Education and wealth

Education and wealth

College degrees can add significant wealth. The more education you have, the more you’ll earn and the less likely you are to be unemployed. And if you can keep debt low while getting the degree (and there are reliable ways of doing this), then it’s almost guaranteed that getting a college degree is a good deal.

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Controlling expenses and wealth
Those who control their spending do much better. This doesn’t mean you have to save on EVERYTHING, just some things. Enjoy your life by spending on what you want here and there, just keep it in line so you have excess to save and invest. Even 10% will make you wealthy over time.
<p>You’ve probably heard that ...

You’ve probably heard that time is your greatest investing asset. It’s true. The more investments earn and grow on their own, the greater they become.

Investment value is also greatly impacted by the amount invested.

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  • Needs: these are those bills that you absolutely must pay and are the things necessary for survival (rent or mortgage payments, car payments, groceries, insurance, health care, minimum debt payment, and utilities).
  • Wants: these include all the things you spend money on that are not absolutely essential (dinner and movies out, vacations, electronic gadgets, etc.)
  • Savings: this includes adding money to an emergency fund in a bank savings account, making IRA contributions to a mutual fund account, and investing in the stock market.

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How To Best Build And Track Your Credit
  • Reviewing your credit report and your credit score regularly can save you money
  • Keep your credit use below 30% of your total available credit, as it can ding your credit score. You calculate it by dividing the total amount on all of your credit cards by your total available credit.
  • If you have bad credit, get a secured credit card. It helps build credit like a regular card but won’t let you overspend. And you don’t need good credit to get one.
Personal debt destroys your net worth like nothing else

We must be wise about taking on debt. Like investing, there are rules to it. One thing is sure: Never borrow money to buy a car, electronics, or anything else that goes down in value. But when it comes to more complex things like growing/starting a business, investing in real estate, or even your education, think carefully before you go into debt.

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