consequences and reaping the benefits.

The first step is of course gaining knowledge and sticking with that. Don’t fall into trends and get caught up in the hype, and if you need to figure out what is going on, learn quickly. At one point I have been having success in some different things, but I saw how hot the sports card market was and I wanted a piece. I found a card I latched onto and thought it was my ticket to gold. I put more money in than I ever thought I would for one card and bought it. Almost immediately, I noticed a dip in the value, and it has been a year and a half and I have lost my tail on it. Why? It’s because I wanted the card too bad, didn’t do my due diligence and struck out (no pun intended). In these instances, take it as a lesson learned and move on.

After knowledge, it is taking that calculated risk, and I want to put all the emphasis on “calculated.” Putting a couple thousand dollars into crypto before consulting someone who knows what they are doing or investigating what is going on with it can either make you money by pure luck or can burn you badly. Willy-nilly is not how these decisions should be made, especially the first time in doing this. Whether it’s the first house, stock, crypto or any other investment, it’s terrifying. Letting your money go and not knowing 100% if it makes you more money will sting, but like I said before, no matter what happens, take this as a learning experience.

The last step is to know when to hold and know when to fold (insert Kenny Rogers). You must determine whether you’re in it for the long term or the short, set a price you want to sell a stock at, or if an opportunity comes along to get out, know what you’re going to do.

I promise it is stressful to have your money work for you, but it can lead to making “free” money. It also can lead to a lesson learned. Either way, take it as it comes and look at it positively.

Holmes County native BJ Yoder is an insurance agent by day and a finance enthusiast by night. This column is for informational purposes only. He can be emailed at

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