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Net worth is what would be left if you were to sell everything you own and pay what you owe. If you have a positive net worth, continue working to increase your net worth, but if you have a negative net worth, analyze your budget and plan how to increase it.
Make sure to re-calculate your net worth every month or so to keep up to date with your finances.
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In order to do this, you need to track your spending by either writing your purchases down or using a free personal finance app.
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Talking about your financial goals, and scheduling time once a month to go over your finances together can prevent money from affecting your relationship.
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Is debt acquired to purchase something that is going to benefit you financially in the future, usually with low interest. That means it's either going to generate income or allow you to make more money in the future.
Examples of good debt:
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Get to working on improving your finances today, not tomorrow. Reading the steps and thinking you’re capable of doing it but postponing it is just an excuse, an unprofitable one.
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You don't have to sacrifice all of your free time to start a side hustle, use the time you’re comfortable with and make a little bit of progress every day.
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Credit card usage can lead to debt and the debt grows itself while unpaid. However, used responsibly, it's a good way to start building credit.
Most credit cards also have other benefits, such as rewards points, cash back, or travel points. But if you're incapable of payin...
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You should have a savings account, but your money is depreciating if that’s your only investment - average savings don’t yield more than inflation.
Real estate, peer-to-peer lending, exchange traded funds (etfs) and stocks are examples of common investments. Cryptoc...
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Create a plan for your money so you know where it's going every month.
A popular and effective way to budget is with the 50/30/20 rule, where 50% of your income goes towards necessities (bills, food, housing, etc.), 20% of your income goes towards savings a...
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Act as if your savings account is a bill to pay, so you’re less likely to spend it. Automate savings transfers if possible.
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You can't predict an emergency, but you can prepare for one. The best way to do so is to set up an emergency fund of 3-6 months of living expenses.
Common financial emergencies include job loss, natural disasters and car, house and health issues.
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A clear set of goals can keep you motivated and help you plan to reach it faster.
Have different goals for what you want to achieve in the next 3-months, 1 year and 5 years. This way you'll have some short and long-term goals to look forward too.
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Take note of all your expenses, subtract them from your income and find out how much you have left per day, so you have a better idea how long it will take to reach your goals.
This will help you see how far purchases are going to set you back and affect yo...
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CURATED FROM
"There's no money in poetry, but then there's no poetry in money, either." ~ Robert Graves
These are pretty basic but we would all be far ahead financially if we did a few of them.
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Your net worth gives an overview of your financial situation at this point. It is the difference between what you own and what you owe.
Your net worth is positive if your assets exceed your liabilities.
A negative net worth is when your liabilities are greater than your assets....
Your net worth is the total value of all your assets, minus all of your liabilities.
It is important to know your net worth so you can calculate how much progress you're making and how close you are to financial independence. Banks and investment advisors ...
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