1) Learn to create and use a simple budget
2) Live within your means
3) Get into a savings habit
4) Pay bills on time
5) Start saying "no"
6) Manage a credit or debit card
7) Pay credit cards in full
8) Build and manage your credit score
1) Learn to create and use a simple budget
2) Live within your means
3) Get into a savings habit
4) Pay bills on time
5) Start saying "no"
6) Manage a credit or debit card
7) Pay credit cards in full
8) Build and manage your credit score
Simple method to build wealth:
ReplyDelete1) Always put 20% of net income into retirement accounts (setup automatic withdrawls from paycheck). If under 50, invest 95% of assets in to whole market ETF funds like VTI or other low cost diversified funds. If over 50, diversify 20~30% of funds into income less risky bond/high divided funds.
2) only borrow for a mortgage (limit house to something that you can afford to put 25% down on, and afford less than 20% of monthly income to cover note on 15 yr fixed mortgage incl insurance).
3) always maintain cash reserves equal to six months gross income
4) if others are dependent on your income and your net assets are less than 10x your annual net income, then make up the difference with term life insurance (also buy similar disability coverage).
5) spend the remaining income on lifestyle and other investments that provide a good quality of life and enable you to pursue your happiness.
--Travis
Where does Extreme student loan debt from MBA fit in?
ReplyDelete