Never keep more than you need in cash or in a checking account.
Grow your money in the short-term by storing it in a high-yield savings account or certificate of deposit.
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Check on your asset allocation periodically to ensure it matches your overall risk tolerance. Do not obsess over the details that could lead to emotion-fueled mistakes.
If you can afford to put the full $19,000 into your 401(k) this year,
Focus on the 5-10 Big Wins, rather than 50 little things.
For example, paying down debt, saving automatically, negotiating a higher salary, and investing early will have a much greater impact than forgoing your morning coffee.
... but your spending hasn't changed.
Increasing your earnings is a form of leverage, whether you scored a raise, landed a better-paying job, or created a second or third income stream.
Consumer debt kills wealth.
The average credit card charges an APR of 17% while the stock market returns an average of 7% to 8% each year, adjusted for inflation.
Create a roadmap to increase your chances of achieving your financial goals.
It might be worth it to work with a financial adviser to set specific goals and have a plan in place.
Formal education, practical experience in your field and doing a good job is important to earn a high income.
Most professionals see their incomes increase over time. If you can gain high earnings at an early stage, you’re likely to make even more later on.
Know your income, your expenses, how much is earmarked for additional expenses and how much for other financial goals.
From moving up in your career to buying a home. Making smart moves with your money during your 30's can help you achieve future financial success.
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