Learn more about moneyandinvestments with this collection
How to create and sell NFTs
The future of NFTs
The benefits and drawbacks of NFTs
Acting in Your Own Best Interest
For many people, cutting down on interest and borrowing is easier said than done, but in practice, it really comes down to knowing the difference between necessities and luxuries.
you might need a place to live, but you don't need a mansion. And while most of us must have a mortgage in order to afford a home, purchasing a home in a financially responsible manner means that you should purchase one that won't break the bank.
Another healthy estimate is that your monthly mortgage payment should not cost more than 30% of your monthly take-home pay.
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The Stock Market
When it comes to saving, investing in the stock market might be the most profitable choice available. Sure, investing involves risk, but taking calculated risks is sometimes a necessity. The responsible way to go about it is to have a plan.
Start by examining asset allocation strategies to ...
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The Basics Of Financial Responsibility
It's a complex question with a complex answer, but at its core is a simple truth: To be financially responsible, you need to live within your means. And to live within your means, you must spend less than you make.
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Consider the Interest
Paying interest on anything means that you are spending more on that item than the purchase price. Does that sound like the most responsible choice or just the most convenient?
When the interest payments are factored into the purchase price, you are spending more to obtain the item than eve...
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Paying Yourself First—Saving
Spending every dime that you earn is simply irresponsible unless you have a massive trust fund that is so flush with cash that you will never outlive the earnings. For most people, especially those of us hoping to retire someday, s...
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Credit Cards and Debt
If you're really looking to be financially responsible, just being able to make your minimum monthly credit card payment doesn't cut it. In fact, the fact that you aren't able to pay your
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Emergency Fund
Financial responsibility means being prepared for the unexpected. Most experts agree that you need to be able to support yourself financially for at least six months without an income.
If you are married and used to living on dual paychecks, this means being able to pay the necessary bills...
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Don't Keep Up with the Joneses
Financial responsibly means doing what you have to do to take care of your needs and the needs of your family. To make this happen, your focus should be internal. The neighbors aren't paying your bills, so their spending habits shouldn't dictate yours or set the bar for your
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A Very Personal Definition
Does being financially responsible mean that you have to scrimp and save? Maybe, but only if that is what it takes to stay out of debt.
On the other hand, if you are the Sultan of Brunei, you may easily be able to afford a jet, a mega-yacht, a mansion in the South of France and a few palac...
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The Bottom Line: Arriving at "Responsible"
Ultimately, financial responsibility means living within your means, regardless of the level of those means. So take a close look at your financial situation, evaluate your earning and spending habits, and make the necessary adjustments to put yourself on responsible financial footing.
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CURATED FROM
CURATED BY
"Many people are in the dark when it comes to money, and I'm going to turn on the lights. " ~ Suze Orman
Money basics.
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