4. Use credit wisely.
Using credit responsibly is an important part of a sound financial plan because your credit score impacts your ability to make almost any big financial purchases. Be sure to pay your bills on time, every time, and try to keep your balance well below the limit of the card. Pay attention to the ratio of how much debt you currently have to how much you can borrow. This number should stay below 30 percent or it can negatively impact your credit score.
102
376 reads
CURATED FROM
IDEAS CURATED BY
I am an intro-extrovert. Love to read books, listening music, thinking of new ideas. I admire the trendy technology.
The idea is part of this collection:
Learn more about personaldevelopment with this collection
How to use storytelling to influence and persuade
How to create a compelling narrative
How to structure your story for maximum impact
Related collections
Similar ideas to 4. Use credit wisely.
Credit cards
Carrying credit card debt is a great way to negatively compound your net worth. But credit itself is important.
Likely the biggest expense over your lifetime will be interest costs on your mortgage, car loans, student loans, etc. Having a solid credit score can save you tens of tho...
2. Debt Awareness:
Interest Rates: Comprehend how interest affects loans and credit cards
Credit Score: Learn how financial behaviour impacts your credit history
Avoiding Debt: Practice responsible spending to avoid unnecessary debt.
Manage your Debt wisely
In case you have a lot of debt to shoulder, start paying off the most expensive one.
The credit card has been regarded as the most expensive form of debt. As soon as your salary gets credited each month, pay off your credit card balances in full. Don’t fall for the lure of paying off the m...
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates