Things To Do Before Focusing On Building Wealth
- Create a budget and stick to it
- Pay off your debt – especially high-interest credit card debt
- Learn how to save money to cover unplanned expenses
- After establishing an emergency fund and becoming debt-free, go all-in on building wealth!
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"Making money is art and working is art and good business is the best art." ~ Andy Warhol
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Building a budget
- The traditional budget starts with tracking expenses, getting rid of debt, and then building an emergency fund.
- But you can speed up the process by building a partial emergency fund. It will act as a buffer to replace the use of a credit card for e...
7. Building an Emergency Fund
63% of Americans cannot afford a $500 emergency.
That means the average American would have to resort to high-interest credit card debt to pay for surprise expenses.
Do your future self a favor and save 3 to 6 months' worth of living expenses.
How to deal with your debt
Try to transfer your debt onto a zero-interest credit card (also known as a balance-transfer card). It will give you a limited time window where your debt won't accrue interest and allow you to get rid of your debt faster. But ensure you can pay it off within that window, otherwi...
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